If you’ve been thinking about investing in a bathroom remodel for your home, you may be trying to figure out how you’d like to finance this project. Many homeowners find that financing this type of remodeling project and making payments over time can put their bathroom remodel dreams within reach. Here, we explore some of the different options you’ll have for financing a bathroom remodel.
Common Ways to Finance Bathroom Remodels
There are more options than ever before for homeowners to finance a bathroom remodel and other home projects. While some options are better than others, the right option for you will depend on your credit score, personal finances, current interest rates, and personal preferences.
Putting the entire bathroom remodel purchase on your credit card may seem like the easiest option, but it comes with several downsides. Of all the financing options available, credit cards typically have the highest interest rates. However, some credit card issuers offer pay-over-time options for large purchases that may help save on interest.
Another way to finance your bathroom remodel is through a personal loan. This is typically obtained through a bank with a set time period and fixed monthly interest rate. While you’ll likely get better rates than with a credit card, your rate will depend on your credit score, and you’ll need to open a new line of credit.
Home Equity Line of Credit
A home equity line of credit is another type of loan to consider. It will typically offer you a better rate than a personal loan, but it requires having some equity in your home. You’ll need to check with your lender to determine if you have any home equity and how much before determining if this is an option for you.
Your Bathroom Remodeling Company
Many bathroom renovation companies also offer their own financing programs as part of their services. These offers can vary quite a bit in the length of the financing and the interest rate, so this is something you’ll want to get the details on during the initial consultation. When you choose to finance your project through your bathroom remodeling company, you’ll still need to qualify for the financing, but you’ll enjoy one-stop convenience for getting your renovation project done.
Other Considerations for Starting a Bathroom Remodel
In addition to figuring out how to finance your bathroom remodel, there are some other financial considerations you’ll want to keep in mind as well. With a wealth of bathroom accessories to choose from, it can be easy to opt for extras that can quickly add up to a costly bathroom remodeling project. By keeping your bathroom remodel focused on the key elements, such as the bath and shower space, you can more easily control the cost of the entire project.
At MaxHome, we’re pleased to offer affordable bathroom remodels that focus on the bath and shower space. What’s more, we offer easy financing options to help put your bathroom remodeling dreams within reach. Contact us today for more information.