Remodeling your house is a great way to turn a house that you already love into your dream home. In fact, for many people remodeling a house can be more affordable than selling their home, moving, and purchasing a new one. Luckily, if you live in Indianapolis and you’re interested in remodeling your home, our team at HomeEnvy is here to help! Continue reading to learn how you can finance your home remodel project and reach out to our expert home remodel contractors today!
Save
One of the best ways to pay for your home remodel is to plan ahead and save up money. You can do this in a number of ways over months or even years. We recommend you come up with an idea of what type of remodel you are looking for, whether it’s remodeling a single room or remodeling your entire home. Once you have an idea of what you want, you can reach out to a team of home remodel contractors to receive a quote! This will give you an idea of how long it will take you to save, as well as an idea of how you should budget your money to achieve your goals.
Home Remodel or Home Repair Loan
If you’re interested in remodeling your home sooner rather than later, a home remodel or home repair loan may be the best course of action. You can secure this type of loan through a bank, credit union, or an online lender. An added bonus of this type of loan is that you won’t have to use your home as collateral — in most cases, a home remodel loan is simply based on your credit score, making it an easier option for some.
Home Equity Loan
A home equity loan is sometimes known as a second mortgage. Similarly to the home remodel loan, you’ll receive a lump sum of money that you can use on your remodel and then pay it back over time. One benefit that many people enjoy about this type of loan is that once you lock in your fixed rate, it won’t change, meaning you won’t have to worry about market fluctuations. However, unlike a home remodel loan, you do put your home up as collateral, which could be risky if you’re not able to pay the loan back in a reasonable amount of time.
Credit Card
Depending on the type of remodel you are receiving, you may be able to pay for it with just a credit card. Typically, credit cards have fixed limits that you shouldn’t go over, but much like loans, you can pay off the balance over time. If you are making smaller changes to your home that are within your credit limit, this could be a good option.
Remodeling your home can be fun, and at HomeEnvy in Indianapolis, we want to help. Explore our website to learn more about our home remodel contractors and the services that we offer, and if you have any questions regarding our financing, we would be happy to speak with you!