There’s only so much space in your home. So if you’ve outgrown your refrigerator or it’s just old and not as energy efficient as newer models, you may be considering selling or leasing yours and buying a new one. If this sounds like something you’d like to do, the first thing you need to ask yourself is: Do I want to keep this refrigerator and add it on to my home loan? Or do I want to sell it? The answer will have implications for how much money you get from selling the old fridge and how much that affects your down payment. Here are some considerations when deciding whether or not to sell your old refrigerator, buy a new one, or even lease one instead of buying.
How Much Is a New Fridge?
New refrigerators start at around $800 and go up from there, depending on the size and features you want. Given that, you might think it’s easier just to sell your refrigerator and buy a new one. But before you decide to do that, you should factor in the following: You’ll lose some money on the sale of your current refrigerator, which could be significant if your refrigerator is brand new. Most lenders will require you to have at least $1,000 saved up for your down payment. So, if you sell your old refrigerator, you lose $1,000 you could have used toward your down payment. If you’re buying a new refrigerator on a loan, you have to make monthly payments on it. So, you’ll have to factor in the cost of the new refrigerator in your monthly budget. And, if you leases your refrigerator, you don’t have to make any payments on it. But, you still have to factor in the cost of the lease payment in your monthly budget.
Should I Sell My Old Fridge?
If you’ve outgrown your current refrigerator and can’t afford a new one, or you just don’t want to spend the money on a new one, selling your old refrigerator and using the cash you get from the sale to help with your down payment is a good option. In this case, you’ll want to get an appraisal for your refrigerator. You can get a general idea of what your refrigerator is worth by checking online for used refrigerators for sale in your area. But, you’ll have a more accurate idea of what it’s worth if you have it appraised. Conveniently enough, you can get an appraisal for your refrigerator online. Just enter “appraisal” along with your city and state into the search bar and you’ll have a list of companies to choose from.
Pros of Selling Your Fridge
You don’t have to pay for it anymore. This reason right here is probably the biggest pro of selling your refrigerator. It’s also a pro in terms of your budget, since refrigerators are notoriously expensive to run. – You can use the money for your down payment. If you’re trying to qualify for a home loan and need the money from the sale of the refrigerator for your down payment, then selling your refrigerator could be easier. You don’t have to find a new home for the refrigerator, pack it up, and drive it anywhere. – You don’t have to worry about selling your refrigerator later. If you want to purchase a new refrigerator but just don’t want to deal with selling your old one, you can skip that step and just sell your old refrigerator now.
Cons of Selling Your Fridge
You lose some money. Even if you decide to sell your refrigerator and use the cash for your down payment, you’ll lose some money. You can expect to get around $100 for a used refrigerator in good condition. – You have to have a place to store the refrigerator. If you have enough room in your garage, basement, or backyard and are willing to store the refrigerator, you can sell it and use the money for your down payment. But if you don’t have space and don’t want to deal with the hassle of trying to find a place to store the refrigerator, it’s best to sell it and use the proceeds for your down payment. – You have to find someone who wants to buy your refrigerator. This could take some time since you’ll probably have to advertise it and let people know it’s for sale.
Should You Buy a New Refrigerator?
When you’re deciding whether or not to buy a new refrigerator, you’ll want to assess how badly you need a new one and how much it costs. If you need a new refrigerator but can’t afford one, you can consider a few options. First, you can explore leasing options. Many companies will let you purchase a new refrigerator with no money down and low monthly payments. You can also consider getting a loan and paying back the loan with your monthly house payments. If you can afford to buy a new refrigerator, you might want to consider buying one because it’s cheaper than selling your current refrigerator and using the money toward your down payment. You’ll have to find the right deal and make sure you have enough money saved up for your down payment.
Pros of Buying a New Fridge
You don’t have to worry about selling your refrigerator later. Since you’ll buy a new refrigerator with cash, you don’t have to worry about selling your old refrigerator later. – You get a new, energy-efficient refrigerator. New refrigerators are more efficient than old ones and they have more modern features as well. – You can buy a refrigerator that will last longer than your current one. If your refrigerator is on its last legs, you may be better off buying a new one.
Cons of Buying a New Fridge
You’ll have to pay for it with your down payment savings. Since most lenders will require a down payment of at least $1,000, if you want to use the money from the sale of your old refrigerator, you’ll have less money to put toward your down payment. – You’ll have to make monthly payments on your refrigerator. You’ll get a new refrigerator and make monthly payments on it as long as you keep it. – You don’t know how much you’ll get for your old refrigerator. If you sell your refrigerator, you’ll know exactly how much money you get for it.
Should You Lease Instead?
If you don’t have enough money saved up for a down payment and don’t want to get a refrigerator loan, you can consider leasing a refrigerator. Leasing a refrigerator could be easier than buying a new refrigerator and then reselling your old one. You can select the model, size, and features you want in a new refrigerator. You don’t have to worry about what condition your old refrigerator is in or if you can sell it. You can also switch to a new refrigerator at any time. And, unlike when you buy a refrigerator, you don’t have to worry about selling your current refrigerator.
A refrigerator is a big purchase, and you’ll want to make sure you take the time to get the right one for your needs. Whether you decide to sell your current refrigerator and use the proceeds for your down payment, buy a new one, or lease one, you’ll want to make sure you do your research to find the model that works best for you.