How to Fund your Home Improvement Project

Emergency roof repair or replacement doesn't always go as planned, especially on your finances. In addition, it takes time when looking for the right roofing or siding replacement companies. Luckily, there are a few methods that allow you to easily finance your emergency repair needs or home improvement projects.

In this post, Henderson Roofing explains five methods you can us to finance your home improvement projects.

1. Cash- If you—re not in any hurry to conduct any home improvement, then cash is one of the best ways to finance the project. It may take time since you—ll have to save up but the advantage of this is that you won't have to worry about paying back debts or finance charges. It will also make staying on budget easier for you.

2. Credit Card- On the other hand, if you don't have the cash up front but find yourself in need of roofing or window replacement companies, there's always the option of using a credit card. While some credit cards may offer rewards for every dollar you spend, make sure you can pay off your balance in a short amount of time. This is because credit cards come with higher interest rates than other financing methods and might make paying your balance difficult.

3. Personal Loan - Personal loans are a good way of financing your home improvement project without putting anything up as collateral. In fact, this is an advisable method if you prefer a shorter repayment period. However, keep in mind that you'll need good or excellent credit to qualify and interest rates tend to be higher than usual.

4. Home Equity Loan - Obtaining a home equity loan will allow you to tap into your home's equity without the need of refinancing and you—ll immediately receive a lump sum of money to use for the home improvement.

5. Home Equity Line of Credit- A HELOC is another way to borrow funds against your home's value. Unlike a home equity loan, however, you won't receive a lump sum and instead you—ll get a line of credit, which is about 80% of your home's value. HELOCs tend to come with draw and repayment periods with the draw period lasting around 10 years, allowing you to spend the money in the credit line. The repayment period, on the other hand, will last around 15 years and will make your monthly payments higher since they—ll include a bigger principal.

To make your search for roofing and gutter companies easier, look no further than Henderson Roofing. We are your number one provider of roof repair and siding installation services. Give us a call at (401) 622-0076 or fill out our contact form to request an estimate.