Roof Repairs: Cash or Loan?

[Brook W.]

I have to re-line the box gutters in one of my properties. The best quote I got from a reliable contractor was 10k for both box gutters.

I do have the cash to cover this, but those investments are doing quite well right now and I really don't want to take the cash out. If I got a loan for 30k for improvements I would be able to do some other improvement work to help the home be more appealing-- it's in a decent neighborhood so any improvements would be a big help. The house is paid off so there is good cash flow.

I am not experienced in the ways of loans-- have just had 3 run of the mill fixed rate mortgages and haven't worked with refinancing, improvement loans, etc.. I have talked to some folks and the closing costs for improvement loans seem very high, and it will take some time to secure the money. I need to get started on the roof within the month and can't wait six weeks.

What would you do in this situation?

[Andy O.]

I'd shop around for a HELOC, and pay back with cashflow.
Then keep it open in case you have future need for cash.