Many homeowners dream of remodeling their homes. Remodeling a room or even the whole house can add function, style, and beauty. From a simple refresh of an existing area to a dramatic overhaul that transforms the home into a showcase, there are many options available to homeowners. One great remodeling project is to add a glass patio door system. These patio doors bring in natural light and help to enhance the outdoor entertainment areas of the home, such as patios, pools, or decks.
One of the biggest hurdles homeowners face in remodeling, however, is financing. In this blog, we’ll discuss some of the financing options available that work with your budget and your desires.
First Step in Remodeling Financing: Professional Help
Deciding on what remodeling project to undertake and how to pay for it is the first hurdle homeowners need to overcome. Luckily, qualified remodeling contractors and designers are armed with the latest offerings. Remodeling professionals are familiar with financing options, and can help you figure out what works best for your needs and the budget you’ve set aside for your project. Don’t go it alone; by getting professional assistance with this part of the project, you’ll be able to add style and value to your home without too many headaches.
Loan-Free Financing Options
In many home improvement projects, such as adding a glass patio door system to an existing home, many homeowners believe that a loan is the only way to finance such a project. While home improvement loans and mortgage refinancing options are certainly a popular way to go, non-borrowing options are a very valid choice.
Don’t want to apply for a loan, or aren’t sure you qualify for one? Cash may be the answer. If you have savings set aside for home projects, now is the time to tap into those savings. The reality of using cash is that few homeowners have enough money set aside for anything but small projects. However, these small projects can get you closer to the home of your dreams. If you want to use cash for part of the project, you can combine that with a more traditional home improvement loan if desired.
Another loan-free option is by tapping into retirement accounts by withdrawing a portion of the savings. Some retirement plans, such as employer-sponsored 401(k) plans and Individual Retirement Accounts (IRAs) may allow account holders to withdraw part of the savings for qualifying needs. Home improvements may qualify in some cases. Remember that there may be tax implications such as tax penalties for withdrawing too early from retirement accounts. Speak to your retirement planner for options to see if this financing method is right for you.
Home Improvement Loans
Qualifying for a home improvement loan is easier than one might think. This is often the best option available to homeowners, as it allows for repayment terms over a period of time, usually measured in years. Competitive financing rates and a range of loan options make this a smart choice. As with any project, do your research first. Speak to your mortgage company to see if you can borrow against any equity your home has built up over time.
No matter what options you choose to finance a home improvement project, know that you are very likely to improve the value of your home. A fresh new look and improved functionality are added benefits of any remodeling project.
Source:http://www.panda-windows.com/remodeling
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