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Money board question - best way to get $50,000 - $75,000 to remodel house?
Posted on 9/10/24 at 3:43 pm
Posted on 9/10/24 at 3:43 pm
Wife wants to remodel downstairs and I want to re-do the complete yard. Numbers are just a random guess, however the items -
Outside
- Re-sod entire yard, front and back
- Gut all flowerbeds and change look
- Expand flower beds in backyard
- Plant two mature trees
- repair/replace/expand irrigation
Inside
- Replace all carpet, tile and hardwoods with new hardwoods.
- Paint
- Kitchen makeover. Cabinets, appliances, sink, lighting.
- Replace living room furniture and kitchen furniture
What are best options financially that are not taking it out of stock accounts or financing items separately?
Owe around $90,000 on house, leaving ~$600,000 in equity and plan to remain for 10 more years.
Outside
- Re-sod entire yard, front and back
- Gut all flowerbeds and change look
- Expand flower beds in backyard
- Plant two mature trees
- repair/replace/expand irrigation
Inside
- Replace all carpet, tile and hardwoods with new hardwoods.
- Paint
- Kitchen makeover. Cabinets, appliances, sink, lighting.
- Replace living room furniture and kitchen furniture
What are best options financially that are not taking it out of stock accounts or financing items separately?
Owe around $90,000 on house, leaving ~$600,000 in equity and plan to remain for 10 more years.
19
Posted on 9/10/24 at 4:03 pm to DarthRebel
quote:
Kitchen makeover. Cabinets, appliances, sink, lighting
Won't this be about $40 to $50,000 by itself? Especially if you go with something expensive like quartzite.
Posted on 9/10/24 at 4:08 pm to DarthRebel
Damn bro. Usually it's cheaper to keep her, but this might be an exception.
If you're on board with it, I think a collateralized loan (HELOC) is going to be your cheapest finance option. That's a ridiculously expensive list to do all in one swoop. Personally I'd try to conquer one, maybe two of those a year for the next few years.
If you're on board with it, I think a collateralized loan (HELOC) is going to be your cheapest finance option. That's a ridiculously expensive list to do all in one swoop. Personally I'd try to conquer one, maybe two of those a year for the next few years.
Posted on 9/10/24 at 4:14 pm to DarthRebel
You’re looking at $150k+ for that.
Whatever you do go with a reputable gc
Whatever you do go with a reputable gc
Posted on 9/10/24 at 4:20 pm to DarthRebel
quote:
What are best options financially that are not taking it out of stock accounts or financing items separately?
Side hustle.
Posted on 9/10/24 at 4:34 pm to DarthRebel
You’re way low.
Posted on 9/10/24 at 4:55 pm to DarthRebel
Posted on 9/10/24 at 4:56 pm to DarthRebel
If you get all that done for only 50-75k, I'd sell quick. Real quick.
Posted on 9/10/24 at 5:03 pm to DarthRebel
Do it all yourself. Learn some things along the way and have pride in your possessions.
Save up, do it, and pay for it in stages. Don’t get a loan.
Save up, do it, and pay for it in stages. Don’t get a loan.
This post was edited on 9/10/24 at 5:05 pm
Posted on 9/10/24 at 5:27 pm to DarthRebel
quote:
- Re-sod entire yard, front and back
- Gut all flowerbeds and change look
- Expand flower beds in backyard
- Plant two mature trees
- repair/replace/expand irrigation
Modest surburban home is 25k conservatively for just that.
quote:
- Replace all carpet, tile and hardwoods with new hardwoods.
need some sf numbers. $20sf for new installation without demo cost. say 1200sf bottom. maybe you can get it in at 20k
quote:
- Paint
all rooms? 5k
quote:
- Kitchen makeover. Cabinets, appliances, sink, lighting.
60-75k
quote:
Replace living room furniture and kitchen furniture
just budget 20-25k
150k is a conservative start.
This post was edited on 9/10/24 at 5:29 pm
Posted on 9/10/24 at 5:48 pm to DarthRebel
As someone else said, why do that list at once? Besides half the items are movables you can probably do interest free. I’d stagger the project in stages over 18-24 months with a HELOC in case I found myself overextended.
Posted on 9/10/24 at 6:52 pm to lsuconnman
quote:This is exactly what I would do. Interest rates are pretty high to do this all at one time.
As someone else said, why do that list at once? Besides half the items are movables you can probably do interest free. I’d stagger the project in stages over 18-24 months with a HELOC in case I found myself overextended.
Posted on 9/10/24 at 7:11 pm to DarthRebel
HELOC, and it’s not even close
Posted on 9/10/24 at 7:58 pm to DarthRebel
Heloc.
Posted on 9/10/24 at 9:45 pm to DarthRebel
Thanks for the input, it appears my guess of cost is way low 
I know some people that will keep the outside on the lower side, but the remodel looks to be more costly. I had a friend get their downstairs re-done, and it was great. It was about $60,000, however that was right before covid.
The outside and inside can go at different times, might need to examine that.
I know some people that will keep the outside on the lower side, but the remodel looks to be more costly. I had a friend get their downstairs re-done, and it was great. It was about $60,000, however that was right before covid.
The outside and inside can go at different times, might need to examine that.
Posted on 9/11/24 at 8:14 am to DarthRebel
I just got an estimate on my bathroom remodel yesterday. We were thinking around 20 and it ended up being 35. We had them quote some stuff in the kitchen as well which would be an additional 15. The kitchen was new range, new cabinet doors only, strip and paint cabinets, build a vent hood, new backsplash and moving microwave to in cabinet.
Posted on 9/11/24 at 8:38 am to DarthRebel
That’s a 150-175k project. Make some money and save until you can afford it and pay cash
Posted on 9/11/24 at 10:08 am to CougarBait
quote:
Make some money and save until you can afford it and pay cash
We technically could do that, however to me that seems not sound and why I posted the question here. We are not retired or close to it, and that takes a lot of money out of the market. Stock account is sitting at 30% growth for year now, after the September dip. Taking $150,000 out would be losing earnings as well.
My instinct was HELOC, and that seems to be verified by others. My underestimating the cost, that is on me :(. Will probably go with HELOC and push improvements out over a couple years. This house was $250,000 20 years ago, it is hard to wrap my head around sometimes a remodel of the downstairs would be north of $100,000.
Posted on 9/11/24 at 2:57 pm to Cdawg
quote:
Modest surburban home is 25k conservatively for just that.
You are correct but the bigger landscaping projects are the type of stuff you don’t want to do on your own if you are over 40. We paid a company to rip out the old landscaping, cut down a couple of trees, and instal new landscaping, lighting, and irrigation for about $19k. But that was 2022.
To the OP: Pay attention to rates right now. I would divide this up into smaller projects and pay as you go. What you are talking about is not only expensive but extremely invasive and disruptive to anyone living in the house if it’s done all at once.
This post was edited on 9/11/24 at 3:04 pm
Posted on 9/11/24 at 3:38 pm to DarthRebel
quote:
Outside
- Re-sod entire yard, front and back
- Gut all flowerbeds and change look
- Expand flower beds in backyard
- Plant two mature trees
- repair/replace/expand irrigation
Let's talk about this.. how big is the yard and what do you want to resod with?
All of those items, you can do, and can do for pretty cheap. That's all just labor. I'm sure you have a friend or two that loves yards and flower beds.. get them to help you over the next year. the irrigation is pretty simple as well just time consuming
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