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How to Finance your Remodeling Project

By Jennifer Weldon

Many homeowners are choosing to remodel or renovate their current homes instead of entering the treacherous seas of selling and buying real estate. A key element of any remodeling project is how to pay for it. Homeowners have several options when deciding how to finance their remodeling project.

Cash

Obviously, if you have significant cash reserves paying in full for your remodeling project may be the way to go. You will not incur any finance or interest charges or fees. Also, you may be able to negotiate lower prices on supplies and possibly even labor by offering to pay in full in cash. A contractor may feel more secure by obtaining a full payment in cash and be able to offer you a lower rate as they will not be using their own money to purchase supplies and materials. However, if your cash reserves are not as full as they should be, or you are just uneasy about using them, there are other financing options out there.

Home Equity

If you are fortunate enough to have significant home equity in your house, you may be able to obtain a home equity loan or a home equity line of credit (HELOC). Basically, you are obtaining a loan or a cash advance against the value that is currently in your home. Guidelines for home equity loans and HELOCs have changed over the past several months. Lenders are no longer allowing homeowners to borrow up to the full value of their home. In some depressed real estate markets where values are still falling, lenders may not be allowing home equity loans at all. Homeowners will also find more stringent guidelines in regards to income, debt ratios, and will generally need to obtain a new appraisal on their home. If you do qualify, the advantages of a home equity loan or line of credit can be felt at tax time as the interest on these loans may be tax deductible when used to make improvements on your home. Always seek the professional advice of your tax preparer or accountant for specific tax laws and rules.

Credit Card

Some homeowners turn to credit cards when looking to finance their home remodeling project. If you will be able to repay the entire balance in a relatively short time and have a zero or low interest rate this may be an option for you. One advantage to charging it is that any disputes with a supplier or a contractor will typically be resolved by your credit card issuer, preventing you from being on the hook. Another advantage can be the accrual of airlines points or other rewards from your credit card issuer by charging such a large amount. If, however, you cannot repay the entire balance for a long time and/or carry a high interest rate, charging your home remodeling project is probably not your best option.

Contractor Financing

Many contractors are now either offering financing for remodeling projects or have an established relationship with a third party bank or lender who can provide financing to you. The advantage to this route is that the third party realizes the value of the remodeling work you are undertaking and has worked with the contractor in the past. Oftentimes, this financing alternative will provide a smooth and streamlined process with approval of your remodeling project in a very short timeframe.

Homeowners are no longer limited in their financing choices for remodeling their homes. Regardless of which financing means you use, it is still important to negotiate the best possible price with your contractor up front and stick to your budget throughout the project.