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Home Improvement
Home Improvement ideas, help, DIYs, and show room. Got a home improvement project you need help with or want to share. Post your project now!

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Old 09-27-2012, 10:03 AM   #1
shwagon
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Loans For Big Projects (e.g. Detached Garage)

What kind of loans have you guys used for larger home projects? Im wanting to build a detached garage, and trying to get some ideas on how to finance it?
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Old 09-27-2012, 10:15 AM   #2
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Haven't done it myself but a Home Equity LOC is about all I can think of.
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Old 09-27-2012, 11:14 AM   #3
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Used a HELOC
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Old 09-27-2012, 11:17 AM   #4
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save up until you can afford it?
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Old 09-27-2012, 11:20 AM   #5
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save up until you can afford it?
You purchase every single thing in your life in cash? No credit cards, debt, car loans, mortgages, etc?

You are 100% liquid and 0% debt?

Yea..... awesome post

People can "afford" things and not pay in full
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I agree with JonJon.

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Old 09-27-2012, 11:22 AM   #6
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You purchase every single thing in your life in cash? No credit cards, debt, car loans, mortgages, etc?

You are 100% liquid and 0% debt?

Yea..... awesome post
I've paid for my school in cash/scholarships, paid for all of my cars in cash, this is how my parents do things and how I plan to do things.

I don't have everything in the world, and my life is not overly lavish, since I don't buy things off of credit.

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Old 09-27-2012, 12:12 PM   #7
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I've paid for my school in cash/scholarships, paid for all of my cars in cash, this is how my parents do things and how I plan to do things.

I don't have everything in the world, and my life is not overly lavish, since I don't buy things off of credit.
No offense, but I call complete BS
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Old 09-27-2012, 12:53 PM   #8
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The only debt I have is my house, I doubt I could qualify for a Equity line as I have only lived in it for a year. I may need to do a little more research on HELOC's.
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Old 09-27-2012, 01:52 PM   #9
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The only debt I have is my house, I doubt I could qualify for a Equity line as I have only lived in it for a year. I may need to do a little more research on HELOC's.
Talk to a mortgage broker (maybe even hit up Griffin on the forum). I wonder if you might be able to swing a loan even if you have only owned the place for a while on the basis that the detached garage would raise the value of the property. I'm certainly no expert, though.

Good luck! I'd love to build a second garage/shop on our property.
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Old 09-27-2012, 02:28 PM   #10
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You can do a cash out refi and pay for what you need, or a HELOC.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!

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Old 10-11-2012, 02:04 PM   #11
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Do it the E46 fanatics way:


Remember:

Nobody on e46 fanatics carry a balance on their credit card
Everyone on e46 fanatics paid for their M3 in cash with money they made from their paper route
Everyone on e46fanatics pays cash for their homes

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"Their" is a possessive pronoun. In a phrase like “Susan and Bill's car,” it could be used to to make a new phrase: “their car.”

”They're” is a contraction of “they are.” “They are” should always be able to replace “they're.”
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