Maintaining a debt-free lifestyle is a worthy goal, but there are occasions when it makes sense to use credit wisely. If you’ve been thinking about a new fence installation, you may wonder if you should use financing to complete the project.
Here’s why financing may be a smart choice for some homeowners:
Some projects can wait until you can pay in cash. Others, such as a new roof or anything that improves safety, need to be completed as soon as possible.
Quality fencing provides the safety you need if you have kids, pets, a pool, or just want to add some security to your property. If you don’t have the cash to invest in a new fence upfront, attractive financing options let you get the enhanced security and privacy you need now.
Add Value to Your Home
The ROI on a metal fence is up to 70% and up to 50% for a wood fence. Whether you’re replacing an outdated fence or installing a fence for the first time, it can add thousands of dollars to the value of your home.
You can typically find low-interest rate options when financing a fence or other home improvement. Your interest rate will depend on factors such as your credit history and the amount being financed. Many homeowners qualify for very favorable rates that make the decision to finance easier.
Leave Your Savings Intact
A new fence isn’t an emergency, so leave your liquid savings intact and take advantage of low-interest financing to complete your fencing project. Down the road, you can always use savings to pay off the balance when it’s low enough that it won’t deplete your cash on hand to an uncomfortably low level.
Types of Financing
The type of financing that is best will differ based on your circumstances, but some popular options include:
- HELOCs: You may be able to get a great rate on a HELOC, but this is only a smart idea if you have a plan to pay it off quickly. Rolling it into your mortgage isn’t ideal as then you’ll effectively be paying for your fence for 20 or 30 years (depending on the terms of your mortgage.)
- Traditional Bank/Credit Union Loan: Securing a loan through your bank or credit union may get you a competitive rate. Some credit unions will not require the use of your home as equity for home improvement projects, but that depends on your institution.
- Financing Through the Service Provider: This is one of the simplest options, and you may be surprised at the attractive terms that are available.
Obviously, paying cash for just about any product or service is ideal, but don’t let the thought of financing your new fence cause you to put off this value-adding project.
Integrity Fence offers simple financing options with low monthly payments and attractive terms. Contact our Hampton Roads fencing company today for more information about our services and to schedule a free, no-obligation consultation and accurate cost estimate.