Finance questions/Building a garage

[Joshua S.]

Hello all,

I am in the process of building a metal garage for vehicle and general storage, as well as to have a little place to have gatherings. This is more of a need than a want as we have two outbuildings used for storage now that are literally falling in and not worth fixing.

I am trying to figure out the financials of this project that has an estimated cost of $40k. I'm currently debt free besides a mortgage and have a decent savings built up of $25k. I'd love to pay cash for all of this but with timing it is just not feasible to save up the last 15k before construction.

Starting this Jan1 I will be recieving an annuity that will pay off whatever debt I have from this project. My question is what routes do you recommend to finance the project until then. I have considered a HELOC as it will open a credit line to allow me to borrow as I need to to pay subcontractors etc, but it seems like a lot of work to open the account plus I hate the idea of putting my house up on the paperwork.

I have two credit cards that I only use for rewards and I keep a rolling $0 balance on. They are interest free until about next April and combined I have a limit of $30k on them. What are your thoughts on using those cards to finance the part of the project I cannot pay outright for? I know the risks of having a high balance on a credit card however I do feel like I could take advantage of the limited 0% interest I have on them, and do not forsee any issues paying them off Jan 1.

Thanks in advance.