What are the terms of a construction depot?

Construction deposits are compulsory if:

  • the value following renovation is required to make the financing applied for possible;
  • the value prior to renovation is sufficient for the financing applied for, but the property’s maintenance status is ‘poor’ or ‘bad’,
  • the surveyor states that the cost of overdue maintenance exceeds 10% of the property’s value, the architectural report states that urgent repair work is required.

The minimum amount of a construction depot is €10,000 (except in case of overdue maintenance) and is capped at €100.000,-. If a construction deposit is needed, the full amount required for renovation according to the valuation report is placed in the construction depot. Hyra Hypotheken only offers compulsory construction deposits; voluntary construction deposits are not available.

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