Reply to Really struggling with whether to take out loan for home improvement

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[quote=Anonymous]So we are in a great place financially right now. We bought a house under budget in the neighborhood we want. We got a great rate and the mortgage payment is about 1/3 of each of our individual salaries. We are saving toward retirement and a nest egg- but only have about $20k in that since the purchase of our house and the urgent repairs we needed to do when we moved in (there were a lot!). Anyway the house still could use a lot of work- floor cracking in kitchen, damaged counters, crack in bathroom/settling bathtub, poorly insulated areas, hardwood floor everywhere needs repair and refinishing. So there's all that, and then there are layout changes we'd like to make if we're doing all this work anyway. We're looking at $150-$200k renovation. Now we bought at least $150k less than the updated homes on our block are going for so for resale I think it's ok. We plan to be here forever, at a minimum 6-7 more years. I know the financially responsible thing to do is save and wait and that's what I'm leaning towards but DH is a little more aggressive. I know we could pay down the loan - like $1300/month 20 yr fixed but I hate the thought of being tethered into that! Thoughts?[/quote]

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