While you may not spend as much time in your bathroom as you do in, say, your family room or kitchen, bathrooms can still play a huge role in how much you enjoy your home. A deep soaking tub that lets you escape from the stress of work and life can be a major plus, whereas hopping in a cramped shower with rusty, outdated features is unlikely to help you relax - replace your tub.
The problem? Bathroom renovations are far from cheap. Remodeling Magazine’s 2019 Cost vs. Value Study notes that, on a national level, even a mid-range bathroom remodel or small bathroom remodel will cost an average of $20,420. And the bathroom remodel cost just goes up from there; Remodeling’s statistics show that upscale bathroom renovations cost $64,743, on average.
A major remodeling project may mean taking the walls down to the studs, rerouting plumbing and adding new drywall, electrical and fixtures. Then there are the big components of a remodel — a new soaking tub, shower, glass shower door, tile and vanity, as well as flooring and labor costs.
Fortunately, you don’t have to pay for it all at once. If you’re ready to remodel your bathroom because you need more space or it’s outdated and desperately needs an upgrade, you’re probably wondering about the best ways to finance this project. The good news? There are several options to consider — each of which has its own set of pros and cons.Personal loans come with fixed interest rates, a fixed repayment timeline and a fixed monthly payment that will never change, making them easy to plan for.
Another benefit of using a personal loan for bathroom renovations is that, unlike other borrowing options, you don’t have to put down collateral, such as your home. And since personal loans are unsecured, the application process is usually much less involved so you can get your money sooner. The best part about personal loans, however, is the fact you can research options, apply online and get funding without ever stepping into a bank.
Like a personal loan, home equity loans come with fixed interest rates, a fixed repayment term, and a fixed monthly payment (bathroom renovation Arizona). The difference, however, is a home equity loan requires you to pledge your home as collateral. This type of loan also lets you qualify for a low rate if you have good credit and plenty of home equity since the loan is secured by your property.
Instead of giving you a fixed loan amount, you get a line of credit you can borrow against — typically with a variable rate. Like home equity loans, HELOCs tend to come with low rates and fair terms since you’re using your home as collateral. Consumers who have a lot of home equity since you can typically only borrow up to 85 percent of your home’s value in total with a first mortgage and second loan Someone who doesn’t mind putting up their home as collateral, even knowing they could face foreclosure if they don’t repay and default Borrowers who want to use their home’s growing equity to finance home improvements Also consider the prospect of getting a credit card for your bathroom remodel — but not just any credit card (large bathroom remodel).
The upside of using one of these offers is the fact you’ll pay zero interest during your card’s introductory offer. But since these offers don’t last forever, you need to have a plan to pay off the entire bathroom remodeling cost before your interest rate resets to the regular rate.
Let’s say you have a $10,000 balance remaining on your card when your 0 percent offer expires (Arizona bathroom renovation). If your APR resets at the current average credit card rate of 17. 8 percent, you would potentially owe $1,780 in annual interest, or about $148 per month. Another feature to look for with these offers is rewards, since many cards give you cash back and 0 percent APR on purchases for a limited time.
Someone who needs to borrow only enough for a small bathroom remodel and who can pay their balance in full before their introductory offer ends Consumers who have excellent credit and can qualify for the best credit card rates Someone who has the discipline to stick to a repayment plan that helps them avoid long-term debt Bathroom remodeling projects tend to be pricey, but they can be well worth it since you’re improving one of the spaces you use the most and future buyers deem important - Arizona bathroom renovation.
Make sure to compare the options on this list to find the right loan for your needs, and your remodeling plan is sure to go off without a hitch - Arizona bathroom remodel - Arizona bathroom renovation.