Reply to I don’t understand how my neighbors are paying for their renovation

Forum Index » Money and Finances

Reply to "I don’t understand how my neighbors are paying for their renovation"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]OP here.  Thanks for all the responses.  I guess the answer is borrowing against a paid-off house that they were given - I hadn't thought of that.  If I were gifted a paid-off house, I would just be grateful to never have a mortgage; it wouldn't be my first thought to leverage myself back to the gills just to upgrade my standard of living a little bit.[/quote]

You don't know that they are leveraging themselves up "to the gills". For all you know, they can easily pay for it with a combination of savings/inheritance and current cash flow. I also have a neighbor who has gutted his 20 yr old large home and doing a 1 mil+  renovation. His wife is a SAHM and he is a consultant. They are conservative with their cash and have sent their kids thru college. I would highly doubt they are leveraging themselves more than it is prudent since he will retire in less than 10 years and only one kid still lives at home and their parents have passed. They clearly want to have a new home but a reno makes more sense than new. [/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