Paying for small renovations

I’m looking to spend around 15k-25k on various renovations including A/C installation and maybe some maintenance work in the kitchen, new appliances and what not. I know many of the individual vendors offer payment plans at around 7-9% interest but I’m curious if I would do better at a bank. The value of the coop has gone way up since buying too so I’m wondering if that is an option. Any experiences with financing would be appreciated! Thank you.

8104012

in Renovation 9 years and 2 months ago

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sqhaexgkh | 9 years and 2 months ago

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Look into a HELOC and then lock your rate once the Reno is done. Cheap to open the HELOC and it has a 10 year draw period in case you want to do more later the funding will be there. Can open the line of credit for more than you need and not use it all- doesn’t cost anything until you borrow from it.

carmenf | 9 years and 2 months ago

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Depending on your credit/income and when you plan to pay everything back, a 0% APR credit card might get you most of the way there. We are using them to buy our finishes to keep extra liquid, and they’re both 0% for 24 months. Obv you have to stay on it to make sure you don’t pay late and get hit with a universal default clause penalty or something but if you’re responsible with credit cards it may be the best course of action for that amount of money.

xchx | 9 years and 2 months ago

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You could take out a loan from Lending Club or Prosper – there are lots of websites offering loans like that at rates around 10%. Or open a credit card with a 0% promotional rate. Refi can be a big hassle-only worth it if you’ll save a lot of money.

daveinbedstuy | 9 years and 2 months ago

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It won’t hurt to look into a refi. Rates are almost back to the lows of 2011/12\. I used Quicken through Schwab back then. You should chat with a mortgage broker like Adam Dahill who sdvertises here and has got a lot of recommendations here. A refi will get you much cheaper money.