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Home equity line to redo a bathroom and floors
I have about $100K of equity in my condo and desperately need to redo 1 of 2 bathrooms and the floors. The place is about 1800 square feet. I've got my mortgage and a small federal student loan but no other debt and just enough savings to cover about 6 months of my expenses. Getting my finances squared away and managed is helping me think about getting other things in order like updating my condo! Home equity line rates are good and it seems like a good time. The project will cost me between $10-15K. Is this a good idea?
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M
Looks to me like you know what you're doing! Seems like it would make financial sense too and you could get good ROI if you ended up selling the place in the future. On the surface sounds like a good idea, so I say go for it!
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Why not? It's a viable option. Another idea is to pay for it outright so you don't pay any interest even if the interest is a small amount. Yes you'd tap into your 6 months of savings but if your work is stable you'll replenish your savings in no time. It's nice to have options!
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C
Thanks for the 2nd opinions here...I appreciate it. As one who is an analysis paralysis type its good to know I have options. First thing I'll need to do is shop the best rate I can to crunch some numbers.
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