I took out a HELOC with Achieve last year at a 7.1% interest rate and pulled $15,000 to redo my bathroom, which I handled myself (check it out here: https://imgur.com/a/aCe2myY). Now I'm considering finishing my basement and I'm torn between doing it myself again or hiring a contractor. I've received one quote for about $70,000, which seems really high to me. Should I withdraw more from my HELOC for this project, or should I explore other financing options first? Have any of you remodeled a basement using a HELOC and experienced these kinds of costs?
3 Answers
Consider this: if you're looking at a $70k remodel, make sure it's worth it for your long-term stay in your house. You typically won’t get a dollar-for-dollar return on a basement remodel. Sometimes, doing a simpler finish can be enough without breaking the bank.
If finishing the basement isn't urgent, I suggest holding off on using the HELOC. Consider saving up the funds instead; maybe stash them in a high-yield savings account and tackle the renovation when you can afford it. Also, be sure to get multiple quotes for your basement—it helps to compare costs since we can't assess your specific situation without seeing it.
Hey, love the bathroom work—it looks fantastic! That $70k quote for the basement might seem high, but it might be reasonable depending on what you plan to do. I'd recommend reaching out to at least 3-5 contractors for quotes to gauge the market better. Plus, your 7.1% HELOC rate is quite solid right now, so it makes sense to use that for the renovation instead of seeking out new options.