Obtaining Financing for Your Kitchen Remodeling Project in Milwaukee

Like any room of the home, over time, a kitchen can lose its aesthetic appeal. When this occurs, you have two options: 1. Leave the kitchen in its state of antiquity, or 2. Remodel your kitchen with an updated look. If you’re planning on renovating your kitchen, you should know ahead of time that it can be challenging and costly. Not sure of how to finance your kitchen remodel in Milwaukee, Wisconsin? If so, this article might be able to help you. Read on for more information!

How Much Does a Kitchen Remodel Cost?

milwaukee-kitchen-remodeling-projectFirst, you might like to know how much a kitchen remodel is going to cost you. While the exact dollar amount of your remodel will vary, most kitchen remodels fall between $13,000 and $33,000. The average cost of a full kitchen remodel is around $22,000. A number of different things factor into the price of a remodel, including the cost of the remodeling services you use, the cost of supplies needed, and the amount of remodeling which needs to be done. In the end, it’s important to know that a kitchen remodel is a huge investment.

Methods of Financing a Milwaukee Kitchen Remodeling Project

There are quite a few financing options for a kitchen remodel. Some of the most commonly used funding methods are detailed below.

Saving

The most cost-effective option for obtaining funding is to save up your money over time. By doing this, you won’t have to make any interest payments. However, depending on how much money you make, it could take you a very long time to save up a sufficient amount of money. That’s why many homeowners turn to the funding methods reviewed below.

Personal Loan

While it’s not exactly the ideal option, you could fund your home remodel with a personal loan. Personal loans generally come with very high interest rates and are typically a more expensive method for funding a remodel. The good thing about these loans, however, is that you can secure them within just a few days of applying. In other words, if you’re in need of an emergency remodel, a personal loan can help you get the project underway almost immediately. If your remodel isn’t an emergency, you may want to consider an option other than a personal loan.

Home Equity Loans and Home Equity Lines of Credit

Another option for funding a home remodel is by putting your home up as collateral. Home equity loans and home equity lines of credit allow you to use your home as collateral, offering very low interest rates in return. While home equity loans supply you with a lump sum of money at the beginning of your loan term, home equity lines of credit work more like credit cards, allowing you to take out the money you need as time passes by. Both of these options can be beneficial, so we recommend reading up on both before choosing between them.

Credit Card

While it’s not the best option for everybody, some homeowners choose to fund their home remodels by charging them to credit cards. If you find a credit card with a 0% intro APR, and are able to repay the charges in full before the intro period ends, this could be a great funding option. One thing to note, though, is if you can’t pay back the charges before the intro period ends, you’re likely to be hit with substantial monthly interest charges. After all, credit card interest rates generally hover around 20%.

In Need of a Kitchen Remodeling Company in Milwaukee?

Are you thinking of remodeling your Milwaukee kitchen? In need of kitchen remodeling company in Milwaukee? If so, the kitchen remodeling experts with JM Remodeling have you covered. We’re well-versed in the replacement and installation of all types of kitchen entities, including kitchen cabinets, kitchen flooring, kitchen lighting, kitchen countertops, and more. Our is ready and able to help you. Contact us now to get started!