So, you've been wanting to get your old deck re-furbished or start construction on an all new Trex capped composite deck, but the same old question keeps coming up, "How am I going to pay for this?" The good news is there's plenty of options available to finance your new deck project.
A new deck using a capped composite decking product like Trex is a major upgrade to your home, offering an average return on investment of 60%-70% and as much as 80% when you sell your home. A new custom Trex deck will make your home stand out to potential buyers from all the other homes in the neighborhood.
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"I've made the decision to move forward with a new deck. What are my financing options?"
In House Financing
The easiest way to finance your new deck project is with MGE Carpentry's in house financing through Synchrony Bank. Credit applications are all done online and approved in seconds. There are a variety of financing programs available, including super low monthly payment, and zero interest options.
Home Equity Line of Credit
A home equity line of credit, or HELOC, can be a great way to finance your composite deck project. A HELOC is basically a line of credit that you can draw from as needed and make monthly payments. This line of credit is secured against your home but does not borrow against the equity in your home. You could speak to your existing mortgage lender about this type of credit.
Cash Out Home Re-Financing
When interest rates are low, a cash out re-fi may be the perfect option. This option uses the equity in your home to help pay for new improvement projects like a composite deck upgrade. If done at the right time and the right rate, you can refinance at a lower rate while talking cash out against your home equity and keep your monthly mortgage payments close to the same amount you are already paying. Your existing lender can often help you with this process, or we can point you in the right direction.
Credit Cards
Of course, the good old standby for financing is the credit card. One bonus to using a credit card is that you can take advantage of the different rewards programs that are available with different cards. Maybe a new composite deck could help pay for an upcoming vacation. The drawback of course is that credit card interest rates are often much higher than other financing options.
Whichever your situation, we are here to help with your new deck decision. We can help you navigate all of the available options to determine which would be best for you to finance a new deck project.
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