Sometimes there are very good reasons to borrow money to pay for a remodel.

First, if your family is miserable or you have a parent moving in with you, it is probably worth the finance costs and interest to get the job done quickly and efficiently. The needs of your family should be your first consideration. If your family is miserable, the situation will continue to affect everyone in the family negatively until something is done. If your parent(s) need to move in with you, it will be important to consider that the transition will be a strain on everyone. Exacerbating the situation by putting your parent(s) in temporary and uncomfortable space will be one predictable result of not remodeling immediately. This will make your parents feel that they are putting your family out — which they will not want to do. You must decide how much it is worth to make the transition as smooth and comfortable for everyone as you possibly can.

Second, if you are planning an energy-efficiency upgrade as part of your remodel, you might find that the government and utility company incentives will offset part or all of the financing costs. When you add to the credits other incentives — both short-term and long-term — available to you from the state government or from your utility company, you might find yourself considering a windfall. If the project is big and includes renewable energy sources, the chances of large incentives are greatest.

Third, if your savings account is drawing higher interest than the finance charges and interest on the loan, it is worth your while to borrow. You can compare the interest rates yourself, but you can also ask your mortgage broker to show you the calculations.

Fourth, if your remodel is planned to address problems in the house, like faulty wiring or bad plumbing, it might be smarter to borrow and fix the problem than risk more severe problems or extensive damage by waiting. Keep in mind that some problems of this sort only become worse when repairs are delayed. The cost of the repairs will be higher when you get around to fixing them later. Sometimes the costs can be significantly higher.

A mortgage broker can help you compare the costs and benefits of the various options to pay for your remodel. This is one of the things mortgage brokers do to help you make decisions that is so worthwhile. These are the people who know the most about all of the options available to you. They can help you evaluate each option with care and reach clear decisions you will be comfortable with both now and in the future.

The most important consideration, however, might be the urgency and intensity of the need to remodel. Whatever the situation, take the time to carefully evaluate the implications of all of your options before you make a decision.