Why Saving Up Can Be More Expensive Than Financing Your Remodel
It’s been drilled into our heads since we first started counting our coins. Don’t finance what you can buy outright, even if it means you have to exercise a little patience. This is sage advice in most instances; for home remodels – not so much.
Your Home Doesn’t Follow Economic Rules
Yes, prudence states that saving up to buy something is cheaper than financing the purchase. But what about an evolving problem? Your house isn’t going to wait patiently while you save up to replace that roof.
Those leaks will worsen, and the damage will spread into adjoining structures and potentially add thousands of dollars to the project. That crack will get bigger, the floor will sink lower, and the siding will continue to let in water.
The Best Policy Is Always NOW!
Any damage you spot on your home (unless it is the result of Mother Nature’s fury) is not the beginning of the problem but the middle. The beginning happened days, months, even years before it got bad enough to notice. So, the reality is that the problem you notice has already been waiting for a long time and the best, most cost-efficient answer is to get it fixed right away.
If you don’t have the cash on hand, waiting until you do could be a massive mistake. Bad roofs leak and create bad walls, floors, and ceilings. Whatever the issue, leaving it unaddressed will add dollars to the repair/remodel when you finally act.
Make Better Choices
While we don’t offer bad products at Redo Cabinets, we do have multiple levels of efficiency and visual impact available to our customers. Perhaps you have the funds to cover our entry-level answers to your problem/vision but want to get more bang for your buck? Financing will let you choose those super high-efficiency windows or install a cool roof instead of standard asphalt shingles.
When making decisions that will be with you for decades, it’s better to get what you want instead of what fits in your wallet right then and there. Especially when those decisions can help lower your energy bills for the next 20 – 50 years.
Protect Your Dreams
Many times, that on-hand cash isn’t meant to pay for a remodel or repair. Instead, it might be money you’ve been setting aside for your children’s education, your nest egg to make your retirement more secure, or to buy that expensive item to reward you for all your hard work?
The reason doesn’t matter. All that matters is that the money has a purpose, and that purpose has nothing to do with saws, nails, or interior design. Financing your project allows that money to stay right where it belongs while you accomplish what needs to be done to your home.
Use Programs Few Ever Consider
One consistently overlooked benefit of upgrading to energy-efficient kitchen installations and products is that our government and other officials are anxious to help you defray some of the costs. For example, tax rebates for homeowners are available at the federal level for purchasing certain products and performing certain efficiency upgrades to your home.
There are also a fair number of local incentives offered by the State government and your local utilities. The savings can add up quickly and may take a huge chunk out of or even cover the added expense of financing your project.
Added to the savings from running a more energy-efficient home, you may even come out better off than if you had just bought what you could with your cash on hand.
Don’t Knock It ‘Till You Try It
Many homeowners decide they won’t qualify for financing before they even test the waters. We can tell you now that we have worked with all levels of homeownership and budgets over the decades.
We work with several reputable lending agencies and will leave no stone unturned while searching for the plan that best fits your project, your budget, and your family’s needs. We believe that every home, no matter how modest, deserves to reflect the love and pride of the family within, and we do our level best to help make that happen.
If you plan to upgrade your Chicagoland area home, contact us at Redo Kitchen Cabinets today. We’ll be happy to help you go over your financing options.
