Financing options for a new deck

africanboyJuly 14, 2014

I live in a 12-unit condo building and we just had a new roof put in. So we're going to have to start paying for the assessment next month. Since we had been putting money aside via our condo fees, the assessment will only take 3 consecutive monthly payments to complete.

However, the roofer will also build a new deck for 2 of the 12 units in the building in the fall. I own one of these 2 units.

Since I'm going to be paying for the roof assessment, I'm exploring ways to break up the payments for the deck to give me some breathing space. The roofer says that he can take a credit card.

Has anyone ever paid a contractor by a credit card? In my case the amount I would be putting on the credit card, to pay for the deck, is $4000.

Is there a better way to pay for this? Just thought it wouldn't hurt to ask.

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"Is there a better way to pay for this?"

Sure, just about any other way is better. I can't think of any way that's worse. There's probably no faster way to borrow with a higher interest rate than through an unpaid credit card balance.

Why not just wait until you have the money?

    Bookmark   July 14, 2014 at 10:51PM
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I agree with snidely.... My first thought is to build it yourself when you do have the cash.

If you have several months before the project, cut your lifestyle to the bone (disable the cable, no more eating out, how much do you spend a month on cell phones, cancel vacation, and any number of other things) and save the money. I realize sacrifice rarely trumps instant gratification these days.

Sell 'stuff' to raise some money - chances are, if you don't have a cash reserve, you have 'stuff'.

If you insist on being in debt, then go to your local credit union or bank for a small loan - at least the interest is lower. You can find calculators for credit card purchases on-line and you soon find out how much more than $4000 that deck costs because you charged it to a card. Probably more than enough for some new patio furniture.... but you'll probably put that on the same card since what kind of a dope would have a new deck without the new furniture and grill to grace it to impress your friends you'll have over to admire your new debt, I mean DECK.

Amended: I just came across this link - '12 Ways to Raise Fast Money By Next Week' and posted it below.

I thought of one way I could get $500 quickly. I have a checking account where it's free if I never let it go below $500 balance, so I always reconcile the account without the $500. I could drop that account and move it to another bank/credit union (or one of our other accounts) and use that $500.

You just have to get creative.....


Here is a link that might be useful: The Frugal Pig

This post was edited by grainlady on Tue, Jul 15, 14 at 13:40

    Bookmark   July 15, 2014 at 5:43AM
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I know I can pay it back in a 10 or 12 installments. I was thinking of paying for it via one of those credit cards that have no interest for the first 12 or 18 months.

I have a very high credit score.

    Bookmark   July 16, 2014 at 5:58PM
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No faster way than credit card?

How about payday loan? $300.00 for $20.00 ... and I don't think you can have it for over 2 weeks ... or there'll be a new fee ... plus penalty.

Those shops have been sprouting up around here like mushrooms.

I'd like to recruit some people to have a discussion, possibly ongoing from time to time, as to how to make our money work more effectively.

In the light of most folks (except the richest few percent) not having had a wage increase to amount to anything for about 10 years, and with no expectation, I suggest, of there being the prospect of a change in that scenario in the near future.

But the price of stuff keeps going up ... at about 2% per year, official rate ... but if you've visited a grocery lately, you'll probably be about to call them liars.

Problem is ... I don't know how I might be able to recruit some people who might b interested.

ole joyful

    Bookmark   August 7, 2014 at 4:13PM
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I have paid a contractor by credit answer your question.
I did it so I could reap the rewards though, and paid it on time in the next month, in full.

If you are able to open a credit card with 10K limit and no interest for 12 months, you can probably do it. But, if you open a card with 5k limit, and put 4k on it, you can watch your credit rating tank, since your debt to credit ratio on that particular card will be high (and therefore pull your rating down, by leaps and bounds).

You really don't have $4k saved up somewhere for an "emergency fund"? If you have good credit, you have it by luck only, if you don't/can't pay for this.

    Bookmark   August 13, 2014 at 8:25PM
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Most of the Zero percent credit cards charge 0% only on transferred balance. Hope you were lucky not to have one.

    Bookmark   August 13, 2014 at 11:36PM
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The "gotcha" for those enticing credit cards offer is that if you are one day late with a payment, the entire interest amount gets added in.

Seriously, if you don't have $4000 in an accessible emergency savings fund, you're only kidding yourself. Put off the repairs and save a little first.

    Bookmark   August 15, 2014 at 12:24PM
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