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  1. #1
    Join Date
    Jun 2005
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    Milwaukee, Wisconsin
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    Default Home Improvement Loans

    We just purchased our first home and want to make some upgrades/changes to the property/structure. What are our best options in terms of home improvement loans? We don't have any equity yet, so it would have to be a straight up loan. TIA.
    Yes We Did! 11/4/08

  2. #2
    Join Date
    Jun 2005
    Location
    Virginia Beach, Virginia
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    If it's strictly for home improvement, I personally would wait until there is equity built up in your house. That way you can take out either a line of credit or a lump sum against the equity and use that to make your improvements. The reason I say that is because interest on your second mortgage (if used for home improvements) is tax deductible, whereas other loan interest is not.
    ~~ Kim ~~
    You can only be young once. But you can always be immature. ~Dave Barry
    When the hell did I turn DOMESTICATED???

  3. #3
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    Jun 2005
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    Milwaukee, Wisconsin
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    Thanks, K--we could wait but I am DYING to fix our porch/patio--musn't get carried away though!
    Yes We Did! 11/4/08

  4. #4
    Join Date
    Jul 2005
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    141

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    we have equity on our home and want to know which type of loan will be better for remodeling...

  5. #5
    Join Date
    Jun 2005
    Location
    Virginia Beach, Virginia
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    Do you have an estimated range for what you want to do, like maybe $2-5k?

    A personal loan through your bank might be a good thing to look into, depending on the interest rates.

    You also might think of opening up a CC depending on your credit situation. For our wedding last year, instead of getting a personal loan we opted for a 0% introductory period CC. After 6 months it went to 9%. We figured it would take about a year to pay off the debt and it was cheaper for us in the long run to go ahead and get the CC than getting a personal loan. Plus there was only one application to fill out, not the millions that you'll need to do for a personal loan.

    I'm not very familiar with loans so this could all be wrong.
    ~~ Kim ~~
    You can only be young once. But you can always be immature. ~Dave Barry
    When the hell did I turn DOMESTICATED???

  6. #6
    Join Date
    Jul 2005
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    thanks for the info. i haven't worked out the #'s but i am guessing it'll be closer to 80K in remodeling. we want to expand the home not sure how many square footage yet and we need a new roof, rewire, plumbing, central air. so i know it's going to get pricey.

  7. #7
    Join Date
    Jun 2005
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    9,716

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    msnicolea, Is the patio the only thing you want to do? It depends on how much money you need to borrow.

    We've had to pay cash and/or get 0% interest for a year deals. If you're hiring a contractor to do the work, then that's not an option obviously. So, I guess it depends on how much work you want to do. Most people will do free estimates.

  8. #8
    Join Date
    Jul 2005
    Posts
    141

    Default

    *bump*

    as i stated earlier, hubby and i want to remodel before we have a "healthy baby". we've lived in the home for 3 years and have equity. i've read the pros and cons of a HELOC and i'm a bit scared as how to get money for a construction. any advice?

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