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[quote=Anonymous][quote=Anonymous]Hi- I'm the OP. Here are more details-
Our kids are very young (newborn and early preschool and I was not a high earner before we got married). I would likely be working to pay daycare costs.

We are in a $900k fixer uper. We bought it in 2008 knowing that over the years we could grow into it and make it ours. It's the smallest and least updated home on our street.

Renos would include bumping out our kitchen, moving the laundry room upstairs and carving out a spot, reworking the mudroom. I picked $100k as an amount but it could prob be done for $80k. I'm not looking for high end finishes. Just trying to make the space functional for our family.

The contractor we met with said that most people take loans for this type of work. DH seemed ok with that at first but then got cold feet.

I'm confident that we could afford $1500 a month for a loan payment. However, to save up $100k would take quite awhile. I want to enjoy the space now, when my kids are young and we truly need it. [/quote]

That is a really bad idea. I don't understand why you didn't take that $900,000 and buy a cheaper house and use some for renovations or buy a done house.  $1500 is a huge chunk of money when you are not used to having a mortgage.  I would open a separate bank account and put $1500 a month a way and start saving.  We do not take out loans for home repairs.  Cash or it doesn't get done.  We try to do one project a year if big or several smaller ones.  I don't see how much more "space" you need if you are in a house at that price range.  Or, sell, and move to an area that will give you a bigger house.  If you are ding all that, you will also have to move out and rent for a while.[/quote]

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