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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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paying for home improvement projects?
We are looking to do some home improvement projects this year and could use about $50k to complete them. How do people pay for these improvements? We talked to two banks today about home equity loans but they only allow for 85% of the mortgage to be borrowed against and that would not give us enough "cash out" to do the projects. So basically even though we have $80k in equity - we can only cash out $25K.
Any other options people have used for house projects?
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Posted 12/11/17 4:23 PM  |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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paying for home improvement projects?
Savings, credit card, personal loan. We have put off projects because we needed to save more.
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| Posted 12/11/17 6:36 PM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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paying for home improvement projects?
Some construction companies offer financing too. I feel like most people either finance, pay cash, use credit cards or some comments or all three.
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| Posted 12/11/17 6:39 PM |
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paying for home improvement projects?
Cash. I don’t use credit cards and don’t take on loans/debt. We have a credit card 10k limit for emergencies. Other than that, we save. I have enough student loan debt and don’t want to add to the debt we already have. We keep ourselves credit card debt free and are trying to pay off as fast as we can for everything else but it’s so hard. Some months my home account only gets $100 and if that’s the case so be it. I would love a new kitchen. My kitchen is literally from 1959 but I just don’t have that kind of money right now
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| Posted 12/11/17 9:23 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19457 total posts
Name:
L
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Re: paying for home improvement projects?
Save for them first and wait until you have the money to pay for it. I would not finance a home improvement project because I don't like taking on debt for wants.
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| Posted 12/11/17 9:50 PM |
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LuckyStar
LIF Adult
Member since 7/14 7273 total posts
Name:
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paying for home improvement projects?
We would need to take out a loan. We don't have $50k lying around to spend in one shot.
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| Posted 12/11/17 9:57 PM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: paying for home improvement projects?
The biggest project we did (so far) cost about $20k and we paid for about $15 of that with cash. The rest was financed through Home Depot for materials. We try and save up $ for our projects because it’s easier To negotiate with it. But for something that big, most people I know finance direct from company doing the work or take home equity line of credit
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| Posted 12/11/17 10:45 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: paying for home improvement projects?
Posted by TwinMommyToBoys
Cash. I don’t use credit cards and don’t take on loans/debt. We have a credit card 10k limit for emergencies. Other than that, we save. I have enough student loan debt and don’t want to add to the debt we already have. We keep ourselves credit card debt free and are trying to pay off as fast as we can for everything else but it’s so hard. Some months my home account only gets $100 and if that’s the case so be it. I would love a new kitchen. My kitchen is literally from 1959 but I just don’t have that kind of money right now
This. I would save for it, or wait until your home equity is larger so you can get a bigger HELOC.
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| Posted 12/12/17 7:59 AM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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paying for home improvement projects?
my contractor offers financing. either that or save up
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| Posted 12/12/17 11:05 AM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: paying for home improvement projects?
Income tax refund, bonus, save...
A lot of construction companies offer financing too.
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| Posted 12/12/17 9:00 PM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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paying for home improvement projects?
Thanks for the replies! We have some money saved but at this point if we wait until we save $50,000 more - we will never get these things done. We can afford a finance or loan payment so I will look into those!
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| Posted 12/13/17 10:17 AM |
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