As this is our first house, we have no equity yet, so we do not qualify for a home equity loan for the repairs. Instead, we have maxed-out two credit cards at a total of $16,000. With our credit limit reached, we have no more financing available for big projects.
We have decided to use our limited cash flow to:
- work on small projects ourselves
- save up for emergencies, and
- pay down our recovery debt over the next decade.