Anonymous
Post 05/22/2018 17:56     Subject: how do most people pay for a renovation?
Construction loan for most of a 500K renovation, paid 10% in cash. Refinanced into a single mortgage at the end.
Anonymous
Post 05/21/2018 21:18     Subject: Re:how do most people pay for a renovation?
Savings - except for my mortgage we don't take on any debt.
Anonymous
Post 05/21/2018 21:06     Subject: how do most people pay for a renovation?
Private dancing.
Anonymous
Post 05/21/2018 21:02     Subject: how do most people pay for a renovation?
Did a low interest personal loan 3.9% and cash.
Anonymous
Post 05/21/2018 17:02     Subject: how do most people pay for a renovation?
Some cash and sweat equity. Just finished re-drywalling and tiling the basement after some water damage. My dad has been a pro for 45 years so we can do a professional job (better than most professionals). Total cost was still about $2k for 400 sq. ft. Sure looks good though!

If we hired it out it would easily have been $10k.

I change things as we have the spare time and money. I also can live with an older kids’ bathroom, kitchen colors I wouldn’t have picked, etc. I can also refinish the hardwood floors when they wear which keeps things looking newer than they are.
Anonymous
Post 05/21/2018 16:35     Subject: Re:how do most people pay for a renovation?
Some cash. The rest we refinanced our mortgage to take out the cash we needed and at the same time lowered our interest rate.
Anonymous
Post 05/21/2018 16:30     Subject: how do most people pay for a renovation?
HELOC for 70K, plus 0% balance transfer, 35K for 18 mo from Discover (on a no fee special offer). We pay the credit card a fixed monthly amount so it will be paid off before the rate expires. We have the income but not the lump sum savings and opted not to wait, and don’t have enough equity to pay for it all with HELOC. We also have 25K in short term savings accessible in case costs go over, to me it made more sense to use HELOC first and keep the savings available. Balance transfer option works for us because we can pay it off in time, this is how we buy our cars too.
Anonymous
Post 05/18/2018 14:49     Subject: Re:how do most people pay for a renovation?
HELOC for 150K reno/addition (redid the entire second floor but only added a few hundred square feet).
Anonymous
Post 05/18/2018 14:40     Subject: how do most people pay for a renovation?
Construction loan for 350k reno.
Anonymous
Post 05/18/2018 14:37     Subject: Re:how do most people pay for a renovation?
Spend what you have, save up sand pay cash.
Anonymous
Post 05/18/2018 07:37     Subject: Re:how do most people pay for a renovation?
We do a room at a time, cash. If we were gutting the place or adding a second story, I could see getting a loan.
Anonymous
Post 05/18/2018 07:29     Subject: how do most people pay for a renovation?
2 story addition, gutted kitchen, added a full bath and gutted 2 others.
Anonymous
Post 05/17/2018 23:16     Subject: how do most people pay for a renovation?
For the $250k/350K+ are these for additions, or just renovations? That is a lot of renovating! That is a lot of work.
Anonymous
Post 05/17/2018 20:12     Subject: how do most people pay for a renovation?
$350,000, HELOC
Anonymous
Post 05/17/2018 19:27     Subject: Re:how do most people pay for a renovation?
Cash.