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Age-appropriate conversions: How to finance modernization
Age-appropriate conversions: How to finance modernization
Video: Age-appropriate conversions: How to finance modernization
Video: HDG- Choosing the Right Loan for your Needs?- Part 2 of 3 2023, February
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Measures that remove barriers within your own four walls can be cleverly financed with a residential Riester building society contract in combination with KfW funding. We give tips!

Table of contents Table of contents Remodeling according to age with state subsidies

  • The state helps with the age-appropriate renovation
  • Interest-rate financing
  • Age-appropriate renovation with residential Riester
  • Five trump cards for home savers
  • KfW funding
  • Convert according to age: 6 measures
  • Smart home

Table of contents Table of contents Remodeling according to age with state subsidies

  • The state helps with the age-appropriate renovation
  • Interest-rate financing
  • Age-appropriate renovation with residential Riester
  • Five trump cards for home savers
  • KfW funding
  • Convert according to age: 6 measures
  • Smart home

The state helps with the age-appropriate renovation

Moving again in retirement? No way! Surveys show that anyone who lives in their own four walls wants to stay there as long as possible. Reason enough to modernize the self-occupied property in good time and to live in an age-appropriate manner in the future. "It is never too early to remove disturbing obstacles, " says Stefan Michaelis, district manager at LBS. After all, the comfort of thresholdless bathrooms, generous room layout and stumbling block throughout the house is pleasant for all ages. Useful conversions and intelligent technology help you to live independently in your own home until old age.

At 65, most of them feel fit and young. Climbing stairs is an easy thing to sit in the bathtub without help anyway. So no problem that apartments in Germany (93 percent) are often not suitable for people with reduced mobility? But sooner or later, for many residents, the time will come when they will no longer be able to cope without age-appropriate alterations.

Converting according to age: Interest-rate financing

The building society contract is ideal for financing age-appropriate renovations and modernization. It offers interest rate security throughout the life of the loan. If you only want to convert in a few years, you can already secure the currently favorable interest rates with a building society savings contract. Building savers have even more advantages. For example, government subsidies can also be skimmed off with a home savings contract. The housing premium and the employer's allowance are linked to income limits. However, attractive residential Riester funding is also an option for age-appropriate renovations - for both tenants and owners. Volker Große-Herzbruch, area manager of the LBS, explains: "Are you still living on rent? Then living-Riester allowances help you to build up equity. Have you fulfilled your dream of ownership and your house financing has been going on for a while without living "Riester? Then you can still conclude a residential Riester building society savings contract and use the allowances for repayment as long as you are eligible. You are debt-free faster and pay less interest on your loan."

Age-appropriate renovation with residential Riester

LBS specialist Michaelis advises: "If you are not already using Wohn-Riester for real estate financing, you can use all of the subsidy benefits of Wohn-Riester for age-appropriate renovations." After all, basic allowances amount to 175 euros and child allowances of up to 300 euros Year. Incidentally, parents receive the child allowance as long as they also receive child benefit - for young people in training up to their 25th birthday. The Riester subsidy is also worthwhile without children through tax relief. The full subsidy is paid if four percent of the income from previous year that is subject to social security contributions is paid in: a maximum of 2, 100 euros and always minus the allowances.

In contrast to other state-funded savings schemes for old-age provision, you get these benefits immediately at Wohn-Riester and not only at the age of 67. After all, financially it makes a big difference whether you have access to grants today or whether the same amount will only be available when you retire in 20 to 30 years. The residential Riester allowance with which you repay your loan corresponds to today's monetary value. Regardless of whether you use Wohn-Riester for real estate financing or convert it with age-appropriate measures, there is no cause for loss of value due to inflation. And with the help of the state, you can look forward to a debt-free home even faster.

A calculation example for age-appropriate remodeling with residential Riester

A 54-year-old man (EUR 45, 000 gross annual income, married, no child) invests the home savings of EUR 30, 000 from a state-sponsored residential Riester contract in the age-appropriate renovation of his home. His credit balance amounts to around 12, 700 euros when allocated, his building society loan amounts to a good 17, 300 euros (2.65 percent borrowing rate, ten years fixed). The Riester allowances shorten the term of his financing by 11 months, which means a financial advantage of around 2, 700 euros. In addition, the tax breaks add up to almost 5, 000 euros. Allowances and subsidized credits have to be taxed in old age, but the amounts due are limited: With a pensioner tax rate of 15 percent, for example, only around 260 euros a year are to be paid here.

Even after all taxes have been deducted, Wohn-Riester remains a clear plus. "Each financing is individual - your LBS consultant will be happy to work out how high your personal advantage will be, " recommends LBS district manager Stefan Michaelis. The LBS also answers other questions, because there are a number of things to consider when converting to suit the age with residential Riester funding. Half of the promoted measures must meet the DIN requirements for barrier-free construction. There are also guidelines for the amount of investment: If you own your home for more than three years, you have to invest at least 20, 000 euros in the renovation, otherwise at least 6, 000 euros.

"Residential Riester is particularly attractive for the precautionary remodeling of the self-occupied property, " summarizes Michaelis. The loan should be repaid by the age of 67 at the latest. So that you can enjoy your retirement carefree in your own home.

Five trump cards for home savers

1. Interest rate security: Financial experts expect that construction money will soon become more expensive again. A building society contract secures the historically low interest rates for many years.

2. Better conditions: Banks often charge a premium for loans under 50, 000 euros. A home loan is available on the favorable terms of real estate financing.

3. Reconstruction with ongoing financing: A modernization measure is often desirable when the property is not yet debt-free. A building society contract eases the additional capital requirement. In contrast to other banks, building societies usually do not charge a surcharge if the property is already encumbered with a loan that comes first in the land register.

4. Fast and inexpensive: Up to a loan amount of EUR 30, 000, LBS may grant loans without collateral. An entry in the land register is then not necessary. This saves fees, walking, paperwork and time. Customers often receive the promise in a few days.

5. Take funding with you: State premiums and allowances on building society contracts make the project easier. Older building society savers can also receive the housing construction bonus (up to 45.06 euros per year) and employee savings allowance (up to 43 euros), provided that they comply with the income limits (for example through part-time employment) (for single persons: housing construction bonus 25, 600 euros, employee savings bonus 17, 900 euros). The subsidy for residential Riester building society savings contracts does not have such a restriction.

Age-appropriate conversion with KfW funding

A special promotional loan is also suitable for the renovation: The KfW program “Living in Age-Appropriate” (159) grants favorable conditions, among other things, for removing barriers, modernizing bathrooms, installing age-appropriate assistance systems and also for measures to protect against burglary. Low-interest loans up to a maximum of EUR 50, 000 per residential unit can be applied for via the program, regardless of your age. You apply for the loan at your bank, savings bank or insurance company. The minimum term is four years.

Both owners and tenants can make use of this KfW funding. The latter recommends that KfW conclude a modernization agreement with your landlord in accordance with Section 554 a of the German Civil Code. Important for everyone who wants to use the KfW program: The age-appropriate conversion must be carried out by specialist companies.

Bequem altersgerecht umbauen
Bequem altersgerecht umbauen

We make it easy for us: KfW Bank grants loans of up to EUR 50, 000 for age-appropriate renovations.

Photo: Corbis

Convert according to age: 6 measures

An important aspect in age-appropriate conversions: eliminate tripping hazards. With these measures, barriers can be reduced. Safety and comfort increase equally for residents.

  1. Approaches: Even in bad weather, the floor must not become too smooth. Eliminate bumps!
  2. Entrance area: ramps are ideal. Steps should be non-slip and secured with a railing. A canopy reduces the risk of slipping.
  3. Stairs in the house: handrails on both sides without interruptions make it easier to climb stairs. If necessary, a stairlift can also be installed in a very narrow space.
  4. Balcony and terrace: Barrier-free doors, i.e. threshold-free access to the patio, prevents anyone from tripping over here.
  5. Barrier-free bathroom: A walk-in shower, non-slip floors and sufficient freedom of movement are recommended. There are also wide doors that open to the outside - if a resident falls in the bathroom.

  6. Let us advise you individually: Members of the Federal Working Group on Housing Adaptation show how to reduce barriers.

Set up smart home for age-appropriate conversions

Eliminating thresholds is important. But that alone is not enough. Smart home functions in old buildings can bring relief that was not possible a few years ago. For example, some elderly people are barely able to pull up their roller shutters. Electronic control can help in such situations. In the smart home, many things are networked with one another, for example the lighting, which can be easily controlled. In the smart home for the elderly, older people also benefit from the direct line to emergency centers or special systems for family security.

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