What Home Gym Financing Options Are Available?
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Average Cost of a Home Gym
Elliptical - $300 to $2,000 Treadmill - $400 to $1,500 Stationary bicycle - $115 to $2,500 Rowing machine - $600 to $1,200 Workout bench - $100 to $1000 Dumbbell set - $25 to $400 Barbell set - $50 to $800 Weight machines - $150 to $5,000 Flooring $790 to $3,800 Subflooring $430 to $2,900 Lighting $150 to $920 Electric Wiring $3 to $5 per square foot Mirror Installation $160 to $460 TV Installation $160 to $360 HVAC/Ventilation $5,000 to $10,000
Pros of Home Gym Financing
Consolidation of payment. Taking out one of the different types of personal loans from a bank or trusted lender, or using a credit card to finance your home gym, can mean one, fixed-rate monthly payment over time, instead of payment plans with multiple vendors for different amounts. No equipment leases. If you pay for a new or gently used treadmill upfront rather than leasing it, you could save money down the line. Finish your home gym faster. Borrowing a lump sum can help you to get your workout space completed sooner rather than later, which can eliminate gym membership fees.
Cons of Home Gym Financing
Paying interest. Credit cards and personal loans charge interest that can accumulate over time. Credit score consequences. Missed or late payments for a home gym financing loan can affect your credit rating. Home improvement fraud. Unfortunately, there are home remodeling scams out there, including contractors and vendors that may take your money and never build your home gym. Always check references and read contracts carefully. You never use the gym. You might think you’ll use the gym regularly when it’s in your own home. But your good exercise intentions may not pan out. Make sure that you’ll be able to follow through and work out in your gym before you start installing it.
Home Gym Financing Options
Requirements for Financing a Home Gym
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