Financing a new residential paving or masonry project can be a great way to go. It has many advantages, like not having to pay the full cost upfront. Plus, it can help you get the project done sooner than if you had to save up for it. So why wait? Get started on your project today!

When it comes to refurbishing your home, paying in cash reigns supreme — as indicated by a 2021 American Housing Survey, which found that 78% of projects during the census survey period were primarily funded with cash. However, not many homeowners have an abundant reserve to tap into, leading to a shift in financing options as the price tag of the projects escalates.

Source: American Housing Survey 2021

A useful tip for homeowners: Carefully consider your funding options for home renovations. While paying in cash doesn’t incur interest, it might result in draining your savings. Other credit options — such as credit cards, home equity financing, and personal loans — come with their own set of interest rates, fees, and varying repayment terms. Ideally, you would have set aside enough funds to cover your project outright. But if this is not feasible, be sure to weigh all the costs and benefits before settling on a financing method.

What are the Benefits of Financing a New Residential Paving or Masonry Project?

1) Enables homeowners to start their projects sooner

Financing of residential paving or masonry projects has various benefits for homeowners. It allows them to start their projects without having to wait until they have saved up enough money first. This can be particularly useful in situations where urgent repair is needed. For example, when a driveway or patio has been damaged. Financing ensures homeowners do not have to delay the project and can repair their home’s structure fast.

2. More affordable payments over time

Opting for financing allows homeowners to spread out the cost of a new residential paving or masonry project over time. This approach is helpful as it allows homeowners to pay the project in partial installments, rather than all at once. Financing provides an effective option for dividing up large expenditures into smaller payments. Additionally, allowing for added flexibility when making deferment purchases.

3. Improves the value of the property

Homeowners can add value to their property and increase its curb appeal by financing a new residential paving or masonry project. This can be a sound investment for those who are planning to eventually sell the property. There are also several other benefits associated with getting this kind of work done that should be considered before making a decision to finance it or not. Some of these include:

Additionally, proper craftsmanship can imply extra durability which adds life to these projects which should ultimately factor into justifying the cost of purchasing professional services.

• Greater protection against outside elements
• Improved safety and convenience when used in driveway projects
• Increase in aesthetics that a good paving job gives to a home

4. Provides access to higher-quality materials and services

Financing a residential paving or masonry project can grant homeowners access to resources and services that may not have been available with other payment options. When utilized, these higher-quality materials and skilled labor can lead to outstanding results in terms of the integrity and longevity of their home paving or masonry project. 

Securing financing for new projects that include improvements such as driveways and patios, can be an invaluable investment in a homeowner’s property. Allowing professional contractors to utilize the highest grade materials employed by the industry’s best tradesmen will result in a stronger source and durability for years of enjoyment and satisfaction.

How to Finance A New Residential Paving or Masonry Project?

A. Research financing options

Considering a new residential paving or masonry project? Begin by thoroughly investigating your financing options. Avenues such as personal loans, home equity loans, and credit cards are worth exploring. Each of these choices comes with its unique set of benefits and drawbacks, necessitating careful analysis. It’s crucial that your selected option syncs with your individual financial needs and the demands of your project. Engaging a qualified financial advisor for professional guidance can be instrumental in steering your decision-making process. This can ensure your final choice is not only financially prudent but also aligns with your long or short-term objectives.

B. Determine the budget and project scope

Crafting a new residential paving or masonry project involves much more than just a vision. Ensuring you have the funds available to pull off the project is essential for its successful completion. Experts advise that one of the most important first steps to take when beginning a masonry or paving project should be setting a realistic budget and fully developing the project scope. 

Having access to insight and confidence around these elements gives you the data needed to apply for financing if necessary. Therefore, it is important to stay ahead of potential roadblocks:

• Be proactive with understanding budget constraints.
• Estimate buying power so you can navigate the paperwork
• Wade through complex applications while gathering financing resources

Here are some steps that will support staying mindful of budget and scale: 

• Have in-depth discussions with suppliers on local market costs  
• Familiarize yourself with the components required (for example gravel, sand, concrete, asphalt, etc)  
• Compare installation approaches to save money when able   
• Utilize remote viewing technology for comprehensive rigging diagrams  

By using expert guidance and following proper steps when exploring how to finance your new residential paving or masonry project, success becomes more possible!

C. Apply for financing

Resources to finance a new residential paving or masonry project are an important aspect to consider for the overall project planning. Having an initial understanding of options can save time during the application process. 

Start by gathering documents needed for lender pre-approval. Lenders typically request personal and business financial statements, tax returns, and property statements. Remember, requirements may vary among lenders.

With all necessary documents in hand, begin thorough research into available loan products. Compare fees and interest rates across multiple lenders to secure competitive terms and repayment EMIs (Equated Monthly Installments).

Consultants with experience in this area can provide valuable assistance, ensuring you select the most advantageous loan product for your project.

Professional Recommendations Regarding Home Renovation Financing

Financing a new residential paving or masonry project can provide you with multiple advantages. Make your projects cost-effective, time-saving, and logically sound. You will have access to a budget that is custom to your needs, short wait times, and easier access to secure funding options that could potentially result in all expected costs being covered. 

Financing solutions aimed at the home improvement market can be crafted to match the scope and needs of various projects accordingly. Consider talking to an expert financing advisor today who can answer all of your questions. The expert should guide you through finding the right financing solution for your home improvement project. Together with an experienced financier who is knowledgeable in residential paver and masonry projects, homeowners are able to explore their options and find a reliable payment plan that leaves them feeling confident about using this practical approach for home construction projects. 

Get in touch with our support team today. We’ll be more than happy to provide further information related to making your home improvement dreams come true!

Our monthly payment options partner of choice for Paving and Masonry projects

We are proud to partner with Hearth, a finance company specializing in home improvement projects. This partnership allows us to offer our clients more flexible solutions when planning a new paving or masonry project. Here’s why:

• Hearth provides personalized payment plans. These plans cater to various budgets, making dream home improvements more affordable.
• They also conduct swift pre-qualification checks. These checks do not impact credit scores, allowing homeowners to explore options risk-free.
• The loan amounts range from $1,000 to $100,000 with terms from 2 to 12 years. This flexibility ensures a plan that suits each individual’s financial situation.
• Hearth’s platform is user-friendly. Customers can receive loan options within minutes of filling out a brief questionnaire.

In conclusion, Hearth’s monthly payment options offer a convenient way to fund home improvement projects. Their personalized plans, quick pre-qualification process, and broad range of loan amounts and terms make them an ideal choice. Homeowners can improve their homes while maintaining financial stability. We highly recommend exploring these monthly payment options for your next home improvement project.