5 Reasons to Finance Your Next Home Renovation Project

Couple Working on Home Renovations | Rolox Home Service LLC

Since your home is likely the most expensive purchase you’ve ever made, it should come as no surprise that renovation projects are often costly affairs. As a result, many homeowners delay remodeling until it turns into an emergency situation, since large amounts of cash are just not readily available.

We think you should have the freedom and flexibility to take care of these projects when they need to be done rather than putting it off — and what better way to finance your home renovation than with the house remodeling company who’s doing the work in the first place?

Here at Rolox Home Service, we work with multiple lenders and offer a variety of financing solutions to fit your budget and needs. In fact, thanks to our partners at Ally Bank, you can get approved quickly and avoid further project delays!

How Does Home Renovation Financing Work?

Unlike refinancing or using your Home Equity Line of Credit (HELOC), home renovation financing doesn’t borrow against the value of your home. Since your house isn’t used as qualifying collateral, you can get the funding you need without putting your home on the line. You don’t even need stellar credit to finance your renovations, because we have options to approve almost anyone.

With our home renovation financing, it’s all based on your budget and your needs. Plus, you’ll have Rolox on your side every step of the way to make sure you’re completely satisfied with your financing and the renovations it pays for!

Benefits of Financing

Home renovations shouldn’t be limited to those with extra cash to spare – every homeowner should have the ability to update their home and boost its value without needing to fork over thousands of dollars in one go. Here are just a few of the benefits of financing your home renovations.

1. No Need to Pay Upfront

Financing levels the playing field so you can pay for home renovations while you’re enjoying them instead of saving up and living with the worn out windows or weather beaten siding. No one wants to live in a half finished or worn down home — with the help of financing, you can speed up the timeline and start living in your dream home now.

If you wait until you have the cash saved to pay for renovation, repairs, or updates upfront, your house is at risk of further deterioration. Especially when it comes to the exterior facing elements of your home like doors, windows, roofing, and siding, extreme weather conditions can cause a lot of damage over time. Living in such seasonally dynamic areas as Kansas City and Wichita certainly doesn’t help matters!

When essential home renovations like these are delayed, it can result in a much larger expense later on. Thanks to our financing options, you don’t have to wait! Pay later and enjoy the comfort of your beloved home now.

2. Do All Renovations At Once

Because of cash flow issues, many homeowners opt to perform renovations in pieces rather than all at once. Although a dozen windows in your home may be in need of replacement, you can only afford to replace a few at a time – so you spread the project out over several months (or years) and replace as you can afford to do so.

Although this may seem like a more cost-effective way to do home improvements, it can end up costing a lot in labor and project fees — not to mention the stress of living in a home that’s constantly going through remodeling and never feels finished. Financing your window replacements means you can replace all of your windows at once instead of piece by piece.

3. No Need to Refinance

Refinancing your home may seem nice on the surface because this just changes your monthly mortgage payment instead of adding a new loan to the mix. But not so fast — there are a lot of risks and complications involved. Not only does refinancing use your home as collateral, putting you at risk of foreclosure if you can’t make payments, but you also have to pay closing costs, since you’re essentially acquiring a whole new mortgage. Furthermore, refinancing loans can take weeks to close, delaying home renovations even longer.

Our financing options provide quick approval, so you can spend more energy on home renovation decisions and less on the funding aspect. Plus, when it comes to repaying, you aren’t putting your beautifully remodeled home on the line!

4. Equity isn’t an Issue

Tapping into your Home Equity Line of Credit (HELOC) not only uses your house as collateral — similar to refinancing — but it also typically requires at least 15-20% equity in your home. And your interest rate is variable, meaning it can change based on market conditions. Your payments may be affordable when you first borrow against your HELOC, but over time they are likely to increase as interest rates go up.

By financing through our lenders, your home remains safe and equity is a non-issue. When renovating with Rolox, you’ll know exactly what to pay and when to pay it before committing to financing. No home equity required!

5. Lower Interest Rates and Better Payoff Timeline

Since we work with so many different lenders to secure the right kind of financing for you, we can help you find low interest rates and reasonable payoff timelines. You don’t need to spend time researching lenders and options to figure out which one will give you more bang for your buck. We’ve done all the heavy lifting for you!

So if your house is ready for some much-needed replacements, talk to your Rolox advisor today to discover what financing options we have to make your renovation dreams a reality.

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