Financing a Kitchen Remodel in Your Naperville, IL Home

The Kitchen Master | May 28, 2020

Kitchens are the heart of many homes, frequently used for gatherings as well as the preparation of meals. Due to the multitude of uses, kitchens are a commonly selected room for a remodel. If you are interested in sprucing up your space for yourself or as a preparation to sell your house, remodeling can give your kitchen a great new look, but it can also be expensive. The first step in the process is deciding how you will pay for it – thankfully, you have a lot of options.

Why Should I Finance My Kitchen Remodeling Project?

Kitchen remodeling is a great way to add the most functionality and value to your home, but it can also be a pretty expensive home remodeling project. Depending on the desired outcome, a full kitchen remodel can range between five and six figures. However, you shouldn’t let all those zeros discourage you; there are plenty of ways to take advantage of the value a kitchen remodel brings without breaking the bank.

Kitchen Remodel Finance Options:

  • Use the equity in your home:
    • Mortgage Refinance – This involves applying for a new mortgage that pays off your existing mortgage with some extra money available to pay for your remodel. It typically offers a lower interest rate and a longer repayment period.
    • Home Equity Loan – Sometimes called a second mortgage, this type of loan adds an additional mortgage to your existing loan, based on the amount of equity you have. Like a refinance, it offers lower rates and more time to pay off the loan, but you’ll be making two payments.
    • Home Equity Line of Credit – A HELOC is a line of credit that is based on the equity of your home. Repayment terms are flexible, but interest rates can fluctuate.
  • Apply for a personal loan – If you don’t have much equity in your home, a personal loan often offers a lower interest rate than a credit card.
  • Take advantage of credit card offers – Some credit cards offer special deals on low-to-no-interest purchases for a set amount of time. If you think you can pay off the balance quickly, it might save money to take advantage of one of these offers.
  • Pay cash – If you have the money available, you can always pay cash, but your cash may serve you better in investments if you can find a low-interest financing option.

Why Choose The Kitchen Master for Kitchen Remodeling Services in Naperville?

Homeowners in the western suburbs of Chicago rely on the award-winning design specialists at The Kitchen Master for beautiful and functional home remodeling services. Our designers are with you every step of the way through the design process and construction, for a fully customized, stress-free experience with great results. Once you’ve finalized your design, our expert craftsmen work alongside your designer to perfectly execute your vision. The Kitchen Master has an A+ rating with the Better Business Bureau, and we are proud of the excellent reviews our clients give us once their projects are complete. We even offer a five-year warranty on our remodeling services, for increased peace of mind.

Remodeling a kitchen can be an intimidating task, but the kitchen design experts at The Kitchen Master are here to help. Visit our 4,000-square-foot Naperville design showroom for inspiration, view our project gallery, or call us at (630) 369-0500 to schedule a free consultation.

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