Real estate news

You can apply for a mortgage not only to buy a house but also when the property needs to be renovated or built. In the first case it must be said, however, that if the amount of the expenditure is less than 30 thousand euro, it is better to focus on a loan that, although more expensive in terms of interest and less convenient as regards the duration of the repayment plan, it is easier to obtain and has faster delivery times.

For works of a certain importance it is instead recommended the mutual restructuring, available in the variable and fixed formulas. To obtain the financing, the procedure is the same that follows when applying for a mortgage aimed at the purchase. Delivery times may change instead. In fact, liquidity can be made available in a single solution, at the beginning or end of the works, or in several tranches, that is, when work is progressing.

When requesting a loan for restructuring or construction, in addition to the canonical documents including those of identity and the declaration of income that proves the ability to repay, must be presented to the institution that provides the loan also the cadastral documents, the permits issued by Municipality giving the go-ahead to the works and estimates of the companies that will have to carry out the interventions. The amount of the amount that can be obtained does not generally exceed 80% of the value of the property.

If the property to be restored (or to be built) is the main residence, you are entitled to tax benefits for the first house such as the deduction for IRPEF of 19% of interest expense and ancillary charges up to a maximum of 4 thousand euro every year. It is important to remember that the right of deduction lapses if the works are not completed within the terms provided in the building documentation (unless extended) unless the delay is attributable solely to slowing down of the municipal administration in issuing permits.

The restructuring loan can be requested both when ordinary renovations are to be carried out, as in the case of small-scale operations, and when the works are of extraordinary renovation, ie building interventions that may affect the interior and exterior of the building , both when it comes to the so-called large works, or important works that, for example, can change the appearance of the building itself.