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Real Estate
Reply to "What would you do? Buy new house or renovate existing house? "
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[quote=Anonymous][quote=Anonymous]Your mortgage is 450, heloc is 100 and reno will be 200k (minimum). Are you using cash for this reno? If not, your debt on the current house will be more than your new house. If you are using cash, you can put down a larger down payment on the new house to offset the interest increase) your equity in current house + 200k reno money). You can also always refinance if rates go down. Assuming this house is still in your neighborhood, sell and move. [/quote] Op - if we did a reno it would be after we pay off the HELOC and we would do it with cash. So we probably wouldn’t do it for another few years. Depending on what we could sell our house for we could probably put close to 30% down on a $1 million house. If not more. [/quote]
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