P
PBLA
Guest
My wife and I built and moved into a new home about 3 yrs ago. Six months ago we refinanced to get a lower rate of 4.68 for 30yrs. We would some day like either a pool or outdoor kitchen or both. Locally what is referred to as an outdoor kitchen is more of a pool house or detached mother-in-law suite. We've opened an acct and have been saving money specifically for this. Paying 100% cash would be a stretch. My concern is I'll save half or more and when I decide to build and to finance the remainder, rates will have risen to a point where I may pay the same amount of interest as if I would just borrow the money now. Also, we've got 3 kids and they're growing fast, so one must weigh the good times and memories we're missing out on while saving money. I'm leaning towards saving money until I see rates start to climb and then using equity to either refinance or get a home line of credit to build. My wife and I have stable jobs.