Out of money do we need a loan?

[Angela Fellows]

We bought a home for 122k it is appraised for 149k. A home on the same street just sold for 151K. It was a foreclosure in good condition just needs updating. We have invested a lot of our own money at least 11k and still would like to update 2 full baths, the 1/2 bath and the kitchen along with a major landscape overhaul. Emotionally we hate coming home to the odd floor plan and 1970s kitchen and bathrooms. We just don't have anymore money. The good angel in me says we should wait to save the money for the rest of the redos and pay as we go, but the non-traditional/bad angel in me says just get a loan and get everything done. What should we do, what is the smart thing?