Whether you’re fixing the water heater or knocking down walls to expand your home’s footprint, it’s important that you understand all of the costs involved. A home improvement project can cost tens of thousands of dollars, so you need to make sure that you can afford the loan repayments. If you’re not sure what the total bill will be, talk to the contractor and find out before signing any contracts. Also, don’t let any high-pressure salespeople scare you into making repairs that you may not consider urgent.
Home improvement contractor financing offers a way to pay for a renovation, but the terms of the loan are often confusing. It’s a good idea to take the time to read the fine print and to check with your local consumer protection agency, the Better Business Bureau and the State Attorney General before agreeing to let a contractor arrange your financing. In addition, if you choose to use a contractor who is also the lender, it’s a good idea to ask about his or her track record with lenders and to speak with people for whom he has worked.
Offering home improvement contractor financing can improve conversion rates, cash flow, customer satisfaction and loyalty. Simplify your sales process with the help of digital tools like a contractor portal and mobile app that allow you to gain instant approvals for loans and generate financial documents. Then, get more qualified homeowners to connect with you by listing your services in the Finance of America Home Improvement Marketplace.