Home repairs
My home of 50 years is in need of updating and repairs to 3 bathroom and kitchen. Home is owned outright. No debt. Credit score 800. No pension. Social security and 401 and cash savings Should I use my savings or apply for heloc and use that?
Terry Says
OK, so you’ve lived in your home for a LONG time! Before you do any remodeling, you should give some serious thoughts to the alternatives. Will you be able to stay in the home for the next 10 years? I’m talking about your health, living alone? Rising property taxes and insurance costs?
OR, is this the time to look at alternatives, perhaps a senior living community? Not assisted living, but a more sensible lifestyle than dealing with future rising costs of home ownership??
I know I probably aggravated you with those questions. But they are something to think about. Home prices are at record highs, despite high mortgage rates — because so few homes are on the market. But home repair costs are also at record highs — as the cost of lumber imports increases, unskilled labor is pushed out of the country, and energy costs for diesel cause contractors to raise prices.
So I dont know your financial details, but you don’t want to use ALL your cash if you do some or all of this project. AND, be sure to get a written contract covering everything. And deal with a reputable contractor.
