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4 Ways You Can Finance Your Next Home Improvement Project

Not having enough funds shouldn’t hinder homeowners from getting a new roof, adding a new outdoor living area, or replacing old windows and siding. Fortunately, there are many ways you can finance your next home improvement project. In today’s blog, Oberg Roofing & Remodeling, Inc., one of the leading roofing companies in the local area, discusses them below.

1. Cash

It is still the best option for your home improvement project due to various reasons. For one, you won’t have to apply for loans, which means you won’t be dealing with interest rates and won’t be looking forward to payment obligations in the future. Having enough saved in the bank, however, is essential to get your project going. While it can be difficult to prepare for, you can look for other financing options.

2. Credit Card

You can choose this option if the cost of the home improvement is under $15,000. Paying on an installment basis won’t be as heavy for your monthly budget, especially if there are affordable payment plans.

3. Personal Loan

Also known as an unsecured loan, it can be an option for you if the cost of the roof replacement is more than $15,000 but less than $50,000. Applying for it is simple and straightforward, and it is called “unsecured” because it doesn’t require collateral. While you can get a loan with higher interest rates, it has a much longer repayment period that equates to lower monthly installments.

4. Secured Loan

This is an ideal option if you are dealing with costly projects such as interior remodeling. Unlike a personal loan, a secured loan requires collateral. An example of this is a home equity loan, which uses the value of your home as collateral. In this option, you can only borrow up to 85% of your home’s value.

For your home improvement needs, turn to Oberg Roofing & Remodeling, Inc. We don’t just offer steel roofs and other roofing services. We also work on building decks or patios, remodeling your kitchen or bathroom, and replacing your siding and windows. Contact us today to learn more about our financing options.

Call (651) 300-0688 or (320) 204-2303 to get started. You may also fill out our contact form to request a free estimate. We serve residents of Sauk Rapids, MN, and the surrounding areas.