Is it time to put a little work into your home? Whether you’re preparing to sell or just want to spruce up your living space, home improvement projects, like replacement windows or installing a new frameless shower enclosure, can be an exciting and rewarding venture. They can also be costly. Thankfully there are plenty of options available to help you finance these updates. Before moving forward with your project, here are some of the ways you can plan to fund it.

Cash – If you’ve got enough money in the bank to finance your home improvement project without having to borrow anything, then by all means, this is an ideal option. Whenever possible, it’s always better to pay cash than it is to accrue debt, especially if there’s interest involved. If you’re unable to comfortably pay out-of-pocket for your project without bleeding yourself dry, however, you’ll probably want to consider one of the following options.

Home Equity – If you’ve owned your home for a decent amount of time and have paid down your mortgage, or if your home’s value has gone up significantly, you may be able to tap into some of that excess through either a home equity loan (fixed amount borrowed) or a home equity line of credit (fixed total amount that you can borrow against in increments). Both typically come with a lower interest rate than other loan or credit options.

Personal Loan – If your home does not have a sufficient amount of equity, another option for financing your replacement windows, frameless shower doors or other home improvement project is to take out a personal loan. There are a wide variety of different options for personal loans. For instance, you could check with your bank or credit union. A quick search online should also bring you a list of available lenders with whom you could apply. Just be sure to conduct a comparison of rates and terms before you make a decision.

Credit Cards – Consumer credit cards are another option for financing a home improvement project, but typically only if the interest rate is reasonable. If you’re able to get a credit card with a zero percent promotional period (typically 12-24 months) and you feel you will be able to pay it off within that time, go for it. This is ideal, as it essentially ends up being same as cash. If your rate is high, however, you may want to consider one of the other alternatives.

Direct Financing – The fifth option, and one of the most convenient, is direct financing through the contractor you hire to perform the work. For instance, My Affordable Glass & Remodeling partners with GreenSky Credit to offer easy, seamless and affordable financing on any Pella® Brand window or door. Once approved for windows and/or doors, you will also be eligible to finance other projects, including frameless, steam, and hydroslide showers, glass replacement and so much more.

Before deciding on which one is best, it’s a good idea to determine the estimated cost of your desired project as well as what kind of budget you are working with. This should help you make a more informed decision.

If you could use a little assistance figuring all of this out, don’t hesitate to give us a call. Our seasoned agents and technicians will gladly work with you to hammer out the details and help you determine what your best course of action should be. Call us today at (972) 420-4444 or click here to schedule a consultation.