How to Finance a Small Bathroom Remodel

Posted By : Aubrey Mead , on Nov, 2015

 

A bathroom is one of the most necessary rooms in a home. When a bathroom does not function in the capacity a homeowner needs it to, it may be time for a Small Bathroom Remodel. Depending on the scope of the job, this job can cost anywhere from a few hundred to three thousand dollars. Learn how to pay for this remodeling job without going broke in the process.

It’s ideal to pay cash for a Small Bathroom Remodel. When using cash, a homeowner can save money by purchasing gently used bathroom fixtures. Paying with cash will also give a homeowner the opportunity to negotiate with more influence. It’s advisable to not spend more than 30% to 40% of current savings for a bathroom remodeling job. A homeowner can also save for this home project. By putting aside about 20% to 35% of discretionary income every payday, a homeowner can save a significant amount of money to start a bathroom remodeling job within a few weeks.

Also, consider getting a home equity line of credit. This loan uses a person’s equity in his home as collateral. It offers borrowers the chance to get a low-interest loan with a principle based on a percentage of a person’s home equity. However, some banks require homeowners to undergo an inspection of their homes. Also, this type of loan can take up to two months for approval.

When using the services of a contractor, look into getting a contractor loan. This financing option is usually available through large contracting services. Ensure that the rates are feasible before signing a loan agreement. Also, do research to make sure the home contractor is not getting a kickback from the lending institution. This can be tricky to verify but is necessary to investigate to protect a person’s finances.

By using these tips, a homeowner can find a way to remodel his bathroom without struggling financially. It may be tempting to have a remodel done quickly. However, it’s advisable to wait until the money is available so all parties are satisfied. For more information on bathroom remodeling, please talk to an expert at American Bath Inc. These experts can create the ideal bathroom for customers to have the optimal use of their bathrooms.

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