Learn 9 Easiest Ways to Finance Your Bathroom Remodel
Funding a bathroom remodel isn’t as difficult as many people believe! There’s no shame in funding a major bathroom remodel. Nonetheless, it is often difficult to conduct these discussions.
We don’t want our customers to feel humiliated or bewildered; we want you to feel empowered to have your home restored at a price you can afford and finance effortlessly. This description of how to fund your next remodel project should make you feel more confident and prepared the next time you need to finance a job.
How Much Does a Bathroom Renovation Cost?
Every year, remodeling costs fluctuate, mostly due to material and labor costs. But bathroom pricing also reflects the overhead and profit of the bathroom remodeler. So it’s not as simple as saying “x” amount of bucks for a bathroom remodel.
Having said that, most homeowners report spending at least $12,000 on bathroom upgrades. Keep in mind that this figure can (and probably will) change based on the specific needs of your bathroom remodeling project.
Homeowners’ Bathroom Funding Options
Many homeowners are unaware of the numerous finance and payment choices available to them. Endless isn’t quite the right word, but there are practically infinite methods to pay for a makeover or restoration. Home mortgages are classified into two types:
• Secured Financing Alternatives
• Unsecured Loan and Funding Alternatives
Alternatives for Secured Financing
In most cases, secured financing refers to a specific asset that the lender secures if the borrower defaults. For example, if you get a home equity loan, you’ll get a terrific interest rate, but if you can’t pay it back, the lender can take your assets or your home as collateral.
1) Home Equity Lines of Credit
Bathroom remodels, and other home renovation projects are typical uses for home equity loans. Home equity loans are often fixed-rate loans, which means the interest rate will not change throughout the term of the loan, making it easier to budget and know how much you’ll have to pay. Before accepting a loan like this, most lenders want borrowers to have at least 20% equity in their homes.
