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Front doors are a lot more than just the main entrance to your home. They protect your family and you against unwanted intruders as well as against the elements and bad weather. This means front doors need to look great while being excellent insulators and providing your home with much-needed security. Learning the ways to finance your front door is also imperative.
The right front door will also help make your home more energy-efficient. The average cost of installing a new front door can vary from as low as $100 to as high as $4,200. The average cost hovers between $477 and $1,389. While that may not seem like a lot of money, are you sure you want to pay all cash for your new front door when you have other options? Here are some easy ways to finance front doors.
Signs you need to change your front door
Here are some telltale signs that you need a new front door.
- If you find your door gets difficult to open and shut during the colder months of the year, it is a sign that you may need to change your front door.
- Most commercially available doors are made of 24-26 gauge steel with a wood frame. Any signs of dents and rust mean that the structural integrity of your door has been compromised and that it’s time to get a new one.
- If your door has any glass components, chances are the glass is double-paned glass. If you see moisture or fogging between the two panes, it’s a sign that the seals between the two panes have failed, and that your door is likely infested with mold and mildew. Buy a new door.
- If your door is severely warped, weathered, or cracked in multiple places, retire it and buy a new one.
- If your home has experienced significant water damage or an insect infestation that has affected the wood in your door, replace your front door immediately.
- Doors are meant to your first line of defense against the elements. However, if you can feel cold draughts of air entering your home from underneath your main door, it’s sure time to shop for a new one.
Factors that affect costs
Let’s now take a look at the main factors that will affect the cost of your front door.
- If you’re getting a custom door for your home, the amount of customization required for the door and the frame will affect the cost of your front door.
- If the frame of your door needs to be repaired because of damage due to rotting, splitting, or warping, it will add to the overall cost of your door.
- The materials you choose for your door are a major factor in the final price you will have to shell out for your door.
Wood doors are a timeless classic and are the most expensive option. However, wood is liable to rot, split, warp, and get infested by termites and other insects.
Fiberglass doors cost considerably less, can be finished to look like wood, are energy-efficient and durable. This is amongst your most affordable choices.
Steel doors are more expensive than fiberglass doors, but make up for the difference in cost by being extremely durable.
The type of door locks you choose and additional security features, such as keypad or touchscreen operated locks, will also affect how much you end up spending on your front door.
Financing your new door
There are multiple financing options that you could choose from, but they mostly boil down to these two categories of loans.
Unsecured loans are loans that do not need any kind of collateral. Most of these loans have minimal paperwork and get approved quickly even if you have less than perfect credit. This makes them perfect for small-budget renovations, such as replacing your front door. Here are some popular unsecured loans you can choose from.
In house financing
In-house financing, as the name implies, is when the seller offers the buyer a loan to enable the buyer to buy a product without having to pay the full amount upfront. This loan will have a short repayment window and may be interest-free for the duration of that window.
Failure to repay the loan within the stipulated time may result in inflated interest rates and other penalties.
A lot of financial institutions offer personal loans, often called signature loans, since that is all that is required to get one. The payouts on personal loans are relatively small, payment timelines are faster and the interest rates are high, considering these are unsecured loans. However, they are ideal for small renovations since they are often credited to your debit account within a day, and are easy to apply for.
On the downside, the poorer your credit score, the higher the interest rates you will be charged and the less loan amount you will be eligible for. Also, defaulting on payments will mean additional penalties and will also negatively affect your credit score.
Zero percent APR credit cards are the perfect choice to finance your new front door. These cards will offer you a limited window interest-free loan to pay for purchases. As long as you can afford to stick to the repayment schedule, you’re in the green.
Other credit cards offer other perks, such as free fuel or airline points, amongst other things.
Once again, non-repayment will entail inflated interest rates and other penalties, including a lowered credit score.
Secured loans are loans where your home is used as collateral by the lending institution. There are many positives to using secured loans. The interest rates tend to be lower and the repayment window is longer. This means you lay less over a longer period of time.
On the downside, defaulting on your payments for a long period of time will mean the lender can foreclose on your home even if your mortgage payments have all been as per schedule. Also, a bad credit score will mean you will be unlikely to qualify for a secured loan.
Examples of secured loans include HELOCs, home equity loans, and new mortgages.
Secured loans might not be the best option for something as inexpensive as replacing the front door of your home. However, if replacing the door is part of a bigger home improvement project, such as windows and door replacements, or an entire home renovation, these are the best finance options for you to choose from.
Getting a new front door? Click here for competitive quotes for exterior door installation.
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