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Old 12-08-2009, 03:45 AM  
Superpack
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Default What should I do?

I want to borrow 10,000 for home improvements what should I do? Have looked at adding the loan amount to my mortgage is this wise or are there better alternatives? Thanks for advice.

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Old 12-14-2009, 03:14 PM  
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Originally Posted by Superpack View Post
I want to borrow 10,000 for home improvements what should I do? Have looked at adding the loan amount to my mortgage is this wise or are there better alternatives? Thanks for advice.

Regards,
Consider doing it your self and put the 10 grand in you're own pocket...after all this is a DIY site...we will all help...


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Old 12-14-2009, 03:57 PM  
kok328
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If your like everyone else, your home is worth less than what you might owe on it already. Why dig yourself in deeper? Unless these improvements are absolutley necessary to preserve the value of the home, I'd recommend holding off until homes start appreciating in value again in 5yrs or so.

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Old 12-15-2009, 03:18 PM  
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If your like everyone else, your home is worth less than what you might owe on it already. Why dig yourself in deeper? Unless these improvements are absolutley necessary to preserve the value of the home, I'd recommend holding off until homes start appreciating in value again in 5yrs or so.
I agree with kok328, consider only doing necessary projects such as maintenance that needs doing and finishing up work that has not been completed yet. If you can afford it, do projects as your budget allows that will enhance your lifestyle, and that will add to the value of your home. Tackle one manageable project at a time or do them in phases and do them as time and your budget will allow. By all means do what you can yourself, and if you can afford to hire a contractor, by all means do it. Some of us are psychically unable to do certain work. Some of us just don't have the time or it may be unsafe for you to do - DIY work may not be allowed in your jurisdiction by code such as electrical or plumbing, etc. If you build certain things, such as shelving, consider building it so you can move it around with you if needed.
My worth...As far as when things will be getting better again, probably the best sign of things turning around will be as soon as one and all and the whole lot are spending again!
You may not see it coming, but when it does, you will know!
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