Need Work Done on House; ISO Advice on the $$ Part

[oldtoyota]

We have a few house problems that I discovered and that need to be addresses. This will involve work that goes way beyond my skill level. If I did the work, it could cause problems so I'll need to hire someone.

The challenge is whether I want to dip into my emergency fund to pay for this work or take out some kind of a loan?

I can't believe I just said the word "loan." The only reason I would even consider it because I think the work will be expensive (in the process of getting a quote) and because we just paid to have some other needed work done on the house.

My thinking is NOT to get the loan and to dip into the emergency fund. We have no debt beyond our house, and one of our jobs is very secure and the other is pretty secure.

I realize I probably need to get the quotes before I can really make this decision...

Advice?

[gt7152b]

How time critical are the repairs? I would put off anything you can until you have the money saved up. I would also try my hand at some of the easier problems first. You may just surprise yourself and work up the confidence to tackle more.

[oldtoyota]

How time critical are the repairs? I would put off anything you can until you have the money saved up. I would also try my hand at some of the easier problems first. You may just surprise yourself and work up the confidence to tackle more.

It involves water so pretty time critical. I am having a devil of a time figuring out where the water is coming in. If I could just stop it from coming in, I'd be okay with waiting on the repairs a bit.

Thanks for the response!

[gt7152b]

You may be able to get some help from the forum if you can describe the problem in a little more detail. Is this a problem during a rain or a consistent source of water? I had a friend whose AC drain pipe was backed up and causing a leak in the attic. It could also be a leaking water pipe. If it's in the attic or crawl space this should be an easy fix. If it's in the walls it will be more work to repair the drywall but if you make the holes for access and fix the leak you can put off the drywall repair until you have the money saved for it.

[oldtoyota]

What a great idea. I am so glad I asked about it here!

I will give more details in another post and see if anyone here can help. I've gotten some good hints from an internet search. I am thinking I just have to open up the wall to see what is going on in there. I've already looked at the outside and can only see a bit of damage.

My big question will be how to open up a wall without cutting the important things inside it.

[Retired To Win]

We have a few house problems that I discovered and that need to be addresses. This will involve work that goes way beyond my skill level. If I did the work, it could cause problems so I'll need to hire someone.

The challenge is whether I want to dip into my emergency fund to pay for this work or take out some kind of a loan?

I can't believe I just said the word "loan." The only reason I would even consider it because I think the work will be expensive (in the process of getting a quote) and because we just paid to have some other needed work done on the house.

My thinking is NOT to get the loan and to dip into the emergency fund. We have no debt beyond our house, and one of our jobs is very secure and the other is pretty secure.

I realize I probably need to get the quotes before I can really make this decision...

Advice?

I think the answer is embedded right in the way you have presented the issue.

Here is the question to ask yourself:  "Does getting those house problems fixed constitute an emergency?"  If your answer is yes, then dip into the emergency fund.  If the answer is no, then find another way.  (Loans are not always all bad.  Actually, this situation is just what loans should be used for.)

[Longwaytogo]

Hi Oldtoyota. Have you posted another thread yet in Do it yourself or ask a mustachain? If so, I must of missed it. If not post one, possibly with a pic and we could see if we could give you tips. I am currently a Stay at home dad but have been contractor 15+ years. May be  able  to offer some insight.