Options for Financing a Bathroom Remodel in Shorewood
Are you tired of the look of your bathroom? Perhaps you want to give it an aesthetic overhaul, but the price is the only thing holding you back?
If so, you should know that there are financing options available. You don’t necessarily have to pay for your remodel with savings. Wondering what the other financing options are? Then read below!
Cost of Bathroom Remodeling in Shorewood
First, it's important to understand that bathroom remodels are generally expensive. In 2016, the average cost of a bathroom remodel was $11,364. However, many remodels were much more costly than this, ranging all the way up to $30,000.
In other words, you're probably not going to be paying for your remodel with pocket change. You'll need to either save or take out a loan.
Funding Methods to Consider:
When trying to remodel your bathroom, there are a number of different funding methods that you can utilize. The most common of these methods are as follows.
Financially speaking, the wisest way to fund a bathroom remodel is to save up over time. By saving the money over time instead of taking out loans, you won't have to make any interest payments.
The downside to saving, of course, is that it can take decades. In fact, for some homeowners, saving isn't a viable option at all. These homeowners would have to save up for the majority of their lives in order to afford a full bathroom remodel. It’s just not realistic.
Taking Out a Personal Loan
A viable, but expensive funding option is to take out a personal loan. The plus side to personal loans is that they can be taken out and secured within a matter of a few days. The downside to personal loans is that they have exceedingly high interest rates.
For this reason, personal loans are generally only recommended when there is an emergency of some kind. For instance, let's say your toilet stops working and you don't have any money saved up to pay for a new one. In this case, you can take out a personal loan in order to buy a new toilet in a quick and efficient manner.
We would never recommend taking out a personal loan in order to pay for a full bathroom remodel due to their high interest rates.
Leveraging a Home Equity Loan
One of the more popular funding options is to take out a home equity loan. Home equity loans allow homeowners to put their homes up as collateral, thus allowing them to borrow money with lower interest rates.
Similar to home equity loans are home equity lines of credit. Whereas a home equity loan will provide you with a one-time sum of money, home equity lines of credit allow you to take money out as needed. You can read about both types here.
Putting it On Your Credit Card
Unless you are able to pay them off within a month, it's generally not recommended that you charge bathroom remodeling expenses to a credit card. This is due to the exceedingly high interest rates of credit cards.
However, if you are able to pay your expenses off within a year, you might consider utilizing a 0% intro APR credit card. This type of card will levy 0% interest for the first year that it's used, giving you ample time to pay off your expenses.
Be warned, however, that if you're not able to pay your expenses off within the year, you could end up paying a substantial amount in interest.
Looking to Utilize Bathroom Remodeling Company in Shorewood?
Have you decided to follow through with your bathroom remodeling plan? Looking to utilize bathroom remodeling company in Shorewood, in particular? If so, the home remodelers with JM Remodeling are the people to see.
Over the years, we have remodeled countless bathrooms throughout the Shorewood area. Regardless of your aesthetic vision, we can accommodate you.
Contact us now to discuss your needs!