$150,000 loan | Imamother

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$150,000 loan

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amother

Mon, Oct 19 2020, 8:03 pm

We are considering doing major renovations on our house. Right now its too small for our growing family. We love our location/neighbors so moving is not an option. We have asked around, and gotten some quotes and the ballpark estimate is around $150,000 to do the work. At the moment we only have $10,000 in savings. We have a really hard time saving bc theres always something coming up. My hus6says if we get a loan he can swing the monthly amounts to pay back. Is this how most people do major renovations? Get a loan? Or do you have the money saved up. I feel like we will never have the full amount saved up... is it reasonable to do it with a loan? What did u do???

studying_torah

Mon, Oct 19 2020, 8:04 pm

Can you get a home equity loan?

amother

Green

Mon, Oct 19 2020, 8:04 pm

Lots of ppl refinance thor homes or take out a home equity loan for renovations.

amother

Amethyst

Mon, Oct 19 2020, 8:12 pm

amother [ OP ] wrote:

[u]

Please realize that if you have a hard time saving now, your bills will likely be higher in a few years with a growing family.

Also, have you guys considered carefully why you haven't really been able to meaningfully save till now, yet you anticipate having an extra $1000 every single month going forward to pay back the loan?

Hatslacha!

simcha2

Mon, Oct 19 2020, 8:17 pm

We saved for our renovation, took about 6 years.

Just to know, it always cost more than you think and other costs increase afterwards (taxes, utilities), so you should build that in to your estimate.

ysydmom

Mon, Oct 19 2020, 9:15 pm

Please don't take out a loan without budgeting first. You will be stuck and not able to make payments. The answer of Don't worry G-D will provide only works if you do hishtadulus first! Make a plan and figure out how to come up with money, maybe one of you can take on extra work or maybe you can minimize your monthly bills but please don't go into debt over it it's not worth it. Kids will be fine in a smaller home, today everyone thinks big houses are the way to go it's not true for everyone. Happiness is usually homemade!

zigi

Mon, Oct 19 2020, 9:36 pm

sometimes its easier mentally to pay a bill than to save money. can you put the amount that paying back a loan will cost on autopay treat it like a bill.

amother

Maroon

Mon, Oct 19 2020, 10:05 pm

That’s how we did it. We took out a $200,000 home equity. Bh we are able to pay it back monthly. There is a huge interest that comes along with it (don’t ask numbers I have no clue). But in my opioids worth it. Unfortunately today most people borrow for huge things like this. It’s so hard almost impossible to save so much in a short period of time. We’re definitely tight these days. But guess what so are so many others. So we just joined the crowd and as long as we can pay our bills and enjoy our renovated home nobody can tell us or try to convince us how Dave Ramsey wouldn’t approve!

amother

Rose

Tue, Oct 20 2020, 5:38 am

amother [ Maroon ] wrote:

We follow Dave Ramsey because my husband is vehemently against debt (unless an unavoidable emergency like medical etc).
I often wonder if Im the idiot saving up fir things, living in an old dated house instead of doing what everyone else does and taking the loan, living in a beautiful home etc and paying it back monthly.

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