What long term DIY financing do you recommend for long term homestead?

  8 answers
  • What do you mean by DIY financing?

    • See 1 previous
    • I am a cash and carry girl, if I can't pay cash for it, I do not do it - only exception is using a credit card for travel related expenses. But when the bill comes in, paid off instantly. Even when it comes to home improvement, I have a rough idea as to what things cost. Do research, get bids. Then I hire or do the project - as long as I can write a check for the entire project. I finance nothing other than a mortgage payment. Cars are paid for in cash too. Takes some serious budgeting but it can be done.

      Let's say you need a new roof and short on cash, open a second mortgage or line of credit to give you flexibility, but be wary of interest rates. Never get in over your head and live within your means.

      I have to budget like this as I have a bunch of pets and no family - if I go belly up, I am homeless living under the freeway in a cardboard box. Not my idea of retirement goals! No fancy meals out, no fast food, no $5 Starbucks coffee, no movies, no netflix, no mall shopping . . . 😍

  • William William on Jul 04, 2017
    As a former real estate broker I recommend a home equity line of credit loan. You only pay principal and interest on the funds you take out not the full amount. This way you can do your projects as you wish and only pay for them. A home equity loan gives you a lump sum all at once and payments are due immediately on the full amount. This kind of loan is good for someone who has a lot of high interest debt to pay off.

  • Lyn15291588 Lyn15291588 on Jul 04, 2017
    Deeping on what the projects are.

  • Rosalie Rogers Rosalie Rogers on Jul 04, 2017
    I would never ask this question except to a financial advisor!

    • Annette AJ Jones Annette AJ Jones on Jul 05, 2017
      I like to see what other people are doing. As much info as I can gather, I find to be very beneficial as opposed to just one financial advisor who may or may not be a good one.

  • Linda Sikut Linda Sikut on Jul 04, 2017
    I agree with Rosalie. You should go to a local bank and talk to them first. Some may not finance DIY projects at all, because local licenses are required. If it's a project that they will finance, you need to have all of your numbers ready. Cost of material, cost of preparation, length of time this project will take. and perhaps other questions. I've never tried to finance a DIY project, just one that was installed by professionals and I had to have their proposal with me. Good luck, I hope you can get what you need.

    • Annette AJ Jones Annette AJ Jones on Jul 05, 2017
      Thanks for the info. I am researching my options and was curious what others had done any any potential creative financing used.

  • Kmdreamer Kmdreamer on Jul 04, 2017
    home equity loan

  • Annette AJ Jones Annette AJ Jones on Jul 05, 2017
    Thanks for the info. I am going to check in to that.

  • Rosalie Rogers Rosalie Rogers on Jul 06, 2017
    How is your credit rating if you indeed have one.