Hello all,
Wanted to get some feedback on taking out a HELOC for home improvements. We are in our forever home now about 8 years and have done some small things but are in need of a kitchen update, new windows and possibly some renovations to our deck. For all other projects we have done in our house I have always paid cash but most things have been 15,000 or under. Some info on our finances all of which I feel good about.
Me and my wife both have 403B's and those combined are around 800,000 in value
We will both be getting a TRS teaching pension and we work at a great high school so when we retire in about 15 years we will each be making a large sum of money through our pension until we die.
We probably have another 200,000 in Roth IRA's
I have another 100,000 in a brokeage account thats kind of a emergency fund or maybe a future wedding fund (3 girls haha). Ideally I don't pull from here
We have 3 kids all of whom have a college fund so that gets money monthly
I feel really good about a safe future
We bought our home for 520,000 and its probably worth like 650,000 if we were to sell and have like 350,000 left on our mortgage.
I have money saved like 22,000 but I'll never be able to fully save for these projects without some sort of loan.
Can anyone give me some feedback and advice you have had with a HELOC? Does this seem manageable for our situation as it would increase our home value and also provide us with some needed upgrades that would bring more happiness.
Thinking of getting one for like $100,000? Thanks
Wanted to get some feedback on taking out a HELOC for home improvements. We are in our forever home now about 8 years and have done some small things but are in need of a kitchen update, new windows and possibly some renovations to our deck. For all other projects we have done in our house I have always paid cash but most things have been 15,000 or under. Some info on our finances all of which I feel good about.
Me and my wife both have 403B's and those combined are around 800,000 in value
We will both be getting a TRS teaching pension and we work at a great high school so when we retire in about 15 years we will each be making a large sum of money through our pension until we die.
We probably have another 200,000 in Roth IRA's
I have another 100,000 in a brokeage account thats kind of a emergency fund or maybe a future wedding fund (3 girls haha). Ideally I don't pull from here
We have 3 kids all of whom have a college fund so that gets money monthly
I feel really good about a safe future
We bought our home for 520,000 and its probably worth like 650,000 if we were to sell and have like 350,000 left on our mortgage.
I have money saved like 22,000 but I'll never be able to fully save for these projects without some sort of loan.
Can anyone give me some feedback and advice you have had with a HELOC? Does this seem manageable for our situation as it would increase our home value and also provide us with some needed upgrades that would bring more happiness.
Thinking of getting one for like $100,000? Thanks
Statistics: Posted by burjman — Thu Jan 29, 2026 12:29 pm — Replies 0 — Views 6