Think you can’t afford your remodeling project? Financing may be a great alternative.
Buzz around the interest rate continues to swirl; will there be a hike and when? Here’s what we know.
Contrary to the latest news regarding interest rates, rates seem to be stabilized, money is affordable and easy to secure. According to MarketWatch, the Federal Reserve will continue to be “patient” with rate hikes.
“As we start 2019, it looks as though the Federal Reserve is putting a pause on interest rate hikes,” said Greg Nelson, Mountainwood Homes’ director of project development. “This creates a great opportunity for clients to use financing for their remodeling projects.”
Cash is King
While cash continues to be the leading form of payment, other options continue to gain popularity. According to Houzz, “When it comes to funding those renovations, cash has consistently ranked as the leading form of payment, with 85% of renovating homeowners using personal savings, followed by credit card (33%) and secured home loans (15%).”
Large-Scale Renovations
Financing can play a part to get you what you want or need for additions or large-scale home renovation projects. If you have cash saved up, it may be worth financing the difference to take your project all the way, maximize your investment to improve your home and lifestyle and get what you really desire.
It may be worth borrowing the difference to get the project completed rather than the inconvenience of living through phase two of the remodel. There are economies of scale at play since the more you can do at one time, the better deal you will get. Adding additional projects to the original scope of work makes sense rather than paying for the expenses that come with starting or stopping any construction project. You can save a significant amount of time and money to add a powder bathroom or utility room if you’re already having work done in the kitchen.
Talk with an Expert
We have great financial partners that have helped our clients reach their financing and remodeling goals. We’d be glad to start the conversation and connect you to the experts.