The home improvement industry is vast and growing. For all those that have improvements made, however, there are likely several that desire improvements but are unable to pay for them. Due to the large cost of some improvements, a convenient and effective financing method needs to be in place for many to accomplish their desired projects.
Most Common Projects
This year, surfaces remain a highly popular area for improvements and maintenance. Surfaces include a variety of areas within a home, such as hardwood flooring, carpeting, ceiling tiles, and other paneling. According to research from the Joint Center for Housing Studies, over 5 million homeowners spend an average of $3,282 per year on surface improvements.
Wellness has taken on increasing importance in recent years as well, with many millennials opting for water and air purification systems. The use of non-toxic metals has also become an area of focus for homeowners who are looking to maintain their health and the health of their guests.
Important areas for owners to consider include home lighting and improved insulation. Energy-efficient lighting, as well as improved insulation materials, may both save homeowners money.
Cost and Financing
The budgets that homeowners may have for improvements can vary wildly based on the project. A garage, for example, is a popular improvement that can yield positive returns. According to Remodeling Costs, the average budget for a single garage should be $10,000 to $12,000 while the budget for a double garage should be about $30,000. These figures demonstrate the need for available financing options.
The availability of financing can have a significant impact on home improvement sales. Using the example above, many owners would likely not want to part with $30,000 at one time. Those same owners may, however, not have much of an issue paying a few hundred dollars per month towards the loan balance. Financing allows everyone to be happy: The owner gets the desired improvement and the contractor is paid in full upon project completion. The ability to offer financing to customers may also set your firm apart from the competition, allowing for more sales.
Why Medallion Bank?
Although there are numerous places to look for home improvement contractor financing, Medallion Bank may provide the needed funds at a more competitive rate and terms. The speedy approval process can also assist with the closing of tougher deals, as homeowners who elect to “think about it” rarely follow through.
With a variety of home improvement contractor financing options, Medallion Bank likely has an affordable solution for your potential customers. The bank’s most popular product is an installment loan that comes with competitive interest rates and low monthly payments. There is also no cost to the contractor for such financing. Other promotional loan options also may be utilized that may help contractors close the most challenging of clients.