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Finishing a camp house
Posted on 6/23/23 at 3:50 pm
Posted on 6/23/23 at 3:50 pm
I'm about 75-80% done with our little shack in the woods. For the purposes of this exercise, just assume my estimate of another 20,000 in materials and labor is accurate. We are completing almost all of the remaining work on our own.
I've got 2 options.
I can cash flow probably 2-3K per month into the project. It won't make me broke, but in theory it stretches out the timeline and it absolutely does eat up my discretionary fun money stuff.
OR
I can get on the interwebs with my friends at lightstream and get a 20K loan for 3 years @ 7.99. I could theoretically buy everything I needed right now, and pay 627/month for 3 years. Ends up costing me about 2,500 to have all funds right now and keep my monthly discretionary protected.
Thoughts?
I've got 2 options.
I can cash flow probably 2-3K per month into the project. It won't make me broke, but in theory it stretches out the timeline and it absolutely does eat up my discretionary fun money stuff.
OR
I can get on the interwebs with my friends at lightstream and get a 20K loan for 3 years @ 7.99. I could theoretically buy everything I needed right now, and pay 627/month for 3 years. Ends up costing me about 2,500 to have all funds right now and keep my monthly discretionary protected.
Thoughts?
1
Posted on 6/23/23 at 3:59 pm to AUjim
IMO, having a completed camp that you can retreat to and relax at is worth the extra $2500 over 3 years. It’s not a crazy sum of money.
The next guy will tell you to suck it up and save for 8 months and finish it with no debt. It’s really your personal situation that will dictate your decision.
The next guy will tell you to suck it up and save for 8 months and finish it with no debt. It’s really your personal situation that will dictate your decision.
Posted on 6/23/23 at 5:24 pm to Merica
I agree.
$800/yr doesn't seem unreasonable to be done for R&R.
Obviously the cabin cost on top of that. But it is sunk cost at this point.
$800/yr doesn't seem unreasonable to be done for R&R.
Obviously the cabin cost on top of that. But it is sunk cost at this point.
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