You're Probably Paying for Your Remodel the Wrong Way

Whether you're dealing with an expensive emergency repair like we were, or you're planning a major home renovation, the question that you'll inevitably ask is:

How am I going to pay for it?

Should you use savings? Sell investments? Borrow against your house? Or maybe take a loan from your 401(k)?

There are other options, too, but these are three of the most common ones available to people, so we're going to look at all three, and I'm going to share some of the biggest mistakes I see people make when paying for home improvements.

These different options might all seem reasonable, but they come with very different costs and risks, especially if you're getting close to retirement or you're already retired.

And the biggest takeaway I want you to remember is that how you pay for a remodel can be just as important as the renovation budget itself.