Remodel Loans & Financing Options
Remodel Financing Options
When researching the best way to finance a remodel, the wide range of options available can seem overwhelming at first. But typically, there are three main categories of financing to be aware of: in-house loans, financing that leverages the equity in your home (like home equity loans or HELOCs), and personal loans.
Remodel financing is not one-size-fits-all, which is why it is important to carefully consider the pros and cons of each to ultimately decide which type of financing best fits your needs.
A home remodel can provide endless enjoyment and family memories, but there is no denying that it can be a costly undertaking. Due to the investment required, people often assume that they can’t afford to remodel.
But what they don’t realize is that, with the wide variety of financing options available, the dream of living in your dream home is likely within reach for many homeowners.
What is Financing?
Remodel financing is a type of loan or credit line that can be used to pay for a remodel over time. Common financing options include home equity loans, secured or unsecured personal loans, home equity lines of credit (HELOCs), or direct financing from a contractor, all of which can make a remodel obtainable for many homeowners.