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Forum
-> Household Management
-> Finances
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amother
OP
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 Tue, Nov 07 2023, 7:52 pm
If I want to do renovations on my home and I don't have cash for it right now. What are my choices and which is the best way to go?
- save up money which will take us some years and with inflation and rising costs and who knows what else is it smart to wait?
- take out some kind of loan on our home? Or a construction loan? How much would be paying interest in these - would it be equal to the inflation of saving up the money?
Details: home is worth 1.1 officially (how to find out it's real worth?). We owe $230k on it. Mortgage rate 2.98%. we paid off $445k already.
My husband hates taking out loans, I'm hoping to convince him.
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amother
Impatiens
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Tue, Nov 07 2023, 8:10 pm
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I don’t think there is a one best way . Personally I don’t either like taking loans.
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Arep
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Tue, Nov 07 2023, 9:48 pm
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Take a home equity. That way you retain your current low rate, which refinancing won't do for you, and you'll only pay interest on the amount you have drawn.
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amother
Lightblue
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Wed, Nov 08 2023, 8:51 am
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Home equity is up to I think 50k
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