Hey guys, my wife and I just got back from vacation and found out a small fire started in our kitchen. We’re not covered by insurance, and it’s turning into a pretty big issue. Most of the damage is to the oven, drywall, and ceiling, and we might have to gut the kitchen entirely. I’m estimating around $50,000 for materials and labor. I’ve got some savings, but I’ve never had to finance something this big before. I’m usually all about avoiding debt, but now I need to figure out the best way to approach this. Any advice would be super helpful.
Oof, that sounds rough. Have you thought about a HELOC? It could help if you’ve got equity.
Why isn’t your insurance covering this? Seems like it would be a big deal.
I had a similar issue before. If you can, get a contractor to help estimate the repairs. They might have financing options too.
You should consider an FHA 203K loan. It’s made for situations like this where you need to fix up a place after damage.
Sorry to hear about the fire… Have you reached out to any banks? They might have personal loans too.