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Money and Finances
Reply to "HELOC or suck it up and save up??"
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[quote=Anonymous]We want to make some home improvement (re-do kitchen, add half bath), and estimates put this around $75k. We have $20k saved for this purpose so far. Should we take out a HELOC, or do we have to suck it up and save the rest? Some relevant details: Net pay: $6,000/month Mortage (PITI): $950/month Other expenses: $3000/month on average (although we could tighten this up a bit) No other debt. House value $450k / we owe $150k I'm pretty conservative, and even I think we should just go ahead and get the HELOC. But I'm curious what others think. [/quote]
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