No matter how small your home improvement project may be, it will cost you a bit of cash. Where that cash comes from is solely up to you. Let’s say you require bathroom remodel financing. Do you have the money available in an account today? Chances are, like most of us, you do not. But your bathroom isn’t going to renovate itself.
Where does the money come from? As it turns out, you have a few options to finance your home improvement projects.
Unsecured Loans for Bathroom Remodeling Projects
Believe it or not, you can apply for and receive an unsecured loan for remodeling your master bathroom. A lending company will offer an unsecured loan with no collateral. Whether you are approved depends on your credit history, which also determines your monthly interest rate.
You have two options when it comes to unsecured loans for bathroom remodel financing:
• Credit Cards – While not a loan per se, credit cards are immediately available if you have one in your wallet, and you can make monthly payments until the entirety of the project is paid off. If your bathroom remodel is on the cheaper end of the scale, a credit card is probably your best option.
• Personal Loans – Alternatively, you may wish to apply for a personal loan. With a personal loan, you will receive your money fast, and the monthly payments are simple and usually affordable with a low interest rate, again based on your credit score.
Secured Loans for Bathroom Remodel Financing
If you have no other options but your bathroom requires a thorough remodeling, then a secured loan is another viable solution to consider. As with an unsecured loan, you have a few options available to you. Unlike an unsecured loan, however, secured loans do require collateral of some type, which is usually your home.
• Mortgage Refinancing – By refinancing your mortgage, you will receive the money necessary to remodel your bathroom while possibly lowering your monthly interest and payments. The lending company will use the value of your home to determine how much you may borrow.
• Home Equity Loan – If refinancing is not an option, consider a home equity loan. In layman’s terms, a home equity loan is when the lending company pays you based on your home’s value, then offers a repayment plan of up to 30 years.
Alternative Financing Options
If you dislike the idea of being trapped with monthly payments to a lending company, there are alternative bathroom remodel financing options available.
• Garage/Yard Sale – Along with reducing the clutter in your home, a garage/yard sale is a quick, effective way to bring in a little extra cash, which you can then turn around and allocate toward a bathroom remodeling project.
• Gig Work – We currently live in a gig economy, where savvy and experienced workers can tackle one-off jobs online for a little extra cash.
Once you have the money together for a bathroom remodeling project, contact Washington Marble Works. We are happy to offer a free quote when you call (253) 891-1823!
