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Money and Finances
Reply to "renovations went completely over budget...floating expenses on a credit card now"
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[quote=Anonymous]This is a good lesson for anyone considering a major reno. Get a HELOC in place before you begin. Lenders won't write on a construction project, but they will before you start. Most HELOCs don't cost the borrower anything as long as they aren't closed within 2 years (no closing costs, and some will eat the appraisal as long as you close on the HELOC). If you don't need it, great. But it will save your bacon if you run into unexpected overruns. Also, to the OP, don't listen to the dipsh*ts weighing in with their judgment. In a major renovations stuff happens. Sometimes you realize you need to move a wall or change scope because you won't ever have the chance again. And sometimes structural or other hidden stuff happens and you have no choice but to deal with it. [/quote]
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