{ "media_type": "text", "post_content": "Interested in your opinions on opening up a HELOC to pay for home renovations. Need to replace the roof and siding on our primary residence. More details below:", "post_id": "6106a09de63d3a0022b205d0", "reply_count": 7, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Interested in your opinions on opening up a HELOC to pay for home renovations. Need to replace the roof and siding on our primary residence. More details below:

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We bought a fixer upper and have paid for big maintenance and improvements in all ways, Heloc, cash out refinance, cash from savings, credit cards and sweat equity. If you have the money, pay for the roof and siding with cash, those are maintenance. And there will be more to come. Home equity I’ve used for bigger expense like a new kitchen, like a low interest Heloc for 100k where you can also deduct the interest from taxes. But it it does not really matter, as EY said you’re paying for it one way or another. But I would advise against over complicating it. It’ll mentally drain you.

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Good point about not overthinking it! It’s a small house so may not be worth the hassle of trying to ‘optimize’. Thanks for the input!

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Well you are either paying cash for the roof or to pay off the heloc you used for the roof. I don’t see the difference

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You’ve got the cash. Pay for it out of pocket.

smart

Details on our situation: - HHI $325K, HCOL - Average monthly spend is about 9K, so we save a significant amount each year (>100k) - Have about 350k in home equity right now and a 15yr mortgage at 2.5% - don’t want to blow a big chunk of cash on this roof and siding so interested in HELOCs - total costs for the work will be ~20k

Have you checked with your insurance company on getting the roof covered related to any past storm damage? It’s worth checking out.

Have you also looked at getting a zero fee and zero percent interest credit card for like 15 to 18 months? You could subsidize a portion of the total costs via an interest free line of credit for 15 months.

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