Dave, what is the best way to finance a $180k remodel??
First I appreciate all of the generous time and energy you spend on this forum answering questions like mine. Thank you.
We just received bid from contractor. Amount stated above. We have no credit card debt and have 8 years left on a 15 year home loan (we owe $160k). Our mortgate runs about $1800/month. We have a car payment of $600; normal utility bills; and money taken out for our retirement and childrens' college funds.
We are wondering what would be the best way to pay for our extensive remodel? My husband has stock that we're planning to sell when it gets to $50 and will be worth about $70,000 take home. Until that happens, we can't sell and must assume we'll need to finance the entire amount.
SO, should we go with a home equity line of credit our refinance? I hate to put our hopes on the stock but feel it will eventually get to the amount we need in order to sell. Also, we cannot rely on end of the year bonuses in this present economy. Last year my husband received his entire year's salary as a bonus but we're pretty much guaranteed that won't happen this year. He's hoping that might change year from now but, again, that's not a sure thing.
So, thanks for any advice you can offer.