Our experienced team offers services for both residential and commercial properties. We have over 25 years of experience in the exterior renovations industry, providing trusted siding, windows, roofing, and painting services.
Making improvements to your home is one of the best ways to boost its value, enhance comfort, and modernize outdated spaces. But let’s be honest—home improvements aren’t cheap. Whether you’re thinking about installing new siding, upgrading your windows, or tackling a larger remodel, the costs can add up quickly. That’s where financing comes in.
Financing home improvements allows you to spread out the cost over time, making it easier to manage your budget without depleting your savings. For many homeowners, this makes big projects more realistic and less stressful. But financing isn’t one-size-fits-all. There are several options available, each with its pros and cons. Let’s take a closer look at why financing makes sense and how to find the best option for your project.
Why should you consider financing instead of just saving up and paying out of pocket? Well, for one thing, most home improvement projects don’t come cheap. If you need to replace your siding, install new windows, or remodel a kitchen, you’re easily looking at thousands—or tens of thousands—of dollars.
Home improvement projects can strain your savings, leaving you vulnerable to unexpected expenses. Financing allows you to keep your emergency savings intact so you still have money available for day-to-day and unexpected expenses.
Imagine draining your savings for a siding project, only to have your furnace break down a month later. Financing helps you avoid that financial squeeze.
Spreading out the cost of a large project over several months or years makes it easier to afford. Monthly payments are often more manageable than a single large bill, especially for projects costing $10,000 or more.
Many financing options for home improvements offer competitive interest rates, especially if you have good credit or use secured financing like a home equity loan. When rates are low, financing becomes a smart way to fund improvements without overpaying.
Not all financing options are created equal. The right one depends on the size of your project, your credit score, and how quickly you want to pay it off. Here’s a breakdown of the most common financing options:
Some contractors, including Tevelde and Co., offer financing directly through their business. This option can be convenient because it simplifies the process, you’re working with one company for both the project and the loan.
Tevelde and Co. makes it easy for homeowners to finance siding and exterior projects. Our team works with trusted lenders to offer competitive rates and simple terms. If you’re considering siding replacement or a similar project, we can help you figure out the best way to finance it.
A home equity loan lets you borrow against the value of your home. Think of it like a second mortgage, you get a lump sum of money that you pay back in fixed installments over a set period (usually 5 to 30 years).
A home equity loan makes sense if you have a significant amount of equity and a large project to fund. For example, if you’re doing a complete siding and window replacement, this type of loan could give you the funds you need at a relatively low interest rate.
A HELOC works similarly to a home equity loan, but instead of receiving a lump sum, you get a line of credit that you can draw from as needed. You only pay interest on the amount you use.
HELOCs are ideal for ongoing projects where you might need to draw funds at different stages. Let’s say you’re tackling new siding and plan to upgrade your gutters later, you could pull from your HELOC as needed instead of taking out multiple loans.
Personal loans are unsecured, meaning you don’t need to put up your home as collateral. Banks, credit unions, and online lenders offer them with terms ranging from 1 to 7 years.
Personal loans work well for smaller to mid-sized projects where you need quick funding. For example, if you’re repairing damaged siding after a storm and need funds fast, a personal loan could cover the cost.
Credit cards are not usually the best financing tool for large home improvement projects, but they can work well for smaller upgrades or when you’re waiting for other funding to come through.
If you’re replacing a few windows or buying supplies for a DIY project, using a credit card (especially one with 0% introductory APR) could save you money. Just make sure you pay it off before the promotional period ends!
If you’re making energy-efficient upgrades or major home repairs, you might qualify for a government-backed loan or grant.
These options typically have lower interest rates and relaxed qualification requirements, but they may have limits on how much you can borrow or what types of projects qualify.
Not all financing options have the same approval requirements. Here’s what lenders typically look for:
Higher credit scores allow access to better interest rates and terms. A score of 700 or higher usually puts you in the best position, but many home improvement loans are available with a credit score starting around 600.
Lenders want to see that you have stable income and that your debt payments don’t exceed 43% of your income (this includes your mortgage, car loans, and credit cards).
For home equity loans and HELOCs, you need to have at least 15%–20% equity in your home. Lenders typically allow you to borrow up to 85% of your home’s value.
Home improvements often increase your property’s market value. For example, upgrading your siding can provide up to a 70% return on investment (ROI) when you sell your home. Better curb appeal also makes your home more attractive to potential buyers.
If you’re financing improvements that increase your home’s energy efficiency (like new windows, solar panels, or insulation), you may qualify for tax credits. Some home equity loans also offer tax-deductible interest if the funds are used for home improvements.
New siding, windows, and doors can improve your home’s insulation, making it more energy-efficient and comfortable year-round. Lower energy bills over time can offset the cost of financing.
Different financing options come with various repayment terms. Whether you want to pay off a loan in 12 months or over 10 years, you can usually find a financing plan that fits your budget.
Financing home improvements doesn’t have to be complicated or stressful. At Tevelde and Co., we help homeowners in Omaha and surrounding areas upgrade their homes with flexible, affordable financing options.
We specialize in siding, windows, and exterior upgrades. Our team knows what works best for Omaha’s climate and local architectural styles.
We work with trusted lenders to offer flexible financing options, including:
Not sure where to start? We offer free consultations to help you plan your project and explore financing options. We’ll walk you through the numbers, explain the pros and cons, and help you make an informed decision.
(402) 699-2670