When it’s time to give a
driveway a makeover, the budget is probably the first concern
for most homeowners. Whether selling a home, changing how the
driveway surface impacts water drainage or because the driveway is
nearly unusable, many property owners will find themselves unable
to wait for too long. Is financing the project to get it started an
Yes, you can finance your new driveway, much like any other
renovation project! Here’s what to consider when planning your
new driveway, as well as your financing options when you’re ready
to take the plunge.
Working Towards Your New Driveway
Most homeowners will have
no issue organizing and bringing in a concrete contractor for a
project like a new driveway; however, homeownership can be an
incredibly varied experience! For instance, if youâre subject to
Home Ownerâs Association, check to see if any restrictions on
the types of driveways or materials exist in your
Next, contact us with your specs and wants. The length and width
of your driveway will be a large factor in how much the project
will cost, but think about other factors. It might be an ideal time
to widen your driveway, improve your propertyâs drainage, or up
your curb appeal with extra decorative elements. We can take you
through your options with a free quote!
Once you have your quotes and are ready to move forward, you
will also have to decide on a payment method. If you happen to have
the full amount available in your account, then youâre good to
go! However, most people end up financing large home projects, and
a new driveway is no exception.
How Can You Finance A New Driveway?
One option is choosing a
low-interest credit card or line of credit, which can be a simple
choice for those who know how theyâll pay it off in the future.
One of the best options for homeowners is taking out a personal
line of credit. These allow you to access the funds as you need
them, and you only pay interest on the amount you use. Interest
rates for a personal line of credit are lower than on a credit
card. If youâre using your ordinary credit card, be careful to
have a plan so that you donât carry the balance for too long, as
interest rates can top 18%.
Another common financing option is a home equity loan. If you
have significant equity in your home, a home equity loan through
your lending institution might be the best option. Those lacking
sufficient equity in their home â or would prefer not to navigate
any mortgage-related obstacles â can consider taking a personal
loan from a bank or credit union.
Whatever your needs, financing a new driveway is very doable,
and you can make it an investment by choosing concrete. A durable,
strong driveway made
with properly-mixed materials give you a driveway with a lifespan
of decades and little maintenance needs.