Including furniture in the mortgage loan will be beneficial for young families and those who purchase an apartment to rent. This opinion was expressed by Alexander Shestakov, General Director of the First Furniture Factory, President of the Russian Association of Enterprises of the Furniture and Woodworking Industry, in a conversation with socialbites.ca, commenting on the relevant draft bill of the Ministry of Construction. Russian Federation.
“Now, after purchasing an apartment, young families have to take out additional loans for home renovations, leading to over-credit. Including furniture in the mortgage will reduce the financial burden on buyers. Residents of remote areas where the choice of furniture is limited or difficult to deliver will also be interested in the solution,” said Shestakov.
According to him, those who purchase rental real estate will be able to equip their apartments faster and search for tenants quickly, thanks to built-in furniture.
According to Shestakov’s forecasts, if the innovation is implemented, the furniture industry in Russia will grow by 5 percent. The expert added that if the bill was applied to all furniture, not just built-in furniture, the increase would be 10%.
The draft law of the Ministry of Construction was announced on April 2.
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