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Reply to "Pay off mortgage vs pay for renovation "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Payjng off a sub 3% mortgage early is close to the stupidest thing you can do. It is only topped in stupidity by throwing 350k at renovations.[/quote] The renovations aren’t stupid if this is your forever home and won’t move until retirement. [/quote] Are you rebuilding the entire house? Knocking it down and starting over? It sounds like you’re already gotten an estimate from a contractor. Tread carefully.[/quote] $500k on a renovation sounds just as crazy as paying off an inflation only mortgage. Can you run us the numbers they used for that estimate and what needs to be done. Obviously you will need to get the renovation because you are not paying a 2% loan to go back and borrow at 8% from somewhere else. But you are getting taken advantage of by the reno estimate and you need to be asking for contractor referrals instead going with this estimate.[/quote]
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