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Reply to "What is the smartest way to pay for a home remodeling project?"
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[quote=Anonymous]We did both - used a lot of cash but also used a HELOC which we are paying off over about 3 years. Almost done with it in fact. We had more cash but didn't want to have all our cash tied up in a largely non-liquid asset so we kept a pretty big cushion. We have paid the HELOC off quickly enough that the interest cost (which was low) wasn't too much and it forced us to budget to pay off the HELOC out of cash flow. We had $150k in the HELOC and paid anywhere from $2-10k per month to pay it down. [/quote]
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