Financing Your Remodel

Before deciding on your remodeler in San Antonio, it is imperative that you know how you are paying for your home remodel. There are a variety of options, from using cash or credit, to taking out a home equity loan or line of credit, that all carry their own benefits and risks.

Cash or Credit

Obviously, the ideal way to finance your project is with cash. The benefit of this being that there will be no interest, collateral, or other related risks involved in the cost of your remodel. The down-side of this is that, unless you happen to have a substantial amount of cash conveniently laying around, you will have to save for your project over time.

Credit cards are a common way to pay for a project if you don’t have cash up front. It carries the benefit of letting you pay over time, but will cost you more money overall due to the interest rate. It also carries the risk of wrecking your credit score if you find yourself missing payments.

Home Equity Line of Credit

Home equity LOCs are lines of credit that borrow against the value of your home. They come with a draw period, during which you can spend the money in your credit line. This period is generally about 10 years. The repayment period, typically lasting about 15 years, is likely to include higher payments because of a higher principal. Interest paid on home equity loans is tax deductible up to $100,000.

Home Equity Loan

A home equity loan is another way to use your home’s equity to finance your remodel. Rather than receiving a line of credit, with a home equity loan you get a lump sum of money. Interest payments tend to be higher than refinancing, but are tax deductible.

Choosing how to pay for your home remodel can be a daunting task. It is wise to consult with a financial advisor before making your final decision.

Top 5 Reasons To Call Shaw Company TODAY!

  • 5 Star Service Rating
  • Great Financing Options
  • Family Owned and Operated Rated
  • Top 500 Remodeler Nationwide
  • High Quality Yet Affordable Remodeling

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