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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm with your husband, unless the renovations are for health and safety. If it's "I want a new kitchen" then I'd increase family income (pick up a part time job, sell belongings we have but don't need), increase savings and specifically earmark those savings for the house fund (cut back on dinners out, jog in the neighborhood and cut the gym membership), or simply wait until our normal saving pattern allowed us to afford it.

I would rather wait 5 years or even 10 years to get my new kitchen than put my house at risk in case of job loss.[/quote]

So you don't have a mortgage?[/quote]

I have a mortgage, but we are paying it off as quickly as possible. It was cheaper for us to buy a home than rent when we were in the market for finding our own place.

We do not carry other debt. When we want to make upgrades or repairs to our home we save until we have the money. That is why even though we have tremendous equity in our home, we have not yet redone our kitchen. It would be nice to have a kitchen designed to our needs but we can certainly make do with the kitchen we have. Once our mortgage is paid off we can throw money at the kitchen fund. I suppose we could also cut back on how much extra we're paying into our mortgage and put it in a kitchen fund. But what good is a lovely kitchen if it gets taken away with the house in a case of unfortunate job loss? Much better to secure the home, first.[/quote]

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