Debt $ense

You remember the fable about the tortise and the hare, right? I’ve got a friend who’s taken that approach to her house, and this weekend was a great example of how well it’s worked.

She moved into the house in April 2005, and started by painting and recarpeting the top floor. Until she did, she kept her bed in the second-floor living room, along with any furniture. Only when they were ready did she move things up there.

Last weekend, she finally got to stage two of the fixing-up - painting the kitchen and living room, along with ripping up the living room carpet to prepare for putting hardwood floors in. (Six-year-old townhouse, so of course the floors are plywood.) She didn’t do any of that until she had saved the money from her second job to pay for the supplies and flooring. As a result, we were able to go out Monday and pick out and order the flooring, which was on sale.

It’s been a slow process, and since she’s a fellow booklover, leaving the bulk of her massive library in boxes in the garage until she can get the living room floor in and bookcases set up has been a challenge. But after seeing how nice everything looked once it was painted and imagining the floor in that space, it’s definitely going to be worth the wait - even if we’ll be sitting on the floor. Why? Because bookcases are next on the list (more to match the ones she has), and then furniture. She’s done the same thing with things like paint and fixtures - waiting until she’s sure what she wants and can afford to buy - with cash - the good stuff.

Her logic is she would rather wait, do without and do it right then buy something cheap to make do and then replace it later. As I’ve watched the transformation of the house, I’ve become convinced that she’s taking the right approach - and it’s an approach I’ll be following when I buy a house late next year. But that’s the subject of another post…

In summary: Take your time, do it right and wait until you can pay cash.