Getting a fence can enhance your experience while living in a house. If you move into the property and the front or backyard doesn’t have a fence, you might want to add one. Your kids or dog can play in the fenced-in yard, and you won’t have to worry about them running out into the street.
You might need to think about fence financing options that make the most sense for your situation. We’ll talk about some of the better financing possibilities you have available right now.
1. Home Improvement Loans
A personal loan for home improvement might be the best choice when you start looking at the different options. These are generally unsecured loans. That means you don’t need to put anything up as collateral. A credit union or bank will usually offer you one if you approach them and explain your situation.
The lending entity will take a close look at your lending profile to decide whether you’re a worthy candidate. If you have at least decent credit, you should be okay.
If you go with this strategy, check with a few different lending entities to see what interest rates they’re offering on your loan. You want to get the one that has the most favorable rate.
2. Budget in Advance and Pay Cash
You might budget for months before you get the fence, putting away a little money from each paycheck. By doing so, you can pay off the whole fence at once. This method requires patience, but it’s one of the safest options. You don’t have to worry about defaulting on a loan or getting buried in accumulated interest.
This option works best if you don’t need the fence very urgently. Maybe you can keep the kids and dog in the house until you have the money to pay the fence-building company.
3. Charge the Fence to a Credit Card
If you’ve got a credit card with a high monetary limit on it, you might put the whole fence’s cost on the card. You may feel comfortable doing this if you get a lot of perks when you use this card. Getting double points or a similar incentive might convince you this is the best move.
If you utilize a credit card to finance your new fence, you should only do so if you feel confident you can pay off the entire amount within a couple of payment cycles. Maybe you have a large chunk of cash coming in through work, or you know you have some other windfall coming.
Charging something as expensive as a new fence to your credit card without a viable plan to pay it off quickly doesn’t make much sense. Credit cards usually charge high-interest rates, so you can’t carry that debt for very long.
You Have Options for Fence Financing
A fence is a large expenditure but a sensible one. It adds to your home’s property value and keeps your younger family members and pets safe.
You might save up the money and buy the fence with cash. You’ll need to be patient if you employ this strategy. You might also get a home improvement loan from a credit union or bank. If you do this, you’ll need at least decent credit, and you should budget beforehand to make sure you can pay back the loan without defaulting on it.
Charging a fence to a credit card is another possible option, especially if the card brings you plenty of bonus points or other perks. If you do this, you should be sure you can pay back the whole amount in a couple of billing cycles. Otherwise, you’ll get hit with significant interest charges on top of the fence’s original cost. You should enjoy your new fence, and it can be a selling point if you ever decide to move.