We get it, the cost to install all new flooring in your home can seem overwhelming. There’s actually some good news for your wallet and your sanity: you don’t necessarily have to come out of pocket for the whole amount. In fact, it’s possible to finance the entire cost of your new flooring if you prefer. You might even be able to finance your project and avoid paying interest altogether. Wins all around, if you ask us.
Some Loan Options
Replacing your flooring is just the kind of project that home improvement or home equity loans are designed to fund. These types of loans typically have lower interest rates than personal loans (which are also another option for those looking at how to best finance a renovation project). Installing new floors can be a great way to add value to your home by taking advantage of the equity you’ve already built.
Keep in mind that home equity loans borrow against your property, so failure to repay puts you at risk of losing your home. Taking a personal loan from your bank or credit union might be a more comfortable option. They are likely to have higher interest rates, but you can shop around to find the best offer. Credit unions are great at offering special loan terms from time to time.
Think Outside the Box
Looking to get a little more creative with your financing? Traditional loan options have their limitations and their downsides. It’s worth looking at some alternatives that might work better for you.
You don’t have to finance the whole project with one method. Combining a couple of different options can be a great way to save money and get your new floor at the same time. Search for new credit card offers with zero interest introductory periods. You’ll need to have a good credit score to make this work. Bonus points if you can get one that will also earn you cash back or reward points. You can use the full line of credit for your floor and have the introductory period to pay it off same as cash.
If you have some savings, you can also “self-finance” for lack of a better term. Using a portion of savings and creating a schedule to pay yourself back for a portion of the project takes some of the pressure off of adding more loans without feeling like you’ve depleted your nest egg too much.
Make an appointment for your free estimate to get an idea of how much you’ll need to get those new floors you’ve had your eye on.
