Should we get rid of our home or obtain a construction loan to fix it up? My husband and I bought our first home June 2007. Unexpectly...
My husband and I bought our first home June 2007. Unexpectly he lost his job in December. We do not love our house and it have been over appraised. The house was built within 1962. There are a few major issues with moisture, the roof, and the floor joist. Things that alss need to be fixed are the bathrooms, the kitchen, and the popcorn ceiling. I thought about getting a construction loan to enhance our home; however, it will be several years previously we would see the value. Not only that, our mortgage would increase. The other choice is to sell our home in a year for a much lower price than the purchase price. What do you recommend?
Answers: mmmmm,this cutback has got me worried.
I guess if it be me I would look at my current bills and budget.I had a Realtor explain it this way.Now that we know what you qualify for,what's your comfort rank.
I think if I was ok making the current payments doing remodel work contained by phases as you can afford it.There are so many thing a homeowner can do near sweat equity and reap the rewards in the end.
Just some ramblings from someone who have it and lost.
Good Luck
sell it and run