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

Forum Index » Home Improvement, Design, and Decorating

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]$150-200 is a lot.  Are you adding any square footage or just redoing existing space?  If an addition I could see the comps supporting this kind of renovation.

Is it possible to do your renovations in phases and pay as you go?  Or put off the major reno until your childcare costs go down?  It's a tough call because like PP said, interest rates aren't going anywhere but up.[/quote]
No addition but it's a rowhouse (end unit) one of the bigger ones in the neighborhood already- so comps are based on the same sq footage. The estimates include adding a master bath. Basically the layout changes include adding the bathroom and restoring walls that previous owners took down - ex they turned a 3 bed into a 2 bed.  So for comps we would like to get into the 3/3 category. I'm glad to see though that there is not unanimous opposition to the idea. My real life advisors (family) consist of unrealistic extremism on both sides :-)[/quote]

What neighborhood are you in?  2br to 3br + a bath will definitely be nicer for your family and for resale.  Are you also redoing the kitchen etc?  If just a bedroom layout change + master bath I would think you're more in the 50-70k range.[/quote]
Glover Park DC. Kitchen needs to be re-done completely. The only gd wall they left up was on the galley kitchen, so we'd love to open that up for a breakfast bar. The estimates we got include a lot of incidental work, plus completely re-doing the current bathroom. It seems nuts that it got that high, but that's what we're hearing (we're still collecting estimates.) And yes, it would be a big quality of life improvement for us. Can't tell if I just want instant gratification or if it's really a good idea though. The interest rates rising is relevant though.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics