Withdrawing cash from your savings to finance your home addition or remodel is frequently the least expensive way to pay for your remodel. You will not pay interest on the money you use. If you choose this option, be sure you don’t use all of your savings. You should always have some savings available for an emergency. The considerations that should be part of a decision to finance your project in this way are that you will reduce the amount of cash available in the event of some emergency, and that you will lose interest income on the money you take out of your savings. Before withdrawing a large amount of money from your savings account, make sure you will not be losing more interest on that money than you would pay in interest on a loan of some sort.

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