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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Poll: Home Improvements and Loans... and a few questions
Are you or will you in the near future planning to take out an equity loan of line of credit to finance major home renovations?
What kind of work are you planning to do?
If you want to answer - how much do you think you'd borrow to do the improvements you want to do?
How long have you been in your home?
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Posted 5/9/06 8:50 AM  |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Poll: Home Improvements and Loans... and a few questions
We're closing on our house 5/31 and are gutting the bathroom 6/1   After that, we don't plan on any major home improvements for a few years.
I actually just looked into a HELOC yesterday and at 10% we decided to go with Plan A - use cash.
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| Posted 5/9/06 9:09 AM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Poll: Home Improvements and Loans... and a few questions
We did this....when we first bought our house in 2004...the interest rates were reasonable (around 6-7%). However...now that all the work is completed and we have run up the loan...the interest rate is around 10% and killling me (but the house looks nice )
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| Posted 5/9/06 9:11 AM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: Poll: Home Improvements and Loans... and a few questions
We thought about making room by room renovations but really we want to expand and change the whole inside of the house, so doing a room by room wouldn't really be a good idea. We're going to save and use a combo savings/HELOC or HE loan. If the rates were low, we'd just use a HELOC, HE loan.
We moved in August 2005.
Message edited 5/9/2006 9:15:46 AM.
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| Posted 5/9/06 9:15 AM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: Poll: Home Improvements and Loans... and a few questions
We use cash... I don't like owning money
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| Posted 5/9/06 9:20 AM |
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Re: Poll: Home Improvements and Loans... and a few questions
At the moment, our only major renovation plan is the bathroom, which is a small amount, at least relative to anything else we might do. So we are going to save and pay cash.
Down the line, should we choose to stay in our house, I think we may do a combo of borrowing and using savings. But a lot will depend on our finances then. I don't see us financing 100% of a project, unless it was for some kind of huge, unforseen emergency repair.
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| Posted 5/9/06 9:21 AM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Poll: Home Improvements and Loans... and a few questions
we have a HELOC that we plan on drawing on in 5 years when we do the extension on our house.
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| Posted 5/9/06 9:22 AM |
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ODonnell
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Member since 9/05 5983 total posts
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Re: Poll: Home Improvements and Loans... and a few questions
We already sunk approx $50K in cash into our house. We now want to extend and there is no way we would be able to save $100K to accomplish what we want, so we will either do a home equity or a HELOC. My plan is in 12 months to refinance for a 15 year mortgage and roll it all in.
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| Posted 5/9/06 9:28 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Poll: Home Improvements and Loans... and a few questions
we've been in our house since may 04. our house was not livable, it needed new walls floors, electrical, heating & everything else. We did it with cash & a few 0% credit cards we paid off pretty quickly. We did all of own labor so it was much less than usual. We also are major bargain hunters & we don't need a lot of bells & whistles. Our kitchen was a 1/4 of what most people spend.
We still have a few kinda big things we are waiting to do till we save up more cash-new stairs, change pergo to hardwood, major landscaping.
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| Posted 5/9/06 9:29 AM |
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Freddie
LIF Adult
Member since 3/06 1162 total posts
Name:
Freddie
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Re: Poll: Home Improvements and Loans... and a few questions
we have new applianced on a 0% credit card, but thats it. Everything else we paid cash. I don't want to owe.
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| Posted 5/9/06 9:42 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Poll: Home Improvements and Loans... and a few questions
We did this to our last house and we're doing it to the house we just purchased.
With our first house, we used some cash (about $5k). We did a lot of work - we took down a wall between the kitchen and dining room, totally gutted the kitchen and re-did it with brand new cabinets, tiling, and appliances, painted the entire house, new carpeting, created a mudroom and office, replaced all the bathroom appliances and finished the basement. We used the cash and the rest we put on a zero percent interest credit card and paid it off slowly in about a year. The total amount we spent on the renovations was about $18k. We saved a tremendous amount of money because we did most of the work ourselves.
We just went into contract to sell our house - with the profit we're making on this house we'll have enough cash to make all the renovations to the new house. We are taking a home equity line to pay for the renovations and down payment, and will pay back the equity line once we get the check from the closing of our first house.
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| Posted 5/9/06 9:59 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Poll: Home Improvements and Loans... and a few questions
Posted by Bxgell2
We did this to our last house and we're doing it to the house we just purchased.
With our first house, we used some cash (about $5k). We did a lot of work - we took down a wall between the kitchen and dining room, totally gutted the kitchen and re-did it with brand new cabinets, tiling, and appliances, painted the entire house, new carpeting, created a mudroom and office, replaced all the bathroom appliances and finished the basement. We used the cash and the rest we put on a zero percent interest credit card and paid it off slowly in about a year. The total amount we spent on the renovations was about $18k. We saved a tremendous amount of money because we did most of the work ourselves.
We just went into contract to sell our house - with the profit we're making on this house we'll have enough cash to make all the renovations to the new house. We are taking a home equity line to pay for the renovations and down payment, and will pay back the equity line once we get the check from the closing of our first house.
Excellent plan. Good for you!
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| Posted 5/9/06 10:27 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Poll: Home Improvements and Loans... and a few questions
We have about 20K worth of stuff to do in the house to get it where we are comfortable. We are planning on doing it over some time and possibly using some 0% cards. We are not going to dip into savings though.
Can't believe how much brick work costs! 
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| Posted 5/9/06 10:28 AM |
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capricorn75
J-E-T-S
Member since 5/05 1645 total posts
Name:
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Re: Poll: Home Improvements and Loans... and a few questions
We use tax return money. We've been in our house since 1998 and have done something each year. In the beginning it was easier since we were both working. After I became a SAHM, we started using tax return money for home improvements.
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| Posted 5/9/06 11:26 AM |
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