Deck Financing Options To Consider
If you’re thinking about building a deck, you might be wondering where to get the funds.
It’s an expensive project, and there are lots of other expenses involved.
But if you’re determined to build a custom deck, you’ll want to find ways to finance it.
Here are some options to consider.
- Home Equity Line Of Credit
A home equity line of credit is a type of loan that allows you to borrow against the value of your home.
The amount you can borrow depends on the size of your home and the interest rate.
- Personal Loan
You may also decide to take out a personal construction loan amount for this purpose instead of using your home as collateral.
You should only use this option if you have good or excellent credit history because getting approved will not be easy.
- Second Mortgage On Your House
Another way to fund a new deck creations would be to put up the house itself as security for a second mortgage.
This means taking out another renovation loan agreement to pay off part of the cost of the first one.
If you do this, make sure you don’t exceed more than 80% of the current market value of your property.
- Refinancing Existing Loans
Another alternative is to refinance existing renovation loan option with lenders who specialize in financing decks.
These types of companies offer competitive rates and flexible repayment terms.
- Sell Some Assets Or Pay Off Other Debts
Finally, you could sell assets like vehicles or jewelry to help raise money for the project.
However, keep in mind that these items won’t bring much cash when they’re sold.
And remember that any extra income from selling those things goes toward paying down debt rather than funding projects.
- Get Creative With Debt Consolidation Programs
Debt consolidation programs allow people to combine all their credit card debts into one low monthly payment.
They often involve making smaller payments over period of time so that overall balances are reduced.
But before signing up for such a program, check with your creditors to see what fees apply.
Also ask how long the process takes. Many consumers report waiting months just to start receiving lower payments.
- Consider Government Grants & Subsidies
There are many government grants available to homeowners interested in improving their homes.
For example, the U.S. Department of Housing and Urban Development offers several different grant programs designed specifically to improve energy efficiency and reduce utility bills.
In addition, the Federal Emergency Management Agency has its own disaster relief program called Hazard Mitigation Grant Program.
HMGP provides financial assistance to communities affected by natural disasters including hurricanes, floods, tornadoes, wildfires, earthquakes, mudslides, ice storms, winter storms, drought-related fires, oil spills, hazardous material releases, nuclear incidents, radiological emergencies, toxic chemical leaks, and acts of terrorism.
- Look Into Private Lending Options
If none of the above options work for you, there’s always private lending.
There are plenty of individuals willing to lend money at reasonable rates to qualified borrowers.
Just make sure you find someone reputable.
- Ask Friends & Family
The last thing we want to mention here is asking friends and family members for help.
It might seem strange but it works! People love helping others build something great.
So why not let them pitch in too?
How much does it cost to finance a deck?
If you want to build a deck at home, you might be wondering how much it costs to finance a deck in United Kingdom.
If you are planning to build a deck design ideas at your house, then you should know that there are various type of deck will you can choose from.
The cost of labor in building a deck is determined by the size of the area and the materials used.
Before you decide on your budget for a deck design plan project, we suggest getting estimates from contractors in your area.
You will get an idea about the prices charged for each type of deck construction.
When choosing a contractor, look for companies who offer free consultations.
This means that they will give you advice regarding which kind of deck would suit your needs best.
They will also provide you with some tips as well as recommendations based on past experiences.
Once you have chosen a company, you need to pay attention to the following things:
1) The quality of the materials used – You must ensure that the materials used are high quality so that the deck of yesteryear lasts longer.
2) The design of the deck – Make sure that the design suits your taste and style.
3) The warranty offered – Ask if the company offers any warranties or guarantees when installing the humble platform deck.
4) How quickly the job gets done – If possible, try to hire a professional team because this will save plenty of time and effort.
5) Labor Cost estimate – Before hiring anyone, ask him/her what their quote is going to be.
6) Payment terms – Some people prefer cash while others like paying monthly installments.
7) Guarantee – Ensure that the company gives you a guarantee before starting the project.
8) Insurance coverage – It is important to check whether the company carries insurance coverages such as general liability, workers compensation, etc.
9) Customer service – Check out customer reviews and feedbacks posted by previous customers.
10) References – Contact references provided by the company.
You may also compare quotes online. This way, you will have more information regarding the price range of different kinds of decks.
How long can you finance a deck?
Well, financing a deck usually takes between 6-12 months depending upon the amount borrowed.
However, most lenders require around 3 years to complete the entire process.
In case you don’t qualify for traditional home equity loan after three years, you’ll still have to wait until the next financial year begins.
So, make sure that you apply for a loan within six months of buying the property.
Also, remember that interest rates vary according to the lender’s policy.
Therefore, shop around for types of loans and find one that fits your requirements.
It is advisable to take help from friends and family members to reduce the burden of debt.
Remember that you cannot use credit cards companies to fund your deck project.
Instead, consider using personal savings accounts or bank overdraft facilities.
The Cost Of Different Decking Boards
There are many types of wood available today including cedar, redwood, teak, mahogany, cypress, pine, oak, bamboo, composite boards, aluminum, vinyl, steel, fiberglass, plastic, concrete, etc.
Each material has its own advantages and disadvantages.
Therefore, it is necessary to choose the right board for your home.
If you want an outdoor wooden deck which looks elegant and classy then go for cedar decking boards.
However, if you’re looking for something durable and sturdy then opt for pressure treated lumber.
Cedar is expensive but it provides excellent resistance against termites and rot.
On the other hand, PTL costs less than cedar but it doesn’t last very long.
Another option is to install a composite deck made up of several layers of plywood glued together.
Composite materials cost much lower than traditional woods. They provide good strength and durability.
But they tend to warp over time due to moisture absorption. Also, they need regular maintenance.
Another popular option among homeowners is PVC. These are lightweight and easy to maintain.
But they do not offer great protection against insects and decay.
Vinyl comes in two forms: solid and hollow. The former is cheaper than the latter.
Solid vinyl lasts longer than hollow ones.
Hollow vinyl needs frequent painting while solid vinyl does not.
Aluminum is another type of popular decking options material used widely these days.
Aluminum is lightweight and affordable.
Its main disadvantage is that it requires constant cleaning because dirt tends to stick on it easily.
Steel is strong and resistant to corrosion. Steel is heavy compared to other options.
So, installing a steel beautiful deck might be difficult.
Fiberglass is also known as glass-reinforced polymer. It offers high insulation properties and low maintenance.
Fiberglass is more costly than other alternatives.
Plastic is yet another alternative. Plastic is cheap and easy to work with.
You can cut them into any shape you like.
You may even paint them yourself. But their lifespan is limited.
Future Return on Your Deck Investment
A good investment often pays off many times over.
Deck projects are no exception. In fact, investing in a new deck could lead to increased property value.
As mentioned earlier, most homeowners opt to install a patio rather than adding another room onto their homes.
Patios add curb appeal and increase the resale value of your home.
In addition, patios allow you to enjoy outdoor activities without having to worry about being exposed to extreme weather conditions.
For these reasons, it makes sense to invest in a deck instead of buying furniture to use outdoors.
However, not all deck designs work for everyone.
Some homeowners find certain styles too expensive. Others do not want to spend extra money on maintenance.
To avoid making costly mistakes, make sure that you understand the benefits and drawbacks associated with every option available.
After doing research, you will come up with a list of options that you feel comfortable with.
Then, choose one from the list and get started!
If you’re looking forward to getting an awesome view of nature, then consider building a balcony.
It allows you to relax outside even during winter months.
Moreover, balconies can help improve air circulation inside your house.
Another benefit of building a balcony is that it adds beauty to your home.
The right size and shape should complement the overall appearance of your house.
This means that you need to think carefully about how much space you would require for your balcony.
Also, ensure that you select a material that complements your home’s exterior color scheme.
When choosing a wood type, you must take into consideration its durability.
Wooden decks last longer compared to other types of materials.
They are also easy to maintain.
On top of that, wooden deck look great indoors and outdoors.
Finally, if you decide to build a concrete deck, remember that this kind of material requires regular cleaning.
Otherwise, dirt buildup might cause mold growth.
Concrete deck are usually cheaper than those made using natural wood deck or composite decking materials.
That said, they tend to cost more when a deck installation at higher elevations.
Therefore, you should factor elevation costs into your budgeting process.
Once you know which design works best for you, contact a local contractor who specializes in installing dream deck.
Financing a deck project isn’t as difficult as some people believe.
All you have to do is follow our tips above.
Remember that there are several ways to finance a deck project.
So, don’t be afraid to explore different methods before deciding what suits you best.