Comments on: How To Pay For Home Improvements

By: green

green — Thu, 12 Jul 2007 10:27:06 +0000

I don’t like debts too, but sometimes it could hurt, and we need changes on home.

By: Mark Andersen

Mark Andersen — Tue, 10 Jul 2007 12:44:37 +0000

Thank you!

By: mnc

mnc — Tue, 10 Jul 2007 05:21:41 +0000

It should be updated now Mark.

By: Mark Andersen

Mark Andersen — Tue, 10 Jul 2007 04:33:19 +0000

on the right would it be possible to change to my new domain, http://www.financingyourfamily.com?

By: mnc

mnc — Mon, 09 Jul 2007 19:42:44 +0000

Yeah, I’ve had similar feelings about using home equity. I would be more open to a HELOC for something like finishing the basement but it just doesn’t seem like a fit for these other improvements.

By: Mark Andersen

Mark Andersen — Mon, 09 Jul 2007 14:12:11 +0000

It would make more sense to use the home equity to expand the house since more square footage tends to mean a higher selling price, but since the changes are mostly cosmetic, I would wait until we had saved the money.

My wife would hear “new furniture” and we’d go $1000 in debt, rather I say “new furniture fund” and she’ll start saving some cash.

By: mnc

mnc — Mon, 09 Jul 2007 04:48:40 +0000

Thanks for your feedback. I’d have to say that none of these projects are a necessity so I know what you mean about waiting.

Right now I have essentially eliminated any option that would require me to pay even one penny of interest.

By: Super Saver

Super Saver — Mon, 09 Jul 2007 03:47:56 +0000

MNC,

This is how I would personally do it. If the project is for a necessity, I would borrow. Examples would a furnace or AC repair or replacment, or a leaking roof. For discretionary items I would wait until I saved enough. Example, new furnishings.

For reference, I am a big fan of “no debt.” So take may approach with a grain of salt