With regular maintenance, a high-quality HVAC system should last for 25 years. However, if you think that it’s time to get a new HVAC unit for your home, then you might be worried about the cost of the project. The great news is that there are smart ways to finance a new HVAC system without going broke.
Ask the Seller to Help You
HVAC companies in Raleigh, NC have existing arrangements with credit card companies. Some of them even have their own credit cards that customers can take advantage of. The application process is usually quick and straightforward. Of course, you’ll often incur higher interest rates on these cards, but the savings on power bills over time should make up for it.
Use Your Home Equity
If you’ve paid part of your mortgage over the years, then you have built equity on your home. You can use it to finance your new HVAC system. You can decide between taking a home equity loan, which is a one-time draw, and a home equity line of credit, which works in the same way as your credit card. One of the benefits that you enjoy is a deduction of purchase tax on your new system.
Get FHA Financing
Getting a home improvement loan that’s backed by the FHA to finance your new HVAC system is another brilliant move. After all, an HVAC upgrade is a home improvement project that qualifies for such financing. When applying for an FHA backed loan, it’s best to choose for an Energy Star rated HVAC due to its energy efficiency, which the federal government prefers.
While a new, more efficient HVAC system can save you lots of money over time, paying for one in cash can set you back. Fortunately, you have other financing options, and you can choose the best one for you.