The world of home improvement loans offers a variety of options to get you on your way to owning your very own Modern-Shed home office, music/art studio, or home gym! But sorting through these options and securing your loan quickly is one of the most important steps to getting your space built and installed as quickly as possible.
Many Modern-Shed clients can draw on their current home equity, especially in our current financial climate, in order to finance their new space. You can choose between a Home Equity Loan or a Home Equity Line of Credit, or a home re-finance. All of which have many advantages to consider. Also, since your loan or line of credit is secured using your existing home as collateral, you can get a lower interest rate than an unsecured loan.
Another option for those with good to excellent credit would be an unsecured personal loan, especially if you have recently purchased your home and haven’t had time to build up enough equity to cover improvements. There are several financial institutions that offer these types of loans based on what your financial goals are, such as longer terms with lower monthly payments or securing the lowest interest rate. Modern Shed has partnered with Acorn Financing as a provider of this type of financing option. See our website for information and pre-qualification.
Acquiring financing can take some time, especially if you are using your home for collateral and an appraisal needs to be done as the mortgage industry is as busy as ever so we highly recommend getting approved for as much as possible as it is much easier to not use all of the loan, but it is more difficult to ask for more once the loan is secure.
How much do you need? Modern Shed’s Design Professionals will help you create your budget by providing a quote for the Modern Shed structure as well as help with calculating the ancillary costs of shipping, ground prep, interior, and exterior finishing, and in some places, electrical contracting. Whether you choose to self-install or have a Modern-Shed preferred contractor install and finish we advise our clients to secure a loan 10-20% larger than the estimate for their project to make sure their project doesn’t encounter delays due to financing. (And always choose a loan that has no pre-payment penalties!)
The best part about investing in your new Modern Shed studio will be the quality and craftsmanship that we bring to your property, as our Sheds are built to the highest standards and designed to last as long as your home (if not longer). For more information about how you can invest in your own home office, gym, or art studio, contact Modern Shed today!