NORTHWEST PENNSYLVANIA Blog

3 Ways to Pay for Your Home Improvement Project | Koala Insulation of

We all dream of making upgrades and improvements to our homes. After all, that’s what makes homeownership rewarding!

Improvements can not only increase your home value, but they can also make your home more efficient. However, each improvement project you take on carries its own price tag. We explain some simple options when it comes to choosing how to pay for your improvement project below, so read on to learn more.

Finance of America-Home Improvement

One of the most reliable ways to pay for your project is through a trusted financing source. If you don’t have the financial means to pay for the entire project up front, this is a really easy way to make controlled payments over a period of time. But not all financing options are created equal or should be trusted! We partner with Finance of America to ensure you are being set up for success. We can set up predictable monthly payments that you will make to eventually pay off the cost of the project. You can even get started with zero dollars down! This helps protect your home’s equity in the long-term and your savings account from suffering now.

Home Equity Loans Most homeowners have heard of home equity loans, for good reason! They exist to allow homeowners to borrow money against the equity they have built up in their homes. While this may sound simple, it can be a risky way of obtaining funds and it requires a bit more research on your part.

Many people consider home equity loans to be second mortgages, as they are given out in a lump sum and then paid back alongside your regular mortgage. They tend to have lower fixed interest rates, but you have to put your home up as collateral as part of the agreement. If you cannot make the payments, you are at risk of eventually losing your home in the process.

Outright Payment

Another option is paying for the cost of the project in full. This can be a great way to go about your project without having to set up a financing option or without having to worry about it impacting your credit score. However, this option also comes with some cons.

It may take a while to save up the funds you need to pay for your project, which means that your tastes may change, you may move or the scope of the project may change. If you choose to go this route, take it slow and consider investing your money a little at a time so you aren’t out thousands of dollars if you change your mind or need to adjust. We can help you make the right choice when it comes to financing options. We can help you make the right choice when it comes to financing options. We can help you make the right choice when it comes to financing options. Contact us at Koala Insulation of Northwest Pennsylvania today.