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Planning a major home renovation? Home improvement projects can require a significant amount of financial planning. Also, if you need to complete an emergency repair, that could cost even more money. Thankfully, you have options to finance your home improvement project.
Paying cash is the best way to finance your home improvement project if you have enough to pay the costs. For most homeowners, paying with cash is not an option. Fortunately, there are plenty of loans and payment plans that you can apply for to help fund your home renovations. Read this blog to learn about the types of home improvement financing and more.
Although paying cash is more expensive initially, you could potentially save money in the long run because you won’t pay any interest on a loan. If you have a few home improvement projects that you want to accomplish in the future, the best strategy is to start saving now. Life happens and bills get in the way, so paying cash can be difficult. However, paying cash is the better option in the long run!
Payment plans are ideal if you are willing to pay money upfront but don’t want to pay in a lump sum. With payment plans, you can work payments into your monthly budget, just like any other bill. For example, at Window World, we offer a $99 a month payment plan that includes 10 windows installed.
You can choose the store financing option with Window World of Atlanta and pay for your purchase with the Window World credit card. The application is easy, and you find out the results within minutes. The Window World credit card does not have any annual fees so you could enjoy the benefits without some of the extra costs.
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Credit cards are an option for homeowners who want to start a home improvement project but don’t want to pay out of pocket. You can use your personal credit card or apply for a card with a specific bank or company.
When you apply for a credit card instead of using your personal card, you can potentially increase your overall credit limit without exhausting all of your available credit. Be sure to shop around for the best interest rates and see if you can get pre-approved.
Loans are the ideal option for many homeowners. Applying for a loan means you don’t have to pay as much money out of your pocket. Here are the types of loans that you can apply for:
Although you can use a personal loan to pay for anything, some homeowners apply for personal loans to cover the costs of home improvement projects. Since you don’t need to use your home as collateral, personal loans are lower risk.
Home Equity Loans let you use your home’s value to back the loan. Note that if you are unable to pay the loan, then you could possibly lose your home. However, the benefit of a home equity loan is that you could get a lower interest rate.
Home Equity Lines of Credit (HELOC) provide you with a constant source of credit that you can use whenever you want to fund a home improvement project. Similar to home equity loans, you use your house as collateral with HELOCs. Overall, HELOCs are a good option for you if you need to do an emergency repair or just want to start a project without waiting.
Ready to start your home improvement project? The folks here at Window World of Atlanta would love to help you plan your next renovation! We offer flexible financing so you can find the best option that works with your budget. Contact us today to receive your free in-home consultation!