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should i use cash for a house remodeling project or should i use an equity line? advantages vs. disadvantages?

Public Comments

  1. Cash. You only want to incur debt (which a home equity line is) as a last resort. Anytime you take on new debt, you have the possibility of not being able to pay for it. Not to mention the fact that with the home equity line, you would be paying interest on the debt that you would not pay with cash.
  2. Cash is best. No reason to pay interest on a loan unless u absolutely need too.
  3. I agree cash. If you offer to pay the contractor cash he may lower his price
  4. If you use a home equity line, you are just adding 7-8% to the cost of your project. Why would you do that if you didn't have to?
  5. I'd use equity line, you can claim it on your taxes. So reep the benefits. Keep the cash for something else. P.S. never pay cash to a contractor. You always need something to trace.