How are you paying for home renovations?

Arizax2

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For those that has done this which is the best way to go? My roof just hit 20 years this year but Im thinking I can wait another 2 years before pulling the trigger because I want to replace the floors on my house (2,300 sft). Not sure what the labor cost is but I'm guess with flooring ($3sqrft) and labor roughly $25k idk yet just a guess)

What's the best way to do it? Homedepot and Lowe's has a card interest free financing for 6 months but it's looking like 8% base interest afterwards which doesn't sound good. My credit score is just above 800 so I'm thinking a loan might be cheaper. Not sure how long the terms are normally. I'm trying to figure out everything and would like to hear what you guys have done.

On a side note how much do you think it would be to replace my roof 2,300 square feet.
 

OfTheCross

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Keeping my overhead low, and my understand high
For those that has done this which is the best way to go? My roof just hit 20 years this year but Im thinking I can wait another 2 years before pulling the trigger because I want to replace the floors on my house (2,300 sft). Not sure what the labor cost is but I'm guess with flooring ($3sqrft) and labor roughly $25k idk yet just a guess)

What's the best way to do it? Homedepot and Lowe's has a card interest free financing for 6 months but it's looking like 8% base interest afterwards which doesn't sound good. My credit score is just above 800 so I'm thinking a loan might be cheaper. Not sure how long the terms are normally. I'm trying to figure out everything and would like to hear what you guys have done.

On a side note how much do you think it would be to replace my roof 2,300 square feet.

HELOC
 

dora_da_destroyer

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I'm a bit hesitant with that seeing how if shyt hits the fan I can lose the house if u don't pay it back. I don't anticipate that but I know it would be in the back of my mind.
Breh, most HELOC’s have a 10-20 yr repayment timeframe, you only talking a $25k loan…is ~200/month more on your mortgage gonna kill you? If so, then you need to start saving cash and pay most of the renovation that way, those are really the only two economical ways to do a renovation, or bank of mom and dad…credit cards and personal loans gonna cost way more
 
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1thouwow

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Cash, credit card, or loan. I’m good on doing refinancing just for renovations :hubie:
 
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For those that has done this which is the best way to go? My roof just hit 20 years this year but Im thinking I can wait another 2 years before pulling the trigger because I want to replace the floors on my house (2,300 sft). Not sure what the labor cost is but I'm guess with flooring ($3sqrft) and labor roughly $25k idk yet just a guess)

What's the best way to do it? Homedepot and Lowe's has a card interest free financing for 6 months but it's looking like 8% base interest afterwards which doesn't sound good. My credit score is just above 800 so I'm thinking a loan might be cheaper. Not sure how long the terms are normally. I'm trying to figure out everything and would like to hear what you guys have done.

On a side note how much do you think it would be to replace my roof 2,300 square feet.
I'm not in the game yet but I know there are local organizations and governments that give grants to renovate homes to help relivatize the area. Just a suggestion.
 

Booker Carver

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We did a cash out refi early 2021 to redo our master bathroom. Spent $35k on it.

I would suggest a HELOC like someone else said. Better terms. I have one. It amortizes over 15 years. As long as you have enough equity in your home. Definitely worth it.
 

Orange cream shake

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If you go the lowes route, for 25k, the interest free should be at least 24 months. Also the offer promotions where if you use their contractors, they will give you 30% off the labor.
 

Jcotton1

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Straight cash homie. Paying now updating the rental so when gentrification is in full swing I can command the price. Making it modern Crate and Barrel out.
 
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