Financing Your Smart Kitchen Updates
At home, Americans spend 60% of their time in the kitchen when they’re not asleep.
And the latest smart tech offerings promise to make this time spent in our kitchens quicker, easier, and even healthier.
Whether it’s a smart planter growing herbs and spices, a grill controlled via a smartphone app, or a kitchen assistant who’ll plan meals based on what’s in your pantry, there’s truly a smart gadget for every need.
But, of course, smart tech doesn’t come cheap.
If you’re considering making your kitchen smarter, here’s how you can finance your venture.
Home Equity Loan or Line of Credit
A home equity loan or a home equity line of credit (HELOC) both allow you to finance your kitchen updates by borrowing against the equity you’ve built up in your home.
With a home equity loan, you borrow money and pay back the amount in set payments over time.
Alternatively, a HELOC is basically a credit card which you can use as needed depending on the limit set by your lender.
Homeowners aged 62 or over can also tap into their home equity with a reverse mortgage.
This provides monthly payments, a lump sum, or line of credit, and is useful if you can’t afford kitchen updates on top of your everyday expenses.
Cash or Credit Card?
Sometimes the best way to pay for a kitchen update is with cash.
It may take you longer to save up and finally make the purchase, but it eliminates finance charges. It’s also an easy way to stick to a budget. You can even incorporate a simple monthly budget template into the mix to make things easier.
If you don’t have enough cash, however, credit cards are useful.
But make sure you can pay off the balance relatively fast to avoid the high interest rates.
Do You Really Need Smart Tech?
Borrowing money isn’t a decision to make lightly.
Take time to weigh up your options: shop around for the best interest rate, check you can afford the repayments, and always read the small print.
Moreover, ask yourself if you really need the latest smart kitchen tech in the first place. Is it worth going into debt over?
Some pieces add physical clutter and have a complex installation process.
Depending on the manufacturer, some items may not be compatible with smart tech you already have.
Consider your purchase carefully and you may realize it’s simpler to go without.
Ultimately, you should only invest in smart technology if you’re certain you need it. It’s not the only way to be happy in your kitchen, after all.
You may even enjoy the grounding routine of making coffee in the morning or taking the time to cook a meal the old-fashioned way.
Value what you have and know that “smart” doesn’t necessarily mean better.