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Most people need a little help when tackling household renovations and repairs. The type of work you need dictates the financing you can get. Here are your financing options for three different kinds of renovations.
1. Emergency Repairs
Picture this: one rainy morning in the Wasatch Mountains of Utah, you look out your bay window only to realize the rain is not just falling outside. It’s leaking through the inside of your window casing, too. You can trace this leak to your roof by looking at your water-stained ceilings.
In a situation like this, you need to call a few roofers for a quote on the cost to fix it. If you’re lucky, you can get away with a single patch job that costs around $500 rather than a whole new roof. But for many Americans, even $500 of unplanned spending is too much for their budgets.
If you don’t have savings, you might have to rely on an installment loan online. Installment loans offer quick and convenient online applications that work well under pressure, even if you apply in the middle of the night.
Rates and terms vary between loans, lenders, and even your location. That’s because each state has its own lending laws that keep you safe. These laws are pretty important, so it’s essential you borrow from a financial institution licensed in your state. So, if you call Utah home, you should compare online loans across Utah but not loans from any other state.
2. Energy Efficient Upgrades
Upgrading to new energy-efficient appliances, insulation, lighting, and windows is good for the environment and your wallet. These repairs can help you use less energy to heat, cool, or otherwise power your home, so you can pay less in utilities and reduce the load on your state’s power grid.
For that reason, the federal government and most states offer energy efficiency programs that include incentives to upgrade your home in this way. Green repairs usually come with a colossal upfront price tag, so these rebates and tax credits can come in handy.
Every state has its unique program, so it’s important you research state-specific incentives along with nationwide offers. To learn more about what’s available in Utah, check out the Utah Energy Hub for more information.
3. Restorations & Remodels
Now let’s get to the fun stuff: restorations and revamps. These repairs may not be as necessary as a patch to a leaky roof, but you look forward to them much more than any unplanned fix. They give you a chance to return a forgotten century home back to its former glory or install the customized kitchen of your dreams.
Although a sought-after reno may feel as though it has urgency, you have total control over when and how you take on these repairs. As a result, you can rely on the typical emergency installment loan in Utah for help.
Realtors and contractors recommend saving as much as possible towards these jobs. However, you can investigate refinancing your mortgage or putting your repairs on a Home Equity Line of Credit (HELOC).
A HELOC is a specialized line of credit that uses your home as collateral. You can make draws against your limit, pay it back, and draw again as you need it.
Refinancing your mortgage helps you tap into your home’s equity to access money in a renovation. It involves renegotiating the terms of your existing mortgages, which may lengthen the time it takes you to pay off your mortgage.
Bottom Line
Finding the right financing is the key to the success of your repairs. Keep this list in mind the next time you restore, remodel, upgrade, or repair your home.
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