Home improvement retailers have been hit hard this year. The market is being squeezed by inflation and higher mortgage rates. In addition, the influx of private labels and new players has increased competition.
For those who are ready to take on a home improvement project, there are several financing options available. However, there are a few key points to consider before choosing a lender. Aside from the interest rate, you may need to consider other factors, such as the length of the loan, the timeline of the project, and whether or not you will be able to use the funds.
In order to maximize the value of your home, you’ll need to invest in quality upgrades. That means making improvements that appeal to a wide audience. This might include installing a new front door, resurfacing your driveway, or putting up a fence.
If you need financing for a major home improvement project, a home equity loan or line of credit could be a good option. These loans have fixed monthly payments, and are secured by the equity in your home.
In addition, you can make use of a 0% APR credit card. Most credit cards offer an introductory 0% APR period for up to a year. It is a great way to finance a home improvement project, and there is no risk of paying interest if you pay off the balance before the introductory period expires.
Whether you want to hire a contractor or do the work yourself, you’ll need to ensure you’re working with a licensed professional. Make sure you check your contractor’s references and insurance.