When you want to set up a steel garage on your property, the cost of building it has to be one of your top considerations, right?
While there is an abundance of resources on there on how to finance a home loan or a car, there seems to be far less information on how you can finance a metal garage. Fortunately, you’ve come to the right place.
Here are the top tips to finance a metal garage:
Pay For It Out Of Pocket If You Can
If it is possible, pay for your metal garage out of pocket rather than setting up financing. While this does mean that you will pay more money up front, it also means that you will save more money over the long term (as you will not need to owe payments and interest monthly).
Metal garages are also surprisingly affordable for most people, so paying for it with your personal savings will be the smart way to go if you want to avoid going into debt.
But if paying for your metal garage out of pocket is not something that’s possible for you, then you will need to finance it, and this means you must start with…
Before you can secure a loan from a lender, you will need to present your lender with a set of materials that show the timeline of your building project, what your budget is, and even a cover letter that outlines what you want for your metal garage.
Set Aside At Least 20% For A Down Payment
For this kind of construction project, most banks will require you to set aside at least twenty percent of the total construction cost for your down payment. This is because the vast majority of banks will not pay more than eighty percent of the costs.
Find A Good Contractor
Before you even secure a loan, you will need to find a good contractor. Banks will require your selected contractor to be licensed and insured, and preferably with a good reputation and lots of experience under their belt.
If possible, choose a contractor who has worked with one of the lenders you are considering in the past, so you can increase your chances of getting a good loan. Be sure to read up on reviews of the contractor from past clients and verify their license. Often times the best way to confirm the reputation of a contractor is just through word-of-mouth from those who have hired them in the past.
Financing Your Metal Garage
The top piece of advice that can be given to you in regards to building a metal garage is to not start building it until you are absolutely certain that you can afford it. After all, your garage is something that you should enjoy, and is not meant to be a burden on your finances.
But once you do indeed determine that you can afford your metal garage, these will be the best tips that you can follow.
Categories: Real Estate