As of June 2018, credit cards have an average APR of 17.01 p.c. If you run up a large balance and don’t repay it rapidly, they can be very costly. HELOCs are revolving credit lines that typically come with variable rates. That means they perform like massive credit cards — you’ll have the ability to draw cash, make funds, and draw extra, as much as your credit limit. Unlike credit cards, nonetheless, they do have predetermined phrases, often between 10 and 20 years.
Use sources like HomeAdvisor to estimate labor costs for engineers, architects, plumbers and handymen. Labor normally accounts for 20 to 35 p.c of a project’s price range. Once you know how a lot you probably can afford to spend, put aside 10 to 20 p.c of your available funds for sudden bills. Something will go incorrect or price greater than initially projected.