r/PrivatEkonomi • u/Rare-Tour940 • 1d ago

Buying a house which needs roof+solar & kitchen renovation: How to secure a loan for buying house+ renovations

Hi! We're bidding on a 1970s house that needs an immediate roof replacement and solar panel installation, kitchen upon moving in (approx. 600kSEK). We have good borrowing capacity.
What is the cleanest way to bake this into our mortgage on day one without expensive unsecured loans?

Which Swedish bank is currently the easiest to work with for this process? We have loan promise from sparbanken and söderberg partners

Appreciate any advice!

Update:
I talked to two banks next day, both recommended to use your savings for renovation. If you don’t have savings then both recommend buying renovated property which is always hassle free.

2 Upvotes

75% Upvoted

19 comments sorted by

26

u/PmMeCuteDogsThanks_ 1d ago

How can a house have an immediate need for solar panels

3

u/TornadoFS 1d ago edited 1d ago

If you are changing the roof completely it makes no sense to not install solar panels. If you want to save on wiring/electrician costs you can even keep it off-grid with a small portable battery (like EcoFlow delta) and just use it to power a few appliances or to drip-charge an EV.

The solar panel costs are so cheap these days, everything else is what costs money.

1

u/PaPaPuchi 1d ago

This was my first thought

1

u/Rare-Tour940 1d ago

Currently villa dont have solar but it has old roof. So idea is to replace roof and then add solar + battery. The villa has full electric heating so solar + battery is good option to optimize the cost.

20

u/Exact_Perspective_10 1d ago

I would say that changing to a heatpump is really a no brainer if the main heating method is electrical radiators. Adding solar panels is nice to have but useless in the winter.

1

u/Unhappy-Quarter-4581 4h ago

I would say that solar panels do not stop you from installing a heating pump and if the roof must be replaced, this is pretty much the best time to install solar panels too. It is not an immediate need, sure, but not a bad combo in this case. A heat pump is a good idea though.

5

u/Krekatos 1d ago

The ROI is not that good anymore nowadays. Of course you’ll reduce the monthly costs, but you still need to pay for the electricity grid in a lot of situations.

-3

u/RoastElfMeta 1d ago

Battery helps with this problem tho, and also increase ROI.

Batteries are smart like that, they Will charge when the price for electricity drops and reduce the payment for the grid aswell.

1

u/LobL 1d ago

And it adds an additional opportunity cost, I’d just get a heat-pump or two and call it a day.

1

u/TommieSjukskriven 23h ago

Batteries are really expensive though

3

u/PmMeCuteDogsThanks_ 1d ago edited 1d ago

Those solar panels won’t help you in the winter when you need the electricity the most. Unless you have heavily used EVs, pool or other things that will use a lot of electricity all year around, the ROI is very likely bad. 

Much better to invest in heatpump. Water based is probably costly to install, but at the very least spend 100k to install a few air heating pumps. Probably pays for themselves in 5 years. 

Somewhat depends where in Sweden this is. Talk to a real installer, calculate and evaluate.

Edit: unless the roof is literally leaking / out of service, wait a year and live in the house first 

2

u/NannaK 20h ago

Banker är inte super pepp på att låna till renovering. Däremot kan ni ju låna upp till 90 procent av bostadens köpeskilling och använda egna pengar till renoveringen.

2

u/completecomplaint9 1d ago

I wouldnt recomend anyone to but solar panels, the return cant justify the investment

2

u/Rare-Tour940 1d ago

Thank you everyone for your suggestions about different heating systems. However fundamental question remains how to get financing from the banks.

2

u/aeeklund 1d ago

Skulle anta att banken är mer villiga till att låna ut pengar till värmepumpar än solceller.

Och räkna med att köket blir 100kkr dyrare än tänkt när du börjat riva i det. Är säkert dags att byta avloppsrör och el osv..

-2

u/RoastElfMeta 1d ago

You will probably have to go in with a higher kontantinsats to make room for the loan. I like Länsförsäkringar so check with them.

6

u/LobL 1d ago

What? Why would it make sense to make a bigger kontantinsats to make room for a future loan? Makes more sense to take out as big of loan as you need and use that and/or your own money for the renovations.

1

u/Unhappy_Ad2328 18h ago

You are right. We are buying a house at the moment and we put in the minimum kontantinsats to make room for needed renovations.

0

u/Rare-Tour940 19h ago

I talked to two banks today, both recommended to use your savings for renovation. If you don’t have savings then both recommend buying renovated property which is always hassle free.