Factors Influencing Siding Replacement Costs
Replacing your home’s siding is a significant investment, and understanding the factors that influence the cost is crucial for budgeting and planning. Several key elements contribute to the final estimate, ranging from material selection to labor expenses and project scope. This section will break down these factors to provide a clearer understanding of what you can expect.
Material Type and Cost
The choice of siding material significantly impacts the overall project cost. Different materials offer varying levels of durability, aesthetics, and maintenance requirements, all of which influence their price. Vinyl siding, for instance, is generally the most affordable option, while wood siding, particularly high-end varieties, can be considerably more expensive. Fiber cement siding falls somewhere in between, offering a balance of cost and performance. The following table compares the approximate cost ranges for these common siding materials, keeping in mind that prices can fluctuate based on factors like quality, style, and regional availability.
Siding Material | Cost per Square Foot (USD) | Pros | Cons |
---|---|---|---|
Vinyl | $3 – $10 | Affordable, low maintenance, variety of styles and colors | Can be damaged by impact, may fade over time |
Wood | $10 – $30+ | Classic look, natural beauty, high durability (with proper maintenance) | High maintenance, susceptible to rot and insect damage, higher initial cost |
Fiber Cement | $8 – $20 | Durable, fire-resistant, low maintenance, realistic wood look | More expensive than vinyl, can be brittle, requires professional installation |
Labor Costs and Regional Variations
Labor costs represent a substantial portion of the total siding replacement expense. The hourly rate for skilled siding installers varies significantly depending on location. Metropolitan areas with higher costs of living typically command higher labor rates compared to rural areas. For example, a siding installation project in New York City might cost considerably more than a similar project in a smaller town in the Midwest. The complexity of the project also impacts labor costs; a house with intricate architectural details or extensive damage will require more time and expertise, thus increasing the overall labor expense. Furthermore, the contractor’s experience and reputation also influence their pricing. Established contractors with proven track records often charge more than less experienced companies.
Project Size and Scope
The size of your home and the scope of the project directly correlate with the total cost. A larger house with more square footage of siding to replace will naturally require more materials and labor, leading to a higher overall cost. The complexity of the project also plays a role. Projects involving significant repairs, such as replacing damaged sheathing or addressing underlying structural issues, will add to the final estimate. Similarly, additional features like installing new trim, flashing, or soffits will increase the total cost. For instance, a simple replacement of existing siding on a small ranch-style home will be significantly less expensive than a complete renovation of a large Victorian house that requires extensive repairs and additional features.
Understanding Contractor Quotes and Estimates
Receiving accurate and comprehensive siding replacement estimates is crucial for a successful project. Understanding the components of these quotes, the different estimation methods used, and potential hidden costs will empower you to make informed decisions and avoid unexpected expenses. This section will clarify these aspects to help you navigate the process effectively.
Common Components of Siding Replacement Estimates
A typical siding replacement estimate will include several key components. These components ensure that the contractor has accounted for all necessary aspects of the job. Failure to include these items could result in significant cost overruns later in the project.
- Labor Costs: This covers the time and expertise of the contractor’s crew for removing old siding, installing new siding, and completing any necessary repairs.
- Materials Costs: This includes the cost of the new siding material itself, along with any underlayment, flashing, trim, and fasteners needed for installation.
- Permits and Inspections: Many jurisdictions require permits for home improvement projects. These fees should be clearly itemized.
- Waste Removal: Proper disposal of old siding and construction debris is an important consideration.
- Contingency: A well-prepared estimate will include a contingency buffer to account for unforeseen issues or price fluctuations.
Comparison of Estimation Methods
Contractors utilize different methods to generate estimates, each with its own advantages and disadvantages. Understanding these methods is essential for comparing quotes effectively.
- Square Footage Pricing: This method calculates the total cost based on the square footage of the area to be sided. While seemingly simple, it may not account for complexities like window and door cutouts, or variations in siding type.
- Per-Unit Pricing: This approach prices the siding based on the number of units (e.g., individual panels or linear feet) required. This method offers greater precision, particularly for complex projects or when using specialized siding materials.
- Line-Item Pricing: This detailed method breaks down each aspect of the project—labor, materials, permits, etc.—into separate line items. It provides the greatest transparency and allows for easy comparison of individual costs across different quotes.
Potential Hidden Costs in Siding Replacement Projects
While a contractor’s initial quote may seem comprehensive, certain costs might be overlooked. Being aware of these potential hidden costs can help you avoid surprises during the project.
- Repair Costs: Underlying issues like rotted wood or damaged sheathing may require repairs before new siding can be installed. These costs are often discovered only during the demolition phase.
- Unexpected Material Needs: The actual amount of siding required may differ from initial estimates, leading to increased material costs.
- Changes in Scope: Changes to the project scope (e.g., adding extra features or altering the design) will result in additional expenses.
- Additional Labor: Unforeseen complications during installation may necessitate extra labor hours, impacting the overall cost.
The Process of Obtaining Multiple Estimates
Securing multiple estimates for your siding replacement project is crucial for ensuring you receive competitive pricing and the best possible service. By comparing several bids, you can identify potential cost discrepancies, assess the value proposition of different contractors, and make a well-informed decision. This process involves careful planning, thorough communication, and diligent evaluation.
Obtaining multiple estimates requires a systematic approach to contacting and vetting potential contractors. This involves researching reputable companies, requesting detailed quotes, and carefully comparing the proposals received. The goal is to gather enough information to make a confident and cost-effective choice for your siding replacement.
Contractor Selection and Contact
Before contacting contractors, research local siding companies using online directories, review websites, and seeking recommendations from friends, family, or neighbors. Check online review sites like Yelp, Google Reviews, and the Better Business Bureau for feedback on their reliability, professionalism, and quality of work. Prioritize companies with established reputations, positive reviews, and a demonstrable track record of successful siding projects. Contact at least three to five contractors to ensure a competitive range of estimates. Initial contact can be made via phone, email, or through their online contact forms.
Essential Questions for Contractor Consultations
A comprehensive list of questions is vital to ensure you understand the scope of work, materials, and payment terms. These questions should be asked during in-person consultations or video calls to allow for clarification and discussion.
- The specifics of the proposed siding materials, including brand, type, and warranty information.
- A detailed breakdown of labor costs, outlining the number of workers and the estimated duration of the project.
- A clear explanation of the project timeline, including start and completion dates, and any potential delays.
- Information about the contractor’s licensing, insurance, and bonding, ensuring they are legally compliant and financially responsible.
- The process for handling unexpected issues or changes during the project, including how these will be communicated and priced.
- Details about the payment schedule, including down payment requirements and payment milestones tied to project completion stages.
- References from previous clients, allowing you to verify their satisfaction and the quality of their work.
- Information about the warranty offered on both the materials and the workmanship.
- Confirmation of whether the contractor will obtain all necessary permits and comply with local building codes.
- A written contract that clearly Artikels the project scope, payment terms, and warranty information.
Sample Email for Requesting Estimates
A well-crafted email can efficiently initiate the estimation process. This email should include all necessary details to allow contractors to accurately assess your needs and provide a comprehensive quote.
Subject: Siding Replacement Estimate Request – [Your Address]
Dear [Contractor Name],
My name is [Your Name] and I am seeking estimates for the replacement of the siding on my home located at [Your Address]. The house is approximately [Square Footage] square feet and the siding is currently [Type of Siding]. I am interested in [Type of Siding you prefer, if any]. Please let me know your availability for an in-person consultation to discuss the project in detail. I am available on [Dates/Times].
Thank you for your time and consideration.
Sincerely,
[Your Name]
[Your Phone Number]
[Your Email Address]
Analyzing the Scope of Work in Estimates
A comprehensive scope of work is crucial for a successful siding replacement project. It acts as a contract between you and the contractor, outlining all aspects of the job, preventing misunderstandings and disputes down the line. A detailed scope of work allows for accurate cost estimations and ensures both parties are on the same page regarding the project’s expectations.
The scope of work should meticulously detail all materials and labor involved in the siding replacement. This ensures transparency and avoids hidden costs or unexpected changes during the project. Without this level of detail, you risk overpaying or encountering unforeseen delays and complications.
Key Elements of a Comprehensive Scope of Work
A thorough scope of work for siding replacement should include several key elements. These elements ensure clarity and prevent any ambiguities that might arise during the project’s execution. Missing elements can lead to disputes and increased costs.
- Existing Siding Removal and Disposal: This should specify the method of removal (e.g., careful removal to minimize damage to underlying structure, or demolition-style removal), and the proper disposal of the old siding materials according to local regulations. The estimate should clearly indicate whether this is included in the price or constitutes an additional cost.
- Preparation of the Underlayment: This involves inspecting the existing sheathing for damage and addressing any issues before installing new siding. The scope should detail the repairs, such as replacing rotten wood or addressing moisture problems. It should also specify the type and quality of underlayment material to be used (e.g., housewrap, felt paper).
- New Siding Installation: This section should detail the type, brand, color, and quantity of the new siding. It should also specify the installation method (e.g., overlapping, vertical, horizontal), including details about flashing, caulking, and sealing around windows and doors. The warranty information for the siding should be included.
- Trim and Fascia Work: This should Artikel the replacement or repair of trim boards, fascia boards, and soffits. The type of material (e.g., wood, vinyl, composite) and the painting or staining should be specified.
- Cleanup and Waste Removal: This should clearly state the contractor’s responsibility for cleaning up the work area after the project’s completion and for disposing of all construction debris responsibly and legally.
- Permits and Inspections: The scope should specify whether the contractor will obtain the necessary permits and schedule inspections with local authorities. If not, this should be clearly stated, along with the client’s responsibility in obtaining and scheduling these elements.
Detailed Descriptions of Materials and Labor
Accurate descriptions of materials and labor are paramount for avoiding cost overruns and disputes. Ambiguous descriptions can lead to disagreements about what’s included in the contract.
For example, instead of simply stating “siding installation,” the scope should specify: “Installation of 1,000 square feet of CertainTeed Cedar Impressions vinyl siding, color: Claystone, using manufacturer-recommended installation techniques, including all necessary flashing, caulking, and sealant.” Similarly, labor descriptions should detail the number of hours estimated for each task, the hourly rate, and any additional charges for overtime or unexpected work.
Identifying Discrepancies and Omissions
Comparing multiple estimates is crucial for identifying discrepancies and omissions. Pay close attention to the level of detail in each scope of work. A contractor who provides a vague or incomplete scope of work may be trying to hide additional costs or cut corners.
For example, one contractor might include “all necessary materials” while another lists each material with its quantity and brand. The latter is significantly more transparent and trustworthy. Similarly, discrepancies in the description of labor (e.g., one contractor specifies the number of workers and their hourly rates, while another doesn’t) should raise red flags. Look for inconsistencies in the estimated timeline, as well. Large differences between estimated project durations could indicate variations in the scope of work. Always prioritize clarity and detail when comparing proposals.
Evaluating Warranty and Guarantees
Choosing new siding is a significant investment, and understanding the warranties and guarantees offered is crucial for protecting that investment. Warranties and guarantees provide crucial assurances regarding the quality of materials and workmanship, safeguarding you against potential defects or premature failure. They offer peace of mind and can significantly impact the long-term value of your siding project.
Warranties and guarantees offered by siding manufacturers and contractors differ in scope and duration. A clear understanding of these differences is essential to make an informed decision. The details of these protections are often complex, requiring careful examination of the fine print to fully appreciate the coverage provided.
Types of Siding Warranties
Several types of warranties commonly accompany siding installations. Understanding these distinctions is key to comparing offers from different contractors and manufacturers. A comprehensive warranty package typically includes coverage for materials, labor, and workmanship, though the specifics vary.
- Material Warranty: This warranty covers defects in the siding materials themselves, such as cracking, fading, or rotting, usually offered by the siding manufacturer. The duration of this warranty can range from several years to a lifetime, depending on the material and manufacturer. For example, a high-end vinyl siding manufacturer might offer a 50-year warranty against fading and cracking, while a less expensive option might only provide a 20-year warranty.
- Labor Warranty: This warranty covers the installation work performed by the contractor. It typically addresses issues resulting from improper installation, such as leaks or premature failure due to faulty workmanship. The duration of labor warranties varies significantly between contractors, ranging from 1 to 5 years, or even longer in some cases.
- Workmanship Warranty: This warranty, also provided by the contractor, often overlaps with the labor warranty but focuses specifically on the quality of the installation itself. It might cover issues such as improper flashing, nail pops, or gaps in the siding that lead to problems down the line. A strong workmanship warranty reflects a contractor’s confidence in their skills and commitment to quality.
Key Aspects of Warranty Review
Carefully reviewing warranty documentation is paramount to ensure you understand the extent of the protection offered. Several key aspects should be thoroughly examined.
- Warranty Duration: Note the length of time each warranty covers, distinguishing between material and labor/workmanship warranties. Pay attention to any limitations on the warranty period.
- Coverage Details: Thoroughly understand what is and isn’t covered by each warranty. Look for exclusions or limitations, such as damage caused by extreme weather events or improper maintenance.
- Transferability: Determine if the warranty is transferable to a future homeowner if you sell your house. A transferable warranty increases the value of your home.
- Claim Process: Understand the steps involved in filing a warranty claim, including required documentation and the process for obtaining repairs or replacements. Look for contact information and clear instructions.
- Limitations and Exclusions: Pay close attention to any limitations or exclusions stated in the warranty document. These often specify conditions under which the warranty will not apply, such as damage caused by acts of God or improper maintenance.
Payment Schedules and Financing Options
Choosing the right payment schedule and financing option is crucial for managing the costs associated with siding replacement. Understanding the various options available will help homeowners make informed decisions that align with their budget and financial goals. This section will Artikel common payment schedules and explore the advantages and disadvantages of different financing methods.
Common Payment Schedules for Siding Replacement
Siding replacement projects typically involve phased payments, rather than a single lump sum. This approach helps manage cash flow for both the homeowner and the contractor. The specific schedule is usually Artikeld in the contract and can be adjusted based on the project’s progress and the homeowner’s preferences.
Here are some examples of common payment schedules:
- Down Payment + Progress Payments: A common approach involves a significant down payment (e.g., 25-50%) upfront, followed by several progress payments (e.g., 25% at key milestones like material delivery, completion of framing, and final installation). The final payment is made upon project completion and satisfactory inspection.
- Equal Installments: Some contractors may offer equal installments spread over a set period, for example, monthly payments over six months. This provides a more predictable budgeting structure for the homeowner.
- Milestone-Based Payments: Payments are tied directly to the completion of specific project milestones, such as the removal of old siding, installation of new underlayment, and installation of the new siding. This approach ensures that payments are released only after verifiable progress has been made.
Financing Options for Siding Replacement
Several financing options are available to homeowners who need assistance covering the costs of siding replacement. These options range from home equity loans to unsecured personal loans. Understanding the terms and conditions of each option is essential to avoid unforeseen financial burdens.
Here are some examples of financing options and their associated advantages and disadvantages:
- Home Equity Loan: This involves borrowing against the equity in your home. Advantages include potentially lower interest rates than other loans. Disadvantages include the risk of foreclosure if payments are not made, and the need to have sufficient equity in your home.
- Home Equity Line of Credit (HELOC): Similar to a home equity loan, but provides access to funds as needed, up to a pre-approved limit. Advantages include flexibility in accessing funds. Disadvantages are similar to home equity loans, including potential foreclosure and the need for sufficient equity.
- Personal Loan: An unsecured loan not tied to your home’s value. Advantages include no risk to your home. Disadvantages include potentially higher interest rates than secured loans, and the loan amount may be limited.
- Contractor Financing: Some contractors offer in-house financing options. Advantages include potentially streamlined application process. Disadvantages include interest rates that may be higher than other options and limited flexibility.
Potential Financing Costs and Repayment Terms
The following table illustrates potential financing costs and repayment terms. These are examples and actual costs will vary depending on the lender, credit score, loan amount, and interest rate.
Financing Option | Loan Amount | Interest Rate (APR) | Monthly Payment (approx.) |
---|---|---|---|
Home Equity Loan | $10,000 | 6% | $193.33 |
HELOC | $10,000 | 7% | $198.03 |
Personal Loan | $10,000 | 10% | $212.47 |
Contractor Financing | $10,000 | 12% | $222.44 |
Note: These are simplified examples. Actual monthly payments will vary based on loan term (e.g., 36 months, 60 months, etc.). Consult with a financial professional for personalized advice.
Permitting and Legal Requirements
Obtaining the necessary permits for your siding replacement project is a crucial step that ensures compliance with local building codes and regulations. Failure to do so can result in significant legal and financial repercussions. This section will Artikel the permitting process and highlight the potential consequences of neglecting these legal requirements.
The process of obtaining building permits typically involves submitting a detailed application to your local government’s building department. This application usually requires detailed plans of the proposed siding replacement, including specifications of the materials to be used, and often requires a site visit by a building inspector. The review process can take several days or even weeks, depending on the complexity of the project and the workload of the building department. After review and approval, you will receive the necessary permits allowing you to commence work. It is vital to keep copies of all permits and related documentation throughout the project.
Permit Requirements and Associated Costs
Permit requirements vary widely depending on location, the scope of the project, and the type of siding being installed. Common requirements include demonstrating compliance with local building codes regarding fire safety, energy efficiency, and structural integrity. For instance, some areas may require specific types of fire-retardant siding in areas prone to wildfires. Others may have stringent requirements regarding insulation and the overall energy efficiency of the exterior wall system. The cost of permits also varies greatly, typically ranging from a few hundred dollars to several thousand dollars depending on the size and complexity of the project and local regulations. For example, a small siding repair project might only require a minor permit costing around $100, while a full-house siding replacement could necessitate a more extensive permit costing upwards of $500 or more, potentially including additional fees for inspections. In some jurisdictions, additional fees may be associated with plan review or inspections.
Legal Implications of Not Obtaining Permits
Undertaking a siding replacement project without the proper permits can lead to several serious legal consequences. These can include hefty fines, stop-work orders halting the project until permits are obtained, and even legal action requiring the removal of the improperly installed siding. Furthermore, if a problem arises later, such as structural damage or safety hazards related to the siding, the lack of permits can severely complicate insurance claims. The homeowner could bear the full cost of repairs or face legal liability for any damages caused by the unpermitted work. In some instances, the homeowner may be required to bring the work into compliance with local codes, even if it means removing and reinstalling the siding correctly. This can significantly increase the overall cost of the project and cause considerable inconvenience. In extreme cases, the homeowner may even face legal action from neighbors or other affected parties.
Timeline and Project Management
Replacing your siding is a significant home improvement project, and understanding the timeline is crucial for planning and managing expectations. The duration of the project depends on several interacting factors, and a realistic timeline ensures a smooth and efficient process. This section details the typical timeframe and factors influencing it.
The typical timeframe for a complete siding replacement project ranges from one to several weeks. Smaller projects, involving only a section of the house, may be completed within a week, while larger homes or those requiring extensive repairs before siding installation might take several weeks, or even a month or more.
Factors Influencing Project Timeline
Several factors significantly impact the project’s duration. Accurate estimation requires considering these variables. Unexpected delays can arise, so flexibility in scheduling is advisable.
- Weather Conditions: Inclement weather, such as heavy rain, snow, or extreme heat, can significantly delay the project. Exterior work is often weather-dependent, and contractors may need to reschedule workdays based on forecasts. For example, applying siding in heavy rain would be impossible, leading to project delays.
- Material Availability: Delays can occur if the chosen siding material is not readily available. Supply chain issues or unexpected high demand can extend lead times for material delivery. Choosing a less common siding type might increase the wait time for materials.
- Size and Complexity of the House: Larger homes with intricate architectural details or multiple stories naturally require more time to complete the siding replacement. A simple, single-story house will have a shorter timeline compared to a large Victorian home with numerous gables and dormers.
- Extent of Necessary Repairs: If the existing siding reveals underlying issues like rotted wood or damaged sheathing, repairs must be completed before new siding can be installed. These unforeseen repairs can substantially add to the overall project duration. For instance, discovering extensive water damage requiring extensive repairs to the underlying structure will add weeks to the project.
- Contractor’s Workload and Availability: A busy contractor may have a backlog of projects, leading to longer wait times before the work begins. Securing a contractor well in advance is recommended to avoid scheduling conflicts.
- Permitting Process: Obtaining necessary building permits can sometimes take time, depending on local regulations and processing speed. Delays in permit approvals will directly affect the project start date.
Sample Project Timeline
This is a sample timeline; your specific project timeline will vary based on the factors discussed above. It’s crucial to work closely with your contractor to establish a realistic schedule.
Phase | Milestone | Duration (Days) |
---|---|---|
Project Initiation | Contract signing and material ordering | 3-5 |
Preparation | Site preparation, demolition of old siding, necessary repairs | 5-10 |
Installation | Siding installation | 7-14 |
Cleanup and Final Inspection | Site cleanup, final inspection, and project sign-off | 2-3 |
Maintenance and Long-Term Costs
Investing in new siding is a significant home improvement project, and understanding the long-term maintenance and associated costs is crucial for responsible budgeting and planning. While initial costs are a primary concern, the ongoing maintenance requirements and potential repair expenses significantly impact the overall value and lifespan of your siding investment. This section details the long-term maintenance needs for various siding materials and offers strategies for preventative maintenance to maximize your investment.
The long-term maintenance needs and associated costs vary considerably depending on the type of siding chosen. Understanding these differences is essential for making an informed decision. Certain siding materials require minimal upkeep, while others necessitate more frequent and potentially costly maintenance. Ignoring these maintenance needs can lead to premature deterioration, costly repairs, and even the need for premature replacement.
Long-Term Maintenance Requirements for Different Siding Types
Different siding materials have varying maintenance needs. Vinyl siding, for instance, is generally low-maintenance, requiring only occasional cleaning with soap and water to remove dirt and debris. However, more substantial damage, such as cracks or holes, might necessitate professional repair or replacement of individual panels. Wood siding, on the other hand, demands more significant maintenance. Regular painting or staining is essential to protect it from the elements and prevent rot and insect infestation. This involves periodic cleaning, scraping, and applying new coats of paint or stain, a process that can be both time-consuming and expensive. Fiber cement siding offers a good balance, requiring less maintenance than wood but more than vinyl. It generally needs periodic cleaning and occasional repainting or staining, depending on the finish and exposure to the elements. Metal siding, particularly aluminum or steel, is extremely durable and requires minimal maintenance, primarily consisting of occasional cleaning to remove dirt and debris. However, dents or scratches may require professional repair.
Potential Costs Associated with Future Repairs and Maintenance
The cost of future repairs and maintenance is difficult to predict precisely, as it depends on various factors, including the type of siding, the climate, the severity of weather events, and the level of maintenance performed. However, budgeting for these costs is crucial. For vinyl siding, minor repairs might involve replacing a damaged panel, costing anywhere from $50 to $200 per panel, depending on labor and material costs. Major repairs or replacements could be significantly more expensive. Wood siding maintenance can be costly, with regular painting or staining adding up over time. The cost of labor and materials for painting or staining will depend on the size of the house and the number of coats required. Repairing rotted wood can be even more expensive, potentially requiring extensive repairs or even partial siding replacement. Fiber cement siding typically requires less frequent maintenance than wood, but repainting or staining can still incur significant costs. Metal siding typically requires the least maintenance, with repair costs primarily associated with damage from impact or severe weather.
Preventative Maintenance Strategies
Regular preventative maintenance is crucial to extend the lifespan of any type of siding. For all siding types, regular cleaning is essential. This involves washing the siding with a mild detergent and water to remove dirt, debris, and mildew. For wood siding, annual inspections are recommended to identify and address any signs of rot, insect infestation, or damage early on. Promptly addressing minor issues can prevent them from becoming major, and costly, problems. Regular painting or staining of wood siding, as recommended by the manufacturer, is essential for protection from the elements. For vinyl siding, regularly checking for cracks, holes, or loose panels is important. Promptly repairing or replacing damaged panels can prevent further damage. For fiber cement siding, cleaning and occasional repainting or staining will help maintain its appearance and protect it from the elements. For metal siding, regular cleaning and prompt attention to any dents or scratches can help maintain its appearance and prevent further damage. By implementing a proactive maintenance plan, homeowners can significantly extend the lifespan of their siding and reduce long-term costs.
Frequently Asked Questions
What is the average cost of siding replacement?
The average cost varies greatly depending on factors like siding material, house size, and regional labor rates. Expect a wide range, from several thousand to tens of thousands of dollars.
How long does a siding replacement project typically take?
Project timelines depend on factors like the size of the house, weather conditions, and material availability. Expect anywhere from a few days to several weeks.
Do I need a permit for siding replacement?
Permitting requirements vary by location. Check with your local building department to determine if a permit is necessary for your project.
What should I look for in a reputable siding contractor?
Look for licensed, insured contractors with positive reviews and a proven track record. Request references and verify their licensing and insurance.
How can I finance my siding replacement project?
Financing options include home equity loans, personal loans, and contractor financing programs. Compare interest rates and repayment terms before making a decision.