Today is a good day to reach into my virtual mailbag and pull out letters from two of my dear readers.
Dear Mary: We are homeowners with about $175,000 in equity, which we will need to buy a bigger house in the future. Our home needs some expensive improvements (new windows, updated kitchen, siding), none of which are urgent, but which will be necessary to sell. Is it better to save up each month until we can afford to pay cash for the improvements, spend from our emergency fund and repay later, or take out a home improvement loan? We hate to incur any debt or lose our equity, but I’m pretty sure that we won’t be able to save enough to pay cash. How are homeowners supposed to pay for home improvements?—Nicole L., email
