THE DOWNLOAD MONEY MATTERS
Before taking out a loan or refinancing, understand the total repayment obligation, including interest over time and tax consequences.” — Christopher Migliaccio,
founder, Warren & Migliaccio LLP
Harmony Home Buyers, a real estate investment company in Charlotte, North Carolina.
2
HOME EQUITY LINE OF CREDIT
A home equity line of credit (HELOC) is also based on your home’s equity, but instead of receiving a lump sum loan amount, you get an open line of credit with a limit, like a credit card. Unlike home equity loans,
HELOCs have variable rather than fixed interest rates, making it harder to predict your payment in the future. With a HELOC, you can borrow
what you need up to the limit of your credit line, make principal payments to reduce your balance, and borrow more money later for other renovations. “However, they come with
variable interest rates, which in today’s climate, where rates may fluctuate, adds a layer of risk,” says Christopher Migliaccio, founder of Warren & Migliaccio LLP, a law firm in Richardson, Texas, that helps people navigate complex financial challenges.
3
BROKERAGE ACCOUNTS If you have savings in a brokerage
account, that can be a good place to turn to fund your renovation. However, if the assets you are selling have appreciated, then you’ll have to pay tax on your gains. Still, it could be worth it if you’ve
held the investments for longer than a year and qualify for the lower capital gains tax rate (which is 0% for single filers with incomes under $48,350 and married filers with incomes below $96,700).
4
EMERGENCY SAVINGS (WITH CAUTION)
Tapping emergency savings to pay for a renovation is a gray area. “If your savings are robust (for example, with nine to 12 months of your expenses) and you’re pulling out a modest amount to complete essential repairs, like fixing a failing HVAC system, that may be reasonable,” says Migliaccio. But if tapping that cash means
leaving yourself vulnerable to a true emergency, it’s not worth the risk. Many people underestimate how quickly an unexpected job loss or medical bill can derail their finances.
5
IRAS AND ROTHS (A HARD NO)
“You should never pull money from an IRA or 401(k) to fund a renovation — the tax consequences, potential penalties, and permanent loss of tax- deferred growth make it one of the worst ways to finance a project,” says Stephan Shipe, a finance professor at Wake Forest University and founder of Scholar Financial Advising. “Retirement assets need to stay invested for the long term.”
BOTTOM LINE Renovations typically add value to a home, but not all of them, so it’s best to approach the financing decision like you would any other significant investment. “Before taking out a loan or
refinancing, understand the total repayment obligation, including interest over time and tax consequences,” advises Migliaccio. “Also, always consult a financial and legal adviser when your home or retirement funds are on the line.”
529 PLANS UPDATE Recent updates to 529 plans make them more than just a college savings vehicle. A policy change passed by Congress allows plan money to be used for trade and technical schools, test preparation, continuing education expenses, and retraining, in addition to college expenses. The hope is that this will encourage more people to take advantage of 529s.
MORE SPACE Even if you’re stuck in economy,
you may be able to nab more personal space on your next flight. Some airlines, like Frontier, allow you to block the middle seat for a price (look for Frontier’s Business Bundle). Others allow you to bid on the empty seat beside you (Breeze lets you make an offer until right before takeoff), and United allows you to buy both seats at full price. Yes, you’ll pay more, but it won’t cost as much as upgrading to business or first class.
OFF TARGET Target shoppers used to be able to
request a “price match” if they found an identical item selling for less at another store. No more. Target has ended its price-matching policy. It will only honor a lower price if the merchandise is on its website or in another of its store locations. The move comes amid underperforming sales, as Target struggles with tariffs, inflation, and a tough economic environment.
BURGER BONUS McDonald’s has launched adult
Happy Meals for a limited time. The McDonaldland Meal features either a Quarter Pounder with cheese or 10-piece Chicken McNuggets, fries, and a collectible souvenir tin that includes postcards, stickers, and paraphernalia with nostalgic characters like the Hamburglar and Grimace. The meal also comes with a Mt. McDonaldland Shake — a mystery flavor McDonald’s wants you to guess. The cost of the adult meal varies by location but falls between $15.39 and $16.79.
NOVEMBER 2025 | NEWSMAX MAXLIFE 91
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