Paying for Your Home Improvement Project
Posted August 24, 2014


At some time you may choose to pursue a home improvement project of sizeable cost. Or maybe you have a home maintenance project that will make it necessary to pursue some type of loan. If you don't have ready cash, here are several ways in which you may consider paying for it.

Before you decide on which option to take, get several estimates on your project so that you have a clear picture of what it will cost. Whichever person or business you choose to do the job, make sure they are reputable.

If you have a good amount of savings set aside, you may want to pay cash. The down side of using your ready cash is that you would be reducing your available cash for emergencies or other investments.

If your project calls for a large amount, funding with a credit card may be your worst option. The interest you will be paying by using a credit card will make the project more expensive that it started out. If your have good credit standing, you may have a credit card that offers a twelve or eighteen month, no interest offer (as long as you pay it in full before the offers expiration date).

You may consider a short-term loan through a bank or credit union. Although the interest rates may vary, rates on these types of loans will most likely be lower than one on a credit card.

A home equity loan offers low interest rates and the ability to write off the interest payments on your federal income taxes. With this type of loan you will need sufficient equity in your home. There is a downside to this type of loan. Because your home is collateral in this type of loan, if you can’t repay the loan you may face foreclosure.

You should consider your current and future budget when making the decision as to how you choose to pay for your home improvement project.

Posted By: Michelle Keaton-Barrow
August 24, 2014 09:39 PM




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