After paying off house...30,000 loan home improvements....good idea?

Question

My house will be paid off in July. We will finally be out from under a monthly house payment before the age of 42. I am seriously thinking of getting a 30,000 dollar loan for major home improvements that need to be done. Would it be wise to take on a new payment right after getting out from under one?

Answer 1

42 is pretty young to be free of house payments, congratulations! I'd say go for it. A few more years of payments at your age is not a big deal.The payments on $30,000 need not be large, and you say "major" home improvements, which to me says something that will maintain or improve the value of your home. Perhaps not right away in this market, but eventually. I'm assuming you intend to keep living in the home. Consider also that what you might get from these improvements may go beyond money alone. You will have a nicer place to live, and that nice feeling of not having a 'to do someday' list hanging over your head.

Answer 2

STOP! Before you do this you need to consider your location. Right now location is everything because the housing market has bottomed out. Look at your neighborhood: are there other houses for sale around you? How long have they been on the market? What is the average home price for the houses around you? What is your proximity to attractions and high-paying jobs. How are the school systems in your neighborhood? All of these are important factors in determining whether or not to put improvements into your home. Basically, eventually the housing market will rebound but you have to decide whether or not yours is one that will be in demand when people have the money to buy again. You don't want to do too much. For example: if you have a house that was worth 120000 last time it was appraised, which let's say was two years ago, your house may or may not be worth 150000 if you want to put 30000 into it. However, it is essential for you to make improvements to your home for the functionality and safety of your home such as a new roof, insulation, new windows, etc. These are purchases you will need to make regardless. However, excessive cosmetic changes may not benefit you currently. You may have to sit on thirty thousand dollars for quite awhile before you see a profit.

Answer 3

Are you kidding?, Where have you been?, under a rock somewhere?, haven't you heard of all the forclosures that are going on right now, everybody and their mother have been losing their house to lenders, thieves, your lucky you got out of it and finished paying it off, no, don't do it, just work and use your checks to do it, save for higher repairs, but don't borrow anymore, you'd be just asking for it, haven't you heard that we've been heading for or already in a recession?, if you lose your job say good bye to your house under a loan.

Answer 4

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