Home Remodeling Project A Smart Decision
Every Material Cost Is Rising Rapidly While
While Your Money Is Losing Its Value
Once upon a time, it was common knowledge to every Muncie homeowner that it’s better to wait than to spend money you don’t have. Well, those days are over and not likely to return anytime soon.
Oddly, the best thing you can do for your financial stability these days is to get as much done today as you can rather than wait for tomorrow. This theory may seem crazy, and not too long ago it was – but now it is sage advice.
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Understanding The Numbers
Right now, inflation is hovering in the high single digits with no end in sight. If you’ve bought groceries in Muncie recently, you know what we mean (and probably think the figure should be more like 80% instead of 8 or 9%).
One reason for the big difference between official numbers and what you’re experiencing at the register is that while prices are jumping, the dollar’s buying power is heading the other way.
Interest rates, however, have only recently begun to move and remain incredibly low. So, if you finance your home remodeling project today, the interest you pay on a standard home improvement loan will be far less than the extra cost of paying cash for the project a few years down the line.
Let’s say you have a $10,000 project in mind for your home, and it would take you five years to save up enough money to cover the project. Except by then, your project will take $15,000 to complete, thanks to current inflation rates.
But if you finance the work today, you’re using the buying power you have right now. You get the project you want the way you want it. And you’ll pay a little under $1900 in interest with standard rates on a five-year loan.
That’s over $3000 in savings for NOT denying yourself and your family a home that functions the way you want and having it all covered by the best guarantee in the industry.
The Cost Of Waiting
Waiting to save up can have other costs, too. Most homeowners don’t consider remodeling their homes unless they’ve spotted a problem. Whether it’s loose siding, leaky windows, or a roof that’s just too old, these aren’t problems you can let sit.
These and other potential failures can and will cause additional problems unless you take care of them quickly.
Because problems with the exterior of your home can take a long time to show without regular inspections. So when you finally notice an issue, it’s likely that the failure occurred weeks or even months ago.
And the longer the elements are allowed to get into the structure of your home, the more these failures can multiply. A leaky roof can lead to mold in the attic or walls that need refinishing or replacing. A drafty window can cost you up to half of your energy usage as your climate system compensates for the air leak.
If you catch and solve these problems right away, you can avoid tens of thousands of dollars worth of secondary damage. If you don’t, you’ll probably never be able to save enough money to cover all the new damage that waiting will allow to occur.
The Bottom Line
The best time to take care of any failure in your home’s exterior is always now. But now that inflation has reared its ugly head, making a move right away is even more sensible.
- You save money through financing.
- You secure your current buying power.
- You get what you want when you want.
- You stop the damage from getting worse.
- You preserve your ability to have choices instead of making sacrifices to lower the cost.
In every possible way, financing your windows, siding, doors, gutters, or roof project gets you more for less.