decking on finance

A well-designed deck can be a great addition to any home and a great way to extend the living space and entertain friends and family outdoors. But like most home improvement projects, decking can be costly. Fortunately, there are a variety of finance options available to help make the cost more manageable.

Options For Financing Your Decking

Credit cards are often the easiest and quickest way to finance your decking project. Most major credit cards offer a range of credit limits, interest rates and repayment terms, making them one of the most flexible options available. However, because the interest rates tend to be higher than other types of financing, it’s important to understand the terms of your credit card before signing up for a new balance.

Personal loans are another option for financing a decking project. Typically, personal loans are offered at a fixed rate and have a set repayment period, making them an ideal option for those looking for a more structured repayment schedule. Personal loans are also often available with a range of credit limits, making them a great option for larger projects.

Home equity loans or lines of credit are another way to finance a decking project. Home equity loans are secured loans, meaning they are backed by the value of the property. Home equity loans typically have lower interest rates than credit cards and personal loans, making them a great option for those looking for a more cost-effective financing solution.

How Much Should You Borrow For Decking?

The amount you should borrow for a decking project will depend on the size, complexity and materials used. Generally, a basic 10’ x 10’ deck can cost around $3,500, while a more elaborate 20’ x 20’ deck can cost upwards of $25,000. Before taking out a loan, it’s important to factor in the cost of materials, labor, and any additional costs that may be associated with the project.

It’s also important to understand that the larger the loan, the longer the repayment period and the higher the interest rate. Therefore, it’s important to borrow only what you need and to shop around for the best rates available.

How Do You Qualify For Decking Financing?

In order to qualify for financing for a decking project, you will need to meet certain criteria. These criteria typically include a credit score of at least 650, a debt-to-income ratio below 45%, and a steady income. It’s also important to note that the lender will likely ask for proof of income and documents related to the decking project.

In addition, it’s important to remember that some lenders specialize in financing home improvement projects, so it may be beneficial to shop around for the best rates and terms. It’s also important to note that some lenders may require collateral in order to secure the loan.

How To Make Your Decking Project A Success

Once you’ve secured financing for your decking project, it’s important to ensure the project is a success. This means doing your research and understanding the costs associated with the project. It’s also important to consider the quality of materials you’ll be using, as well as hiring a qualified contractor to ensure the job is done right.

Finally, it’s important to remember to budget for any additional costs that may arise during the decking project. This includes unexpected costs such as permits, materials, and labor. By understanding the costs associated with the project and being prepared for any unexpected expenses, you can ensure your decking project is a success.

Conclusion

Decking can be a great addition to any home, but it can also be expensive. Fortunately, there are a variety of finance options available to help make the cost more manageable. From credit cards and personal loans to home equity loans and lines of credit, there are a variety of ways to finance a decking project. It’s important to understand the costs associated with the project and to shop around for the best rates and terms before taking out a loan.