How You Can Make Your Shower Remodel More Affordable

Paying for a shower remodel can feel impossible, especially when the price is in the 5-figure range. Most homeowners don’t have that much sitting in their checking accounts. Pulling it out of savings (or worse, borrowing against your home) feels like a necessity. Doing that carries risk when getting a remodel.

Shugarman's Bath does more than 500 tub and shower remodel design consultations per month. The questions we hear most are the same: how much will this cost, how can I pay for it, and how long will it take to pay off? We offer financing options because a remodel is often necessary. The cost should not be what stands in the way of getting it done.

This article breaks down every way you can pay for a shower remodel and why financing is the option most homeowners choose when they need to get it done without draining their savings.

Table of Contents:

• What Options Are There to Make a Shower Remodel More Affordable?
• Why Is Financing the Best Way to Pay for Your Shower Remodel?
• What Financing Options Does Shugarman's Bath Offer for a Shower Remodel?
• How Does the Approval Process Work?
  
• How Can You Pay Off Your Loan Faster and Save on Interest?
• Why Does Waiting to Save Up for a Shower Remodel Usually Cost You More?

What Options Are There to Make a Shower Remodel More Affordable?

There are four common options you can typically choose from:

1. Paying out of pocket
2. Credit card
3. Home equity loan
4. Financing

Paying cash is the more straightforward option if you have the cash available.

Using a credit card is an option if you’re looking to pay the balance in full immediately and earn points/travel rewards on your card. Shugarman’s Bath does not charge a credit card fee. Keep in mind that most credit card APRs affect your monthly card costs.

A home equity loan lets you borrow against the value of your home. For this route, interest rates vary depending on who you go with. Keep in mind that, if you fall behind, you put your home at risk.

We often recommend going the financing route. With financing, you don’t have to pay a cent until you are satisfied with the outcome of your project.

Each option works depending on your financial situation and what you’re looking to achieve.

Why is Financing the Best Way to Pay for Your Shower Remodel?

The biggest reason is that, depending on the contractor you work with, financing better protects your wallet.

When you do financing with Shugarman's Bath, you review the finished remodel, approve it, and only then does the payment go through. That means Shugarman's Bath does not get paid until you are satisfied. Depending on the financing option you take, you don’t have to start paying the financing company for weeks after your project is complete.

Paying cash can remove the protections that financing could provide. Depending on how the contractor expects you to pay for the project, once your money is gone, there is nothing left to withhold if the work is not finished or not done right. Getting your money back will be an uphill battle if a contractor runs into problems, cuts corners, or walks away from a job mid-project.

All said, some contractors still protect your bottom line if you choose to pay cash. If you go the cash route with Shugarman’s Bath, we still protect your bottom line. The payment is broken into stages:

1. A $1,000 deposit to start. A contractor can only take $1,000 or 10% of the total project cost in California.
2. Three to five days after the deposit, a progress payment is collected. At this point, the homeowner will have paid 30% of the total project cost.
3. The remaining 70% held until the job is complete and you have signed off on it. You do not hand over the bulk of your money until you are satisfied with the result.

With a home equity loan, your property serves as collateral, meaning that if something changes and you can't make payments, you put your home at risk. It happened to countless homeowners during the 2008 financial crisis. A shower remodel is not worth losing a home over.

A credit card can work if you are disciplined about paying the full balance right away. Most credit card APRs are fairly high. Carrying a high balance and paying the minimum could wipe out the benefits of using your card.

What Financing Options Does Shugarman's Bath Offer for a Shower Remodel?

Shugarman's Bath offers 5 financing plans. Every plan has no prepayment penalty, meaning you can pay it off early without any fees. Depending on the financier, payments on all plans begin roughly 4 to 6 weeks after you approve the completed work.

One concern we’ve heard is whether Shugarman's Bath benefits from offering financing. No, Shugarman’s Bath does not benefit from financing options. There is no commission, markup, or financial incentive to steer you toward a loan. The financing options exist because they make a remodel more accessible and can be used to your benefit.

12-Month, No-Interest Payment Plan

Under this plan, you must pay the full balance within 12 months. High interest rates and fees apply to the original loan amount if the balance isn’t paid off on time.

The 12-month plan works well for homeowners who have the funds available but prefer not to withdraw them from savings or investments right away. It also works for homeowners who plan to sell their home after the remodel. A new shower can make the home more appealing to buyers. The proceeds from the sale can be used to pay off the loan before the deadline.

24-Month, No-Interest Payment Plan

The 24-month no-interest plan comes with 24 equal monthly payments. You pay no interest as long as you make those payments on time each month.

60-Month, 6.99% Interest Payment Plan

That is a 6.99% interest, fixed rate over 60 months, with equal monthly payments.

120-Month, 9.99% Payment Plan

That is a 9.99% interest, fixed rate over 120 months, with equal monthly payments.

180-Month, 9.99% Payment Plan

That is a 9.99% interest, fixed rate over 180 months, with equal monthly payments. This plan offers the lowest monthly payment of any option, making a remodel accessible even on a tight monthly budget.

How Much Can It Cost to Finance a Shower Remodel Per Month?

The monthly cost depends on the project's size and the plan you choose. Here is a concrete example using the 180-month plan at 9.99%.

For a $13,000 project, the required monthly payment is $140. On a $17,000 project, that number climbs to $182.58 per month. The difference between a basic remodel and an upgraded shower with a frameless door and a niche is less than $50 a month.

How Does the Approval Process Work?

The application is handled during your design consultation. Your Shugarman's Bath rep walks you through it on the spot. The process can take a few minutes.

The application asks for your:

• Name
• Address
• Date of Birth
• Annual Income
• Email Address
• Phone Number
• Estimated Project Amount

You do not need to enter your Social Security number. The check run on your credit is a soft pull, meaning it does not affect your credit score.

Once the application is submitted and the results come back, your rep will go over the plans you qualify for.

Financing is approved when you sign the contract, but the money only moves when you approve the completed work. You are not on the hook for anything until you are satisfied with the result.

How Can You Pay Off Your Loan Faster and Save on Interest?

Every dollar you pay above the minimum goes directly toward the principal balance. These are not the old-style auto loans where interest is baked into every payment, with extra money barely making a dent.

Here is what that looks like: On a $14,000 loan at 9.99% over 180 months, the minimum monthly payment is $150. Add an extra $100 a month, and the loan pays off in 76 months instead of 180. That one change saves $8,146 in interest.

If you have some cash available but not enough to cover the full project cost, you can choose to make a down payment to reduce the loan amount. As a result, your monthly payment is lower.

There are free amortization calculators that make it easy to run these numbers yourself. Plug in your loan amount, rate, and term, then add an extra monthly payment to see exactly how fast you can pay it off and how much you save.

Why Does Waiting to Save Up for a Shower Remodel Usually Cost You More?

Inflation will factor into your remodel cost. Based on Shugarman's own pricing history, costs have risen approximately 17% per year since the start of COVID and are expected to continue rising, especially with current events. A remodel that started around $6,500 to $7,000 in 2021 now starts at $12,500, with the average sitting around $16,500. That is roughly double in about 4 years.

Locking in today's price at 6.99% or 9.99% and spreading the cost over time can help you come out ahead. Homeowners who plan to save up and pay cash later are often chasing a number that keeps moving. There’s a chance that by the time you save up, there will have been a price increase.

A Shower Remodel Is More Affordable Than You Think

A shower remodel shouldn’t feel out of reach. You don’t need to pay for the whole project as soon as possible. Payment plans could fit into your monthly budget. You won't have to pay a cent until you’re happy with the work and deem it complete.

Now that you understand how you can make a shower remodel affordable, read our article on why you should remodel your tub or shower now instead of waiting.

You can find out how much your particular project could cost per month by scheduling a free consultation with Shugarman’s Bath. Your design consultant will walk you through your project, the financing plans you can qualify for, and give you a to-the-penny quote before leaving your home.