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How To Finance Your Shower Remodel

February 21, 2023

How To Finance Your Shower Remodel In El Cajon

Steps To Make Your Remodel More Affordable

If you’re planning a full shower remodeling project for your El Cajon, CA, home, you may be considering the various available financing options. You’ll want to weigh all your choices very carefully, as some of them cost you a lot more than the remodel itself.

Understanding the terminology and types of financing available can give you peace of mind during the decision-making process. In this article, we’ll evaluate all the possible avenues and recommend the best course of action for financing your remodel.

Take Out A Personal Loan

When you opt for a personal loan for your shower remodel, you have two options – secured or unsecured. When you get a secured loan, you will need collateral to give the lender faith in your borrowing. Missing payments on this type of loan can result in losing the collateral you put up for the loan and severe damage to your credit score.

On the other hand, an unsecured loan will likely be much more limited in the amount of funding you’ll receive. Additionally, they are harder to obtain because of the lack of collateral – and have much higher interest rates.

Personal loans can have interest rates anywhere from 8% to 15% and payback periods of 5 to 10 years.

Get A Home Equity Loan Or Home Equity Line Of Credit

Home equity loans and home equity lines of credit (HELOC) are excellent options for El; Cajon, CA, homeowners. On a basic level, secured loan options use the equity you’ve built up in your home to finance the loan. The amount you can borrow largely depends on how long you’ve lived in your home and its current value.

Home equity loans are typically dispensed in one lump sum, while a HELOC doesn’t require you to take any given amount out at one time. With a HELOC, you can borrow and pay back repeatedly until your draw period ends. Alternatively, with a home equity loan, you borrow and pay back once during the process.

It’s important to remember if you choose this option, your home is your collateral. If you cannot make payments, you could lose your home, making this a somewhat risky option.

Use A Promotional Credit Card That Features No Interest

If you have excellent credit, you may qualify for a new credit card that offers a promotional period with no interest for large purchases. If you pay off the entire balance within that timeframe, you won’t be subject to the interest fees – thus, only paying for the project itself.

However, failing to meet the promotion terms will result in the interest compounding and hitting the credit card all at once. With this option, homeowners must make all the payments before the promotional period ends to finance their bathroom remodel successfully.

The payments may also be significantly higher than other options to meet the timeframe of the promotional period. You will have to consider if it will fit into your monthly budget and be feasible to fulfill the terms of the promotion.

Finance Through Your Contractor

When you’re considering shower remodeling, don’t forget to evaluate the financing options your contractors offer. This option is often the best way to finance your walk-in shower remodel because of the excellent rates offered by the lender.

Here at Shugarman’s Bath, we offer several excellent options that give you the freedom to pay as you choose when you qualify for financing. For example, you can have payments as low as $99 a month or be finished paying within 18 months. Compared to a personal loan, that’s phenomenal.

So, when considering all the possible bathroom shower remodeling ideas, don’t forget the financing options for the most affordable way to pay for your remodel.

Choose Shugarman’s Bath For All Your Shower Remodeling Needs In the San Diego Area

For an expert bathroom shower remodel in your San Diego area home, trust Shugarman’s Bath. We pride ourselves on our dedication to doing things the right way.

We don’t cover up problems when we find them – we fix them. We focus on premium products with precision installation practices that guarantee your absolute satisfaction with the results.

Call us today at (619) 332-2220 to schedule your free estimate.