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Reply to "Pay off mortgage vs pay for renovation "
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[quote=Anonymous][quote=Anonymous]I would not pay off your mortgage. Put some in the market and some towards a renovation. A $500K renovation is pretty extensive. I would not spend it all there.[/quote] Why Not? We purchased a 25yo 2nd home. Purchased for the location/views. Fully renovating it, including all systems/roof/etc. Spending way more than that. It's worth it because we are cash flowing it, and will be happier to use the house once it's nicer. Should we need to sell (don't plan to anytime soon), we would easily get it back. [/quote]
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