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How much in savings before home improvement



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amother
Beige


 

Post Mon, Feb 05 2018, 11:24 pm
Not to look in other people's windows but I have noticed a lot of my friends doing home improvement projects. These include updating bathrooms, hiring interior designers, kitchens, etc. I have come in to a bit of money recently (around 75k) and I just want to hear from you ladies who have recently done a home improvement project. I am not speaking about mold removal, broken pipes, etc. I mean something that enhances the look of the home. How much in savings would you consider enough to take on a interior project? Did you open a line of credit? My mother in law says I am too cheap, if I am I'd like to know.
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amother
Cerulean


 

Post Mon, Feb 05 2018, 11:56 pm
Obviously how much you need depends on how much you plan to spend. I can't see opening a line of credit for purely esthetic changes.
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amother
Orange


 

Post Tue, Feb 06 2018, 12:07 am
OP - so so many variables. and so so many ways people make financial decisions.
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asp40




 
 
    
 

Post Tue, Feb 06 2018, 12:39 am
I'd want a fully funded retirement account and at least six months of an emergency fund. This is easier said than done. I've don't aesthetic renovations by taking out a second mortgage, and I've done them using savings. Depends on what the end goal is.
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doctorima




 
 
    
 

Post Tue, Feb 06 2018, 10:37 am
I wouldn't borrow money for "elective surgery" on your house. If your overall financial picture is stable and Hashem has blessed you with this money, I think it's reasonable to spend a good chunk of it improving a few areas of your house that will make you happiest.

Know that whatever you do, it will go over budget, so decide how much of the 75k you want to spend, subtract off about 20%, and start with that budget in mind, hoping that in the end, you'll come out where you wanted to.
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pause




 
 
    
 

Post Tue, Feb 06 2018, 11:37 am
Definitely keep in mind that everything costs more than it's supposed to (and takes more time than it's supposed to)....
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