How Can You Pay for New Siding on Your House
Vinyl siding is durable yet not indestructible. It is a good idea to check your siding every fall as you prepare your home for the winter months. If you see water damage inside your home, it may be time to have a contractor look at your siding. Problems stemming from water damage include rust, mold, fungus, and warping. If you have any of these issues, it’s time to deal with new siding immediately.
New siding gives your home a new look and can save you money in the long run with energy efficiency. New siding will also increase the value of your home. Vinyl siding is easy maintenance, and debris can be sprayed off with a hose. Once you make the decision to purchase new siding, you may start to wonder what is the best way to pay for this purchase. Below are a few ways to consider – if you are not paying cash.
Refinance your mortgage
If you refinance your mortgage at a higher amount than what you currently owe, you can cash out the remaining cash. You can then use that money to pay for your siding and any other home renovations.
A low-interest credit card isn’t a bad idea to pay for new siding. If you have excellent credit, you can apply for a 0% credit card. Some cards offer 0% for up to one year, so you would essentially have one year to pay off your new siding, interest-free.
Line of credit
A line of credit is similar to a credit card, rather than a loan. You can borrow from it up to a pre-approved limit, pay it back, and borrow from it again.
Many folks choose online loans in Canada due to the simple and fast approval process. You can borrow the money from your credit card or from a bank or private lender in Canada. If borrowing from your credit card, there is no approval needed, and you have your money instantly.
Find out if your homeowner’s insurance will cover the cost of new siding. These may be extreme circumstances, but worth a try. If your siding was damaged by a storm/weather-related issue, reach out to your insurance broker ASAP.
However, you decide to pay for your new siding will depend on your complete financial picture. As with any big purchase, consider your debts, assets, and income, and the right decision should become crystal clear.