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Home Renovations are expensive.. Should I only pay cash for them?
Is it a safety thing?  If the heat pump goes out you replace it immediately, if your floor looks bad but you aren't tripping, I would suggest saving.  Use the extra time to find a great deal and educate yourself on your options.  Maybe even take a class and learn to do it yourself. In these rough times, anything I can save for and pay cash I would.  The exception is if you can finance with 0% interest for a period of time and you have enough money to pay that off. The last consideration I can think of is if you plan to sell the home soon?  For that you might be getting more value than the loan and a real estate agent would be probably know best.