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Feb 09, 2023

4 Ways to Finance Home Improvements in a Down Market

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As history has shown us time and again, the national economy tends to mimic the shape of a jagged mountain range with plenty of peaks and valleys, each symbolic of a bullish and bear market, respectively. And while investing in home improvements always seems easier on the wallet when the economy is in tip-top shape, sometimes homeowners have no choice but to commit to a remodel in the midst of a down market. Of course, you are more inclined to hold onto your hard-earned money when the economy has taken a turn for the worse. So, how can you finance a home improvement project that just can’t wait until better market conditions take shape? Here are a few options to consider, with our top recommendation provided at the end of this article:

Paying in Cash

Perhaps the most obvious of choices is paying for the remodel in cash, which of course isn’t a viable option for everyone. However, if you do have the funds to pay for your project up front and in full, doing so may save you money. This is because some home improvement contractors offer discounts when their services are paid for in cash. Sometimes, a home remodeling project can’t be put off until you have the cash in full to pay for it, in which case the next option may prove useful.

Using Funds From Your Savings Account

While paying for home improvements in cash may be preferred, dipping into your savings can help you fund that project that just can’t wait for the market to improve. Of course, using all of your savings to pay for home improvements is ill advised, especially in a down market. If you do decide to take this route, be sure to make the appropriate calculations so that your emergency fund remains intact.

Applying for a Personal Loan

Personal loans, or more specifically home improvement personal loans, are another option to consider for financing home improvements in a down market. Personal loans are generally easier to apply for and qualify for than other types of loans, such as home equity loans. In fact, many personal loans can be applied for online and, if approved, you can have the funds deposited into your account in as little as one week. Of course, as is the case with any loan type, qualifying for a low interest rate is contingent on your credit score.

Opting for Convenient Financing From Dreamstyle Remodeling

No homeowner should have to put off eagerly awaited home improvement projects out of concerns over paying for the work. That’s why, at Dreamstyle Remodeling, we make your dream home remodeling project accessible and affordable. We partner with numerous leading lenders such as Service Finance, Greensky, Synchrony Bank, and Aqua Finance to create a custom payment plan that fits within the budget of qualifying customers. We offer a variety of attractive payment plans, ranging from no money down to no interest “same as cash” programs. Ready to learn more about the flexible financing options we offer? Get in touch with a member of our team today!

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