A company offers to take care of all your renovation work, in exchange for a contribution towards your accommodation.
Sell a piece of your home to get some finance the works This is what the Vasco company offers. Its concept: buy a share of your property to allow you to recover the money needed for the renovation.
Let’s take the example of a home worth 400,000 euros, with work estimated at 40,000 euros, or 10% of the value of the property. To provide you with this sum, Vasco will therefore become the owner of a little more than 10% of the home because the company takes interest.
It will therefore pay the equivalent of 10% of the value of the property but will actually own 13%. The company will own part of the walls but not the use. And this contract has an end date: within 10 years you will have to have bought back the famous share.
The operation may cost you much more
But be careful, it will be at the current value. In other words, the 13% could be worth much more than the 40,000 euros of work financed at the start. Especially since the renovation of the accommodation should also bring it more value and therefore increase the price of the share that you have sold.
It is better to anticipate and above all to repay as quickly as possible. You are not obliged to wait until the 10-year deadline to buy back this share. At any time, with an expert assessment of the price, you can take back full ownership.
As for those who would like to go even further, Vasco can extend for another 10 years but you will have to give up a little more ownership of your home.