how do most people pay for a renovation?

HELOC for 70K, plus 0% balance transfer, 35K for 18 mo from Discover (on a no fee special offer). We pay the credit card a fixed monthly amount so it will be paid off before the rate expires. We have the income but not the lump sum savings and opted not to wait, and don’t have enough equity to pay for it all with HELOC. We also have 25K in short term savings accessible in case costs go over, to me it made more sense to use HELOC first and keep the savings available. Balance transfer option works for us because we can pay it off in time, this is how we buy our cars too.

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05/21/2018 16:35

Subject: Re:how do most people pay for a renovation?

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Anonymous

Some cash. The rest we refinanced our mortgage to take out the cash we needed and at the same time lowered our interest rate.

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05/21/2018 17:02

Subject: how do most people pay for a renovation?

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Anonymous

Some cash and sweat equity. Just finished re-drywalling and tiling the basement after some water damage. My dad has been a pro for 45 years so we can do a professional job (better than most professionals). Total cost was still about $2k for 400 sq. ft. Sure looks good though!

If we hired it out it would easily have been $10k.

I change things as we have the spare time and money. I also can live with an older kids’ bathroom, kitchen colors I wouldn’t have picked, etc. I can also refinish the hardwood floors when they wear which keeps things looking newer than they are.

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05/21/2018 21:02

Subject: how do most people pay for a renovation?

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Anonymous

Did a low interest personal loan 3.9% and cash.

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05/21/2018 21:06

Subject: how do most people pay for a renovation?

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Anonymous

Private dancing.