Till a few years ago, furniture loans were unheard of. Mortgage in most cases involved that for homes or cars, or the occasional credit card. But with time, as our homes become investments in themselves, we want to buy furniture that stays good for a longer period of time. Also, financing of furniture gives us the option of purchasing stuff that we wanted but could not pay for at one go. So, if you always had that luxurious 4 poster bed in mind but couldn’t think of burning a hole in your pocket; you can make it yours now by slowly paying back the amount.
However, in our excitement to get the best for our homes, we often end up making costly mistakes. Here is a list of the top 5 things that you must keep in mind while you consider financing for furniture:
- Furniture lending gives you the opportunity to add a personal touch to your house by letting you buy products that you want. Use it wisely instead of nose-diving into a spending spree.
- Buying new furniture is important, but maintenance work takes precedence over it. It is your house and everything from a leaking roof to a clogged washroom will have to be taken care of by you.
- It may be tempting to use the money to get fancy furniture while you do the basic mending yourself. This is not advisable and may land you in bigger trouble because you are not the right person for the job. Get hold of a qualified contractor instead.
- When we do not have to pay up immediately, there is a human tendency to splurge. Avoid it by keeping a tab of all your bills.
- Finally, though it is not a specific part of furniture financing, it may be a good idea to get your home insured. It is a heavy financial and emotional investment, and while one may always hope for the best; it is advisable to be prepared for the worst.
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