Home Equity Line of Credit (HELOC)
Taking a loan out on the principal of your home is possible. Be sure you understand the interest charges and repayment options and can do this within the time allotted to avoid penalties. This is likely the most expensive of the options available to you.
Bank Loan / Refinance
Refinance your existing loan. Loan rates are likely to rise soon and there is no better time. You can finance for a large amount than you are paying for it.
401K
You can borrow from your 401K; however, know the repayment timelines and terms to make sure you are able to put this money back without facing stiff penalties.
Sell Unused “Toys”
This makes every man cringe and his wife jump for joy. That ’60s Mustang that’s been in the garage that you were going to fix up for years. Perhaps it’s time to let it go and flip those dollars into something that will appreciate that you can actually use. A good rule of thumb, if you haven’t touched it in a year, then it’s time to get it on the market.
Save, Save, Save
There are a ton of ways to cut costs and save the cash to get started. Gain enough to get the foundation and the shell done and save more for the interior and exterior items. The build doesn’t need to all happen at once. You will be surprised at home inexpensively the shell can be added as a DIY managed effort.
