There’s plenty to think about when it comes any home renovation project. It’s easy to get mixed up styles, the design, and which colors to choose from, but usually one of the first parts of the process is figuring out financing. Now, there are plenty of options, some that are universally obvious, but there’s a couple of choices to choose from that we offer here at Builders Surplus.
As professionals in the renovation industry, we are constantly asked questions about our Financing Options. Rest assured that we have the knowledge and resources to make your dream project into a reality. We take pride in being able to simplify your home remodeling experience, especially when it comes to saving you money!
Paying Out of Pocket for your Home Renovation
Pros: It’s finished. One of the main parts of the whole process is completed, and now the only worry is getting exactly what you paid for. In this option, you aren’t dealing with banks, interest rates, or payments. Your project has been solidified by one lump some, and you can now devote your time and energy peacefully without the worry of how much this is going to cost you in the future.
Cons: Depending on the project, things can get pretty pricey, and it can be hard to write that check when it gets into the thousands. If you’re working on a budget, dishing it all out at once can be more stressful than some of the other options.
Paying by Credit Card for your Home Renovation
Pros: Your Bank accounts remain where they are for a while, and you’re not having to produce some astronomical number for your remodel. Like anything else, this establishes credit, and the more, the merrier, right? Speaking of, if you already have good credit, there are plenty of lenders that will offer 0% interest rate. This, in my opinion, is always the best approach if you can get into it, especially for small projects.
Cons: Interest rates can be a doozy if you’re credit isn’t up to par, and even then, you have to be cautious of expiration dates and the chance that those interest rates will sky-rocket if something comes up and you miss a payment. These credit card companies definitely do not mess around when it comes to missed payments. Missed payments could also mess up your credit, which is never a good thing.
Home Equity Line of Payment for your Home Renovation
Pros: A Home Equity Line of Credit (HELOC) or a Home Equity Loan (HEL) are excellent options and can be extremely beneficial. HELs are a second mortgage on your home, they usually have a fixed interest rate for the lifespan of the loan, and you all of the money in one lump some. In most cases, they have you pay back the principle and interest within fifteen years or so with monthly plans. That’s not too bad of a payment plan, if you ask me.
Cons: Yet another process that can get pricey, after transactions and closing costs, this can feel like a primary mortgage. No one wants to pay more than you have to, so if this is the option you’re choosing, be sure to do your research.
Financing with Wells Fargo for your Home Renovation
Pros: At Builders Surplus, we now offer 6 months financing with 0% interest! You can see your dream project come to life and not have the hassle of interest for a half year.
Cons: Eventually having to pay interest if you’re not planning to pay your project off within that six months. And if you don’t, then you’ll have to go through the agony of paying interest. For more information on this, check out our financing page.
Financing with Cambria for your Home Renovation
Pros: This is the perfect option if you’re looking to renovate your dream kitchen. Cambria, a countertop company we work with, will finance up to $55,000 with a purchase of one of their products! Side note: You only need to purchase 2 sq. ft. of this beautiful Quartz product to quality! Now, unless you’re going extremely extravagant, and I’ve seen some of them, don’t doubt it, but $55,000 should cover your renovation. And all you’d have to do is choose one of Cambria’s fine countertops to install in your kitchen. It’s a win-win.
Cons: I mean, the only con with this option is being limited to just one brand of a countertop, but once you see the selection, you’ll soon realize it’s not a con at all.
Financing with Synchrony for your Home Renovation
Financing with Synchrony is another great option! They also offer 6 mo. financing with 0% interest. They also offer Holiday Special Financing, which is 18 mo. of financing with 0% interest during all holidays! Tired of the same ole gift-giving, year in and year out? Do something unique this holiday season and give the gift of a dream renovation! If you have a question about dates or any other details, feel free to come in store, ask an associate, or visit our Financing page.
Builders Surplus is a full service renovation company with locations in Louisville, Kentucky, and Newport, Kentucky, which also serves Cincinnati, Ohio. We specialize in interior design, kitchen design, bathroom remodel, building materials, and home improvement. Interior Design and measurements come as a free service to our clients. We sell building materials ranging in every price point, from unfinished kitchen cabinets to top of the line Wellborn cabinets. In addition to interior design, we also offer installation services. If you have any questions or would like to set up a free design consultation with one of our interior designers, we would encourage you to do so. We love sharing our knowledge with clients & potential home renovators. We write about interior design, home decor, decorating ideas, and home improvement. We hope you’ll check back in for our next article! Happy Renovation!
Written By: Chris Chamberlain