If you’ve been considering a kitchen or bathroom makeover for your home, you’ve probably also been thinking about financing. Renovation projects are costly, and there is a lot to consider expense-wise. This is a step you’ll want to take well in advance of beginning your project, as accurate budgeting is a crucial factor in getting the most out of your renovation.

First of all, you’ll want to consider everything you’ll need in order to make your remodeling project a reality. You’ll want to think about cabinetry – excellent quality comes with a price tag, and while a reputable contractor will do everything in their power to keep prices reasonable, in order to ensure quality craftsmanship and durability, you’ll need to be willing to spend a little more. Add to that the cost of appliances, countertops, sinks, and fixtures – as you can imagine, it all starts to add up. And that’s even before construction permits and labor!

Fortunately, there are options. Here are a few ways to finance your project that you might want to consider:

Apply for a home equity line of credit: This is a good option for anyone with a home with sufficient equity in it. The benefit of a home equity line of credit is that they typically offer lower interest rates than other financing options, and they allow you to get the money for your project on an as-needed basis, so you can just borrow what you need.

Apply for a renovation loan: Renovation loans are offered by some lenders in conjunction with a refinancing program, which allows you to convert your mortgage into a low fixed-rate mortgage while borrowing extra money for renovations. Because this loan will be incorporated into your mortgage, payments will be spread out over the course of the mortgage, so you won’t have to worry about a large, additional monthly payment. And, what’s more, interest can be tax-deductible because it’s a part of your mortgage.

Ask about financing options: Some contractors offer financing that can help you with your project. For instance, Fahy Kitchens & Baths offers no-interest financing for six months.

As a last resort, consider a personal loan: If you have no other option for financing, think about a personal loan. A word of caution – personal loans are typically higher interest, and may be harder to obtain because there is no collateral attached to them.

When you work with Fahy Kitchens & Baths, not only will we help you keep expenses within reason, but we’ll also help you create a budget, work within it, and assist you in financing your project. We offer no-interest financing for six months, not as a promotion, but for anything, any time. Many of our customers use this as a bridge loan while their home equity lines of credit or other loans are being processed. This way, our customers are able to have cash to use as deposits to get materials ordered. This is helpful with items such as custom cabinetry, which often has a four-to-six week lead-time.

At Fahy Kitchens & Baths, we believe in helping our customers make their dream kitchen or bath a reality. We’ll be happy to discuss financing options with you. Call us at (315) 735-8181 or fax to (315) 735-2829. Fahy Kitchens is located at 1908 Oriskany Street West in Utica, N.Y. Walk-ins are welcome, but appointments are appreciated.

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