- Rates starting at 4.99%
- Up to 15-year terms
- Borrow up to $100K
- Soft credit pull won’t affect your credit
- No prepayment penalties or hidden costs
- No credit card
Home improvement financing for your new kitchen
Making your new kitchen affordable.
The kitchen is the heart of your home. It’s where you spend time with family and friends, cook meals, and entertain guests. A kitchen should be as functional as it is beautiful. If what used to work before no longer fits your needs, or your new home could use an update before moving in, it’s time to rethink the space. A kitchen remodel is also a great investment, increasing your home’s overall value and appeal.
However, homeowners are often discouraged when they realize how costly kitchen remodeling can be. A high-end kitchen remodel can cost up to $70,000 and limited budgets means having to sacrifice labor and materials. Finding a contractor who partners with a digital lending platform for kitchen financing makes remodeling affordable and your dream kitchen attainable.
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The Benefits of Financing Your Kitchen Remodeling or Renovation Project
Homeowners and contractors alike are always looking for ways to make their kitchen remodel dreams a reality. And, while remodeling a kitchen is one of the most common home improvements done, it can also be one of the most costly.
That’s why partnering with a contractor who offers home improvement loans from a turnkey financing provider is a great choice compared to alternative and more traditional financing options such as home equity loans or credit cards. With a financial lending partner, you can finally update the heart of your home without breaking the bank. Online lenders can reduce the time of the loan approval to only minutes, where a bank may take up to a month to complete the transaction.
Renovating Your Kitchen Can Help You Save Big on Energy Bills
New kitchen appliances are a great way to improve energy efficiency in your home. Updating your appliances with Energy Star rated upgrades can save you save up to 50% on energy use.
Lower energy costs equals more money in your pocket that can translate into low, monthly payments on a home improvement loan, or more cash for other home improvement needs. Appliances, lighting and other eco-friendly materials can help you save money on utilities while also protecting the environment.
A Great Kitchen Remodel Can Be A Focal Selling Point
A newly renovated kitchen is a real wow factor for home buyers, putting your home above the rest of the competition. Although kitchen renovations can be costly, consumers average a 60% return on their investment (ROI) when selling their home with an upgraded kitchen.
Updating old countertops, cabinets, backsplash and flooring materials in the kitchen will provide great ambiance as well as increasing the value of your kitchen remodel.
Good Financing Makes Your Dream Kitchen Affordable
Home renovations are more than just an investment, they are about creating a space you can enjoy. Whether it’s better appliances or adding that much needed natural stone countertop – granite, marble or quartz – or new cabinets, these upgrades can make all the difference in comfort and in cost.
With a home improvement loan, you do not have to sacrifice that extra cabinet space, new energy efficient dishwasher, or top-quality materials like hardwood for cheaper, less desirable options.
A home improvement loan allows you to pay for all of the materials and labor upfront while making low, affordable monthly payments over time, giving you the freedom to create the kitchen of your dreams. For example – a $50,000 kitchen renovation can be purchased for as little as $500 per month with a low rate and long term home improvement loan.
Fast And Easy Approval Process
A great financial lending partner works with contractors to provide their customers with instant approvals on home improvement loans of up to $100,000. With approvals in as little as 60 seconds, and funds available within the same business day, your kitchen renovation project won’t be delayed by financing decisions that are out of your control. Instead, you’ll have the luxury to start a brand new kitchen project without all the back-and-forth of unnecessary paperwork.
Financing Allows You To Pad Your Budget Without Concern Of Prepayment Penalties
During any construction or home improvement process, there is always the possibility of unplanned expenses, which can mean the death or deferment of a home renovation project.
However, having a good financial lending partner can mean having a large upfront budget that allows for any unforeseen expenses to be covered without concern of costs. Additionally, great financing means no prepayment penalties and thus, no downside for a home improvement loan, even for customers who can afford it.
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Interior and Exterior painting and wall coverings.
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Homeowner Kitchen Financing FAQ
What’s The Most Expensive Part Of A Kitchen Remodel? Why Is Kitchen Remodeling So Expensive?
What might surprise you is that kitchen cabinets are typically the most expensive aspect of a renovation. On average, new kitchen cabinets can cost upwards of $15,000. Coming in at a close second is the cost of new appliances which can also extend into upwards of $15,000.
Kitchen remodeling can be costly due to not only the materials and detailed finish work, but also because they typically require coordinated services such as plumbing, electrical, flooring and mechanical work depending on the scope of the renovation, adding to the overall costs.
Can I Finance A Kitchen Remodel?
Yes! From the smallest to the largest kitchen remodels, financing is available for as little as $2,500 up to $100,000 to reduce the initial upfront cost for you and allow you to focus on the details and improvements you’ve always wanted without concern about the financial burden it requires. Using financing for a kitchen remodeling project allows you to purchase the materials like countertops, cabinets, appliances, flooring and backsplash and make a low monthly payment.
How Can I Finance A Kitchen Remodel?
On average, kitchen upgrades and remodels cost $35,000. Financing for such a project can be obtained through personal loans, home equity financing, cash-out refinance, credit cards, or a home improvement loan through your contractor.
A home improvement loan through your contractor is the most appealing of options as they typically have the lowest APRs, lowest and affordable monthly payments, long-term repayment options and most approvals can be done in less than a minute, freeing up more time to focus on the project and getting the design and details you want for your kitchen.
Can You Remodel A Kitchen For $5,000?
A small kitchen remodel can be done for $5,000 if you are willing to do most of the work yourself but you may not see the same return on investment if you were to choose a larger or full kitchen renovation.
With a financial lender, that $5,000 may be better spent on even smaller home renovation projects or saved as a rainy day fund. A financial lender and contracting partner allows you to increase the scope of your project, increase your return on investment and remove hefty upfront costs by issuing a low interest, long-term repayment home improvement loan.
That said, a small kitchen remodeling loan of $5,000 can be used for a new granite, marble or quartz countertops, cabinet refacing or backsplash. These small projects can make a big difference in the enjoyment of your home.
How Can I Update My Kitchen On A Budget?
Financing with a home improvement loan through your contractor is the best option for upgrading your kitchen on a budget. With the best lending partners, financing can be approved in as little as 1 minute for up to $100,000 and a loan repayment can be transformed into affordable, low monthly payments with rates as low as 4.99%.
Are Kitchen Remodels Worth It?
Yes! Homeowners who update their kitchen see on average a 60% return on their investment on a resale of the house. A major kitchen renovation which can cost nearly $70,000 will have an ROI of nearly 60% at $40,000.
Visit the PowerPay FAQ for borrowers to learn more about kitchen financing options, as well as answers to other frequently asked questions.