Step 1: Create an overview of your plans and costs using a construction specification. With the help of the Banque Libano-Française Renovation Housing Loan, specially designed to finance your expenses, you can redesign an old property, redecorate a new villa with new painting and floor covering, replace old tiles, fix the roof, or even change the whole plumbing system.
If you are utilising a contractor to carry out the works, issues may arise as to who is contractually responsible for insuring the existing structure because the contractor’s insurance will not cover it. Renovation insurance can solve that issue quite simply.
For a 36-year-old individual renovating his residence for USD 30,000, the Loan is reimbursed over a 3-year period through equal monthly installments of USD 946 at an Annual Percentage Rate (APR) of 9.85% (including interest, life and fire insurance premiums, file fees, expert fees, mortgage and mortgage release fees), the latter being variable and reviewable.
For example, there may be a difference between the market value before and after renovations when compared to the renovation costs. One of the main ways renovation helps you save money is by revamping your house’s energy use. Guarantees: first or second degree mortgage on the property subject of the loan, life and fire insurances.
During this 12 month period, AHW will support the process with Conciliation Services should the need for an independent review of issues with the renovation be required. Satin nickel cabinet hardware replaced what few pieces of cabinet hardware had been left on the cabinets.