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-   -   Has anyone actually used their pension pots for home renovations? (https://www.englishforum.ch/finance-banking-taxation/270855-has-anyone-actually-used-their-pension-pots-home-renovations.html)

Guest 08.06.2017 07:48

Has anyone actually used their pension pots for home renovations?
 
Hi, we are planning some major renovations on our home, and I would like to pay for the work from my pension pot. I know this is possible, but has anyone actually done it and could let me know the practicalities? These are things Im unsure of:

1) The bills for the jobs will come during a prolonged period of time. Do we need to pay for the renovations upfront and then claim the money back? Or can we withdraw the money from my pension pot before the bills start coming in.... against a builders offer for example?

2) Do we need to be mindful of running up lots of fees from the pension company by accessing the pension pot?

Cheers, Andy.

dodgyken 08.06.2017 07:51

Re: Has anyone actually used their pension pots for home renovations?
 
Speak with your bank on how they can help - you may find they can leverage what you put in depending on current and future market values. You will have some tax liable.

Also remember that "like for like" renovations are deductible from income tax - and improvements from property gains when sold.

Keith10 11.06.2017 18:54

Re: Has anyone actually used their pension pots for home renovations?
 
Hi I pm you

Guest 11.06.2017 21:01

Re: Has anyone actually used their pension pots for home renovations?
 
....you can only spend it once remember ;)


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