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Reply to "What is the smartest way to pay for a home remodeling project?"
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[quote=Anonymous][quote=Anonymous]Assuming, of course, that it is smart to remodel in the first place. If you have saved 100k for a project, is it wise to pay for the whole project in cash (not up front, obviously)? Or are you better off getting a HELOC and then paying it off that off in installments? It just seems like a lot of $ to throw at something. I'm curious to hear how others have funded their renovations.[/quote] You only take a loan when the interest rate on the loan is lower than the interest rate that you can earn on the money. Otherwise, you are paying someone money to lend you money that you already have. Most people who take out HE loans or use HELOC either do not have the money to put cash down. There are some few who have some investment vehicle that pays out more than the interest rate on the loan, but these are the significant minority.[/quote]
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