I currently own the house that I grew up in that is fully paid for (no mortgage, just taxes) However it is a big time 'fixer upper'. DH thinks we should refinance to build it up and out, but I think it would be easier to sell and just use the proceeds to buy a new house....
Has anyone been in this situation before? Any pros/cons?
TIA Ladies
lilqtpie2181
Posted:
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Re: Renovating VS. Buying
girl.. i didnt have to sell to buy but i bought a house a few months agoa dn although it didnt look like it need much work.. it was the snowball effect. Ultimatley we tore everything old out and made it all new inside ( still int eh process now) Anyhoo... it easier to pay for just renovationg rather than renovationg and a motgage. JMO. Renovations are running us like 75k so far... if not more I say keep the old house and redo it the way u want. Good luck!!!
olivia30
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Re: Renovating VS. Buying
Take advantage of the fact that you have no mortgage. Unless you will be able to buy a brand new house, renovate the current house into what you want. Your pockets will thank you in the end.
I wish I was in your shoes, buying a home in NYC is a daunting process
enjft
Posted:
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Re: Renovating VS. Buying
I would def keep the ole house and take out 100k making it ur dream home.
bethnsul2000
Posted:
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Re: Renovating VS. Buying
keep your house!!!!!!!!!!!!!!!!!!!!!!!!!!!! Many of us wish we could do that...buying a new place would cost much more in the long run.
