| Considering Resources |
|
It doesn’t look like Uncle Bud will come through with a blank check so how will you pay for finishing your basement. Consider your options: cash (savings, cashing out investments, pay-as-you-go, lottery winnings), consumer loans, or a new first or second mortgage. These are your primary options. Those that rent money from others have the additional cost of interest paid. Those that take assets from other investments (savings) cost the loss of interest earned. Now that you have reviewed your basement remodeling project for length of use, whether it is an investment or an expense, and approximate costs, you can make a more informed decision on whether to proceed.
|
