Do you have a wish list of things you would like to change about your home? Maybe you’ve been dreaming about remodeling your dated kitchen and replacing it with a modern, family-friendly farmhouse kitchen. Or you fantasize about a new hall bathroom that doesn’t make you cringe in embarrassment when guests come over. It’s easy to get caught up in the dreaming phase; scouring the internet for design ideas and making a mental list of all of your must-haves. But whether it’s a large or small-scale project, reality always sets in and you must ask yourself, “What is the best way to pay for this?” It’s never a fun topic to discuss, but it’s an important one. There are several ways to cover the investment of a remodeling project and you will need to find the one that best fits your situation. Let’s take a look at some of the options out there.
Paying For Your Remodel With Cash
Paying for your remodel with cash is one of the simpler ways to go. If you are able to cover the costs, your money will be going directly into your home without any added interest, fees or charges. If you have part, but not all of the amount on hand, you can always pay part in cash and part with one of the other options outlined below. And you won’t be alone, nearly half of homeowners use more than one payment source to cover the cost of a remodeling project.
Financing Your Remodel
Another way to pay for your remodeling project is through the use of financing. Similar to financing a car, you can take out a loan and make monthly payments to pay it off. All the while enjoying your new space now, instead of having to wait until you have all of the money saved up. Mosby Building Arts has teamed up with two different financial companies, The Bank of Edwardsville and GreenSky, to offer our clients ways to finance their projects. One may be a better fit for you over the other, so let’s take a closer look at each.
Financing Your Remodel Through GreenSky
GreenSky offers deferred-interest programs for budget-minded results. GreenSky loans are an easy way to pay for your home improvement. You can apply for credit up to $65,000, with fast approval, no prepayment penalties, friendly customer service, and multiple ways to make payments. You can apply for GreenSky on our website here.
Financing Your Remodel Through the Bank of Edwardsville
Bank of Edwardsville offers home equity loans which may be a smart option for you. They allow you to borrow against your home’s value, like a second mortgage. You will work directly with the bank to get qualified and secure the financing. Options include general loans, construction loans, and home improvement (equity) loans. The benefit of financing big renovations with a construction loan, rather than other loan types, is that you’ll generally pay a lower interest rate and have a longer repayment period.
Paying For Your Remodel With Credit Cards
Paying for part or all of your remodel with a credit card is yet another option. One upside to credit card use is that you can earn reward points, but the downside is you may pay higher interest rates. Studies have found that one in three homeowners use credit cards to pay for their home renovations.
Mosby likes to educate our homeowners on all of their payment options, but it is ultimately up to you to decide what is best for your family. When you are ready to start talking about your home remodel wishlist and how you may pay for it, give Mosby a call at 314-909-1800. We’re here to support you every step of the way.