Financing a Walk-In Shower Project: Is this even affordable?
Walk-in showers are becoming increasingly popular among homeowners due to their convenience and safety features. However, installing a walk-in shower can be a significant investment that some homeowners may not have the funds to pay for upfront. In this article, we will discuss ways we see people finance walk-in-shower projects.
Financing Options for Walk-In Shower Projects
There are several financing options available for homeowners who want to install a walk-in shower but do not have the funds to pay for the installation upfront. These options include:
Home Equity Lines of Credit (HELOCs): HELOCs are similar to home equity loans, but they allow homeowners to borrow against their equity as needed, rather than receiving a lump sum payment. HELOCs typically have variable interest rates, which can make budgeting more difficult, but they can be a good option for homeowners who want flexibility in their borrowing. Because these loans are secured against the value of the home they typically carry a lower interest rate. As of March, 2023; many banks are not currently offering HELOCs; however, many banks are offering cash-out refinances. Keep in mind, that this often results in a re-set of the term of the loan and should be carefully considered.
Home Equity Loans: Home equity loans allow homeowners to borrow against the equity they have built up in their home. These loans typically have lower interest rates than personal loans, but they require the homeowner to have equity in their home and to use their home as collateral.
Acorn Finance: We work with Acorn financing and can work to get an approval in-person during your sales appointment should you choose to move forward with your project and you're satisfied with every detail of the project. Acorn financing offers variable terms at a fair interest rate.
Personal Loans: Personal loans are unsecured loans that can be used for a variety of purposes, including home renovations. Personal loans typically have fixed interest rates and repayment terms, which can make budgeting easier for homeowners. This is not very common.
Credit Cards: Some homeowners may choose to finance their walk-in shower installation using a credit card. While credit cards can be convenient, they typically have higher interest rates than other financing options and can lead to high levels of debt if not used responsibly.
Some financial considerations
Shop around for financing options: Be aware of what your financing options are before your sales appointment. Only you can decide what makes financial sense to you and your family.
Look for financing promotions: Some lenders offer financing promotions that can help you save money on interest or fees. For example, you may be able to find a lender that offers a 0% interest rate for a certain period of time, or one that waives origination fees or other costs.
Consider a home equity loan or line of credit: If you have equity in your home, you may be able to tap into it to finance your walk-in shower project. A home equity loan or line of credit typically offers a lower interest rate than an unsecured loan, making it a cost-effective way to finance your renovation.
Choose a reputable contractor: It's important to choose a reputable contractor who can provide a detailed estimate for your project. We always provide detailed estimated for our projects so you can determine how much financing you need and ensure that you are not being overcharged for the renovation.
Get multiple quotes: This is extremely important; and we appreciate when customers already have gone through the effort of researching their walk-in-shower renovation; they already know what the products are, who the installers are, and what their prices are. By the time people are done with their research and choose Sanctuary Bath; they know what a good value they are getting. Our prices are extremely competitive.
Make payments on time: Once you have secured financing for your walk-in shower project, make sure to make payments on time. Late payments can result in fees and damage your credit score, which can make it more difficult to secure financing in the future.
In conclusion, financing a walk-in shower project can be a cost-effective way to improve your home and increase its value. By gathering multiple quotes, understanding your financing options, shopping around, and following best practices for financing, you can ensure that your renovation is a success.