Five years ago, I bought a "house", using the term loosely. It is a poorly built, worse maintained log cabin. We were able to move in, and almost everything worked, but I knew then it was a fixer upper. I'm doing what I can, including landscaping, adding a couple of outbuildings, shingles, interior things. But there are other jobs that I don't have time, money or skill to deal with. So now that I've pretty much decided to stay in the area for a while, I'm considering refinancing my loan, if I can at a lower interest rate, and getting enough to pay the pros to do some of the jobs right and quickly.
What do I have to loose? If I can get a lower rate, then my payments wouldn't go up much if at all. Resale value would or should go up. And it would be a lot more fun living here. Who knows..it might be nice enough to actually invite people over once in a while...and they would show up...and not be in a hurry to leave.
See a more thorough explanation at:
http://richardstidyman.net/FixItUp.aspx
Your opinions wanted.
Do it. It sounds like you have thought it through.
ReplyDeleteThe "do" for me now is to get a contractor or two out here to show them what has to be done. If feasible, then apply for the loan, and if the stars are lined up and I hold my mouth just right...
ReplyDeleteIt looks like it could be a beautiful home. I would get the structural stuff done
ReplyDeleteand prevent water damage first. It is an investment. Investing is wise. Protecting your investment is important. Good luck!