Local homeowner’s low financing on Home Depot kitchen remodel turned costly after COVID delayed job

PINELLAS COUNTY, Fla. — Gulfport resident Francine Giannotti says she spent 2020 stressed out but not so much over the pandemic. She blames a coronavirus-era kitchen remodel that dragged out most of the year.

Giannotti signed a contract with Home Depot to upgrade her kitchen floors, countertops and cabinets.

“I wanted to have the kitchen remodeled for a long time,” she said.

Giannotti chose Home Depot for the $15,000 job because of its good reputation and its zero-percent financing for six months.

In January 2020, she put the entire purchase on a new Home Depot credit card.

Then COVID hit, causing delays in getting the supplies needed for her job.

“It was understandable that there was a delay in shipping,” Giannotti told ABC Action News. But because of the delays and some workmanship issues, the job wasn’t completed until November.

She asked Home Depot to extend the zero percent interest rate. As a courtesy, the home improvement store agreed to do that. And Giannotti received an email, stating in part: “I sincerely apologize for the stress we have added…I will be confirming…that the interest was changed to 0 percent for 24 months, and all interest charges on the account

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3 Options for Financing Home Improvements in 2021

Though the stay-at-home trend may have kicked off in 2020, a lot of people are continuing to hunker down as 2021 rolls along. If you’re one of them, now may be a good time to improve your home — especially if you’re capable of doing the work yourself. But home renovations cost money, and you may not have a ton of it lying around. If that’s the case, here are a few financing options to look at.

1. A home equity loan

With a home equity loan, you borrow a lump sum of money and pay it off in regular installments over time. A home equity loan doesn’t actually need to be used to cover home renovations — you can borrow against your home for any purpose. But if you use that loan for home improvements, you’ll be eligible to deduct its interest on your taxes if you itemize on your return, so that’s a nice little perk to enjoy.

With a home equity loan, you’ll generally pay less interest than you would with a personal loan. And qualifying is fairly easy as long as you have enough equity in your home. Generally, you’ll need at least 20{ac967ad544075fb2f6bcea1234f8d91da186cac15e616dc329e302b7c7326b8c}

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