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Renovation of apartment buildings gains ground
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15.11.2006
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As of the end of the present October about 90 apartment buildings have been renovated with KredEx loan guarantee for 39 million kroons. In addition to apartment building loan, guarantee the reconstruction and technical inspection aid of KredEx has helped in total over 4000 apartment buildings for 63 million kroons.
According to Mirja Adler, the Head of KredEx Housing Division, the awareness of inhabitants and their understanding about their apartment building and its maintenance has undergone a considerable increase within the years. “People have started to realize that their home does not end with their apartment door and repairing their home will improve both their living quality and the value of the apartments in the house. Also the expenditures on renovation are smaller in the longer perspective than the sums paid for heating in a not renovated house, as a renovated house is also essentially more energy efficient - according to the data of KredEx it is possible to save even up to 45% of heating cost by getting the apartment building renovated", noted Adler.
As the apartment building residents are generally unable to finance any bigger renovation work out of their own resources, bank loan and also KredEx guarantees are used for renovation. KredEx guarantee provides the apartment building dwellers in case of payment difficulties also an option to have a year of payment leave and during that period hand loan payment over to KredEx. The apartment building has to pay the required sum back to KredEx at the latest within a year after the end of loan. Although the sums required for the repair of house are big, a part of renovation work costs is included surely already in the obtainable energy efficiency and therefore the payment load of residents may not even increase significantly after taking the loan.
The apartment buildings make most of repair work to improve the living conditions of their residents and make the apartment building more energy efficient (like e.g. renovation of the roof and the façade, replacement of the windows and the doors, reconstruction of electrical system, renovation of water and heating system etc.).
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