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How did you have money to renovate your house?
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amother




Aqua
 

Post Fri, Sep 16 2022, 6:00 am
amother Darkblue wrote:
There is a type of loan where you can get money for renovations when you buy your house and it's tied in with the mortgage. I know someone who did this.

HELOC
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amother




Dandelion
 

Post Fri, Sep 16 2022, 6:09 am
Lot of people used ppp.
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amother




Junglegreen
 

Post Fri, Sep 16 2022, 6:24 am
It also depends so much on how much you spent on your house to begin with.

A few friends and relatives of mine recently renovated and extended. They refinanced when rates were low and their houses had shot up in value.

The houses they bought for 400-650 are not selling for 750- 950. So if we bought them now, with a 5% interest rate to boot, renovating would be unaffordable.
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amother




Acacia
 

Post Fri, Sep 16 2022, 7:08 am
amother Sand wrote:
0 APR means that you only pay interest once.
You need to pay the minimum payment every month, and pay the card before the year is up. (Or however many months you get on your card.)


you need to be really sure you can pay this off otherwise the debt snowballs after that deadline to pay it off. If you don't have the extra money now for it it's unlikely you'll have it to pay it off unless you know you are having extra money coming. It's very risky!
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Chayalle




 
 
 
 

Post Fri, Sep 16 2022, 7:16 am
amother Ghostwhite wrote:
We did some painting by ourselves. Contrary to other posters, I found it to be a difficult and very tiring job. It's something I am going to outsource next time! On the flip side, I scraped and refinished some of our wooden floors by myself, and really enjoying that process.


Different strokes for different folks! I read up a bit on scraping/refinishing wood floors (my dining room could use it!) and it looks daunting! I'm waiting because I really want to expand the dining room (garage right next to it) and after that, add-to or redo the floor. Definitely gonna outsource that.
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amother




Honeydew
 

Post Fri, Sep 16 2022, 7:16 am
We did very minimal work on our house when we bought and managed, even though it was hard. 10 years later we refinanced our mortgage with a lower interest rate, kept the monthly payments and length of the mortgage the same (meaning did not incur any additional debt) and were able to take out $26,000 to use for repairs/improvements on the house. We ended up spending around $30,000, which included waterproofing the basement, a new basement playroom, a new bathroom and a few small kitchen improvements. Would have loved a new kitchen, but after 10 years you learn to live with what you have and it no longer seemed as necessary as when we first moved in. The playroom and new bathroom have been amazing and we appreciate them so much since we waited patiently until we could afford them.
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amother




Hydrangea
 

Post Tue, Sep 20 2022, 10:44 am
amother Acacia wrote:
you need to be really sure you can pay this off otherwise the debt snowballs after that deadline to pay it off. If you don't have the extra money now for it it's unlikely you'll have it to pay it off unless you know you are having extra money coming. It's very risky!


Yes... Sad Sad

We bought a run down house below our budget, with additional money we did minimal renovations, but things always come up in construction, and even though we didnt re-do all we wanted, still ended up needing credit card "loans" to finish off... Then needed new water tank... drainage issues... other renovations required, and now 5 years later still never fully paid it all off. It keeps snowballing. Its tough when you dont have the money, and I regret still not doing as much as I wanted to do in the house (even though I would be in bigger debt if I did). We will probably refinance (even though rates not great) as house has gone up in value in order to finish off and pay off the credit cards.
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