There are some issues and emergencies that just spring on you — suddenly, without a warning. A plumbing problem in your home is one of them. It leaves you with little time to prepare — mentally as well as financially. When such a problem is more costly than you can afford, then plumbing financing is the only way out. Unless you have a good amount of savings in cash! 

Substantial plumbing repairs often are pricey. Financing plumbing work will cover the cost of your home repairs such as a burst pipe or a broken water heater, or the installation of any expensive plumbing fixture. If you’re thinking of adding a new bathroom, your plumbing costs will be even more costly. You could be shelling out thousands of dollars.

Financing for plumbing repairs and work

Can you finance plumbing work and plumbing repairs?

The fact is, a homeowner will face a major plumbing project sooner or later. After all, most plumbing fixtures come with a certain expected lifespan. For instance, a hot water heater or a dishwasher will last you a decade while an HVAC system can last almost two decades.

Even though plumbing repairs or plumbing works may not be one of the most expensive home improvement projects, as in the case of a complete roof replacement or a kitchen remodeling, it does come at a high price.

‍So, unless you’re simply changing a kitchen faucet or something equally inexpensive, there’s a good chance that you may not have enough cash readily available to cover the plumbing work.

Read more: House Plumbing Basics: Handy Tips To Get It Right

You also need to keep in mind that not every plumbing project is repair work. You may be planning to install a new Jacuzzi tub or replace your existing electric water heater with an energy-efficient solar water heater. Such plumbing jobs can cost thousands of dollars and will require financing.

Therefore, it’s a smart idea to have a plan for how to manage to finance for plumbing repairs as well as financing for plumbing work. You can either opt for a reliable loan lender, banks, financial institutions, or plumbing finance companies. 

How much financing is needed for plumbing repairs or work?

There is no limit or a set budget when it comes to financing plumbing work. It depends on what you’re getting. A new installation will definitely be a lot costlier than a clogged drain, right?

The average plumbing work cost, in case you’re planning a major kitchen repiping or bath remodel, will be even higher. You can expect to pay between $50 and $150 per hour to a licensed plumber — depending on where you live, the cost of materials and supplies, the scope of the plumbing project, etc.

Let’s give you a better idea of the average cost you can expect by listing some of the most common plumbing projects and repair works:

  • Water heater repair – $525
  • Septic tank cleaning – $385
  • Tankless water heater installation – $1,750
  • Solar water heater installation – $3,960
  • Sewer main repair work – $2,500
  • Toilet repair – $225
  • Clogged drain repair – $210

Read more: HVAC financing for good & bad credit

Can you make payments on water heaters? Can you finance a water heater?

Yes, you can. While paying cash for a new water heater might be the cheapest option, financing can help you buy a top-of-the-line heater that otherwise wouldn’t fit into your remodeling budget. 

For instance, the average cost of a storage-tank water heater is around $1,000 to $1,300 and can even go higher depending on the water heater model or brand. In such cases, using a personal loan may be your best financing option.

What are the best financing options for plumbing?

If you require plumbing financing, the best financial arrangement is through a home equity loan, a home equity line of credit or a personal loan. Each type of loan is subject to credit approval and can conveniently cover your plumbing works or repairs.

Plumbing financing with a home equity loan

If you’re anticipating an expensive plumbing project, you may opt for a home equity loan. This type of loan uses the equity in your home as collateral. The loan amount you can borrow depends on your home equity — the value you own in your home. 

However, do keep in mind that you’re putting your home on the line to secure the loan. If you’re unable to pay off your home equity loan, your loan lender may be able to foreclose on the home.

Plumbing financing with home equity line of credit (HELOC)

A home equity line of credit (HELOC) is similar to using a credit card. You get a fixed spending limit. But if you repay what you’ve spent, you can again get that amount to spend on your ongoing projects. This loan too is secured by your home.

Keep in mind that HELOCs come with higher interest rates and stringent eligibility criteria.

Plumbing financing with a personal loan

If you don’t have sufficient equity in your home or don’t want to risk losing your property, an unsecured personal loan is a good loan choice. Especially, if you’re planning a low-cost plumbing project.

A personal loan is also a lot easier to qualify for if you want to get plumbing financing with bad credit. Whether you have good credit or bad credit, a personal loan offers more flexibility. However, you should be prepared to pay a much higher interest rate than when you’re using a secured loan.

A personal loan is easy to get online and you can receive your funding quickly — sometimes as soon as the same business day that you’re approved on. That way, financing a plumbing emergency is best dealt with a personal loan. 

Pros and cons of plumbing financing

As a homeowner, you should be prepared for the worst. Your house plumbing system can suddenly stop working, your plumbing appliances can break, water pipes can burst. And, the list goes on. Plumbing financing can help you better deal with such problems — on schedule and in budget! 

And, if you choose the best loan options, the comfortable payment programs can make your home plumbing project easier and manageable. You can pay for it over a decided loan term through favorable interest rates. Of course, they’ll be based on your credit score and credit report. 

The only downside is that you will need to pay back the loan funds through scheduled monthly payments. That may make you a bit stressed out. Plus, with home equity loans, there’s an added risk of property foreclosure. Keep in mind that any repayment default will adversely affect your credit score and credit rating. 

Therefore it’s important to get loans for plumbing that are affordable and manageable. And, that’s why Kukun offers financing through home renovation loan options to make your plumbing repair work less stressful. So, go ahead and relax. There’ll be no emergency that you can’t deal with!  

Read more: Bathroom remodel & renovation financing options

Plumbing Financing For Good & Bad Credit was last modified: December 20th, 2020 by Ramona Sinha