Financing a renovation. I am looking
Financing a renovation. I am looking into buying a holiday house that needs a thorough renovation (roof, floors/ceilings, installing kitchen/bathroom, heating, redo electricity, install septic, etc.). I would buy it for a modest sum - perhaps €20,000 - and then would need to put €100,000+ into it to make it liveable. I have tried to find information on what sort of loan is available for unliveable houses to renovate, but cannot seem to find much. Does anyone know what sort of limit do they put on these types of loans?Also, since I am self-emplyed, I read on one site that I need 2 tax declarations. I only started my company last year so only have one at the moment. I might be able to self-finance a good amount of it - perhaps €115,000 out of the €185,000-190,000 needed (there is one outbuilding that also needs to be redone). But in these cases, is one able to renovate up until the provided amount and then borrow against the semi-renovated house in order to pay for the remaining renovations? Or is it badly viewed? If it is possible, do they lend up to a certain amount of its value - like 70% or 80%?Many thanks for any guidance.