According to the latest True Cost Report from HomeAdvisor, an online marketplace for home-services suppliers, Washington-area homeowners are DIY-shy. Only 42 percent of Washington homeowners said that they would attempt a DIY home project.
If you don’t plan to do the work yourself, the challenges of undertaking a home improvement include finding the right contractor and figuring out how to pay for it.
Homeowners have multiple options to pay for a major renovation such as savings, a home-equity loan, a cash-out mortgage refinance, a personal loan or a credit card. Navigating the financial decision can be as tough as sifting through the list of potential contractors and checking on their credentials and reviews.
Two digital marketplaces, HomeAdvisor and Prosper, have partnered to make it easier for homeowners to find financing and a contractor in one place. Prosper, which connects borrowers and investors online, now provides home improvement financing options through the HomeAdvisor site. In addition, professional contractors can offer customers a financing option through the site.
According to Prosper, the number of fixed-rate, fixed-term home improvement loans approved through the site doubled in 2015 compared with 2014. HomeAdvisor’s site includes a True Cost Guide to estimate project costs and a calculator to estimate monthly loan payments.
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