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Old 07-21-2016, 10:25 AM
 
Location: Paranoid State
13,044 posts, read 13,804,338 times
Reputation: 15837

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Quote:
Originally Posted by vacuumbed View Post
I did need to clarify the house remodel. A lot of it is in disrepair. Broken tile, siding falling off, the roof shingles looks like a crocodile ate them, broken drywall in the garage, etc. It is not causing any immediate issues, but it will need attention at some point.

Thanks for your time and help.
That changes things.

I would probably call out a roofer and have the roof inspected. You need to know if the roof issue is purely cosmetic or if you're in danger of leaks causing more damage. I'd repair the roof, at least. Maybe replace it but that would depend on cost. Ditto for siding: you need to know what is cosmetic and what could be the source for damage to your asset.

How old is your water heater? I'd probably look at low-cost maintenance such as replacing the sacrificial anode rod right away.


https://www.youtube.com/watch?v=2IUNIUZz4Os and Hot water heater anodes and rust protection.

They are inexpensive and any homeowner can replace them. There are two styles.

Water Heater Anode Rod | Part Number 9003944005 | Sears PartsDirect

or

224-47776-12 - Bradford White 224-47776-12 - Magnesium Anode Rod, 3/4 NPT x 2.50 x 47.13 x .840
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Old 07-21-2016, 11:13 AM
 
26,170 posts, read 21,428,069 times
Reputation: 22766
Why would you invest more money into something you are currently not taking care of?
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Old 07-28-2016, 04:12 PM
 
Location: Herriman, Utah
145 posts, read 202,645 times
Reputation: 171
Quote:
Originally Posted by SportyandMisty View Post
That changes things.

I would probably call out a roofer and have the roof inspected. You need to know if the roof issue is purely cosmetic or if you're in danger of leaks causing more damage. I'd repair the roof, at least. Maybe replace it but that would depend on cost. Ditto for siding: you need to know what is cosmetic and what could be the source for damage to your asset.

How old is your water heater? I'd probably look at low-cost maintenance such as replacing the sacrificial anode rod right away.



https://www.youtube.com/watch?v=2IUNIUZz4Os and Hot water heater anodes and rust protection.

They are inexpensive and any homeowner can replace them. There are two styles.

Water Heater Anode Rod | Part Number 9003944005 | Sears PartsDirect

or

224-47776-12 - Bradford White 224-47776-12 - Magnesium Anode Rod, 3/4 NPT x 2.50 x 47.13 x .840
The water heater is one item in my home that is good, it's a Bosch tankless. I do need to have the roof inspected.
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Old 07-28-2016, 04:13 PM
 
Location: Herriman, Utah
145 posts, read 202,645 times
Reputation: 171
Quote:
Originally Posted by Lowexpectations View Post
Why would you invest more money into something you are currently not taking care of?
I take care of it, I just don't put money into it unless needed.
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Old 07-28-2016, 04:16 PM
 
Location: Herriman, Utah
145 posts, read 202,645 times
Reputation: 171
Quote:
Originally Posted by SportyandMisty View Post
Another popular strategy is to pay twice per month. Let's say your monthly mortgage is $1000 and is due on the 30th of the month. So, pay half ($500) on the 15th of the month and another $500 on the 30th. This also has a significant impact on the total interest dollars paid over the life of the loan, and you'll pay off the loan much more quickly.
I'm curious to learn more on how this works.
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Old 07-29-2016, 11:03 AM
 
26,170 posts, read 21,428,069 times
Reputation: 22766
Quote:
Originally Posted by vacuumbed View Post
I take care of it, I just don't put money into it unless needed.
If parts of your house are in poor or very poor shape you do not take care of it
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Old 08-03-2016, 10:11 PM
 
Location: Herriman, Utah
145 posts, read 202,645 times
Reputation: 171
Quote:
Originally Posted by Lowexpectations View Post
If parts of your house are in poor or very poor shape you do not take care of it
It was that way when I bought it. The home was built in 1978 and I bought it in 2005. Used house.
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Old 08-03-2016, 10:29 PM
 
13,811 posts, read 27,344,522 times
Reputation: 14244
Quote:
Originally Posted by vacuumbed View Post
I'm curious to learn more on how this works.
What they describe actually doesn't do a thing. Mortgage interest is simple it's not calculated on a daily basis like a HELOC is.

You're throwing away money by not refi'ing. I'm not going to crunch numbers but I'd bet you can drop your rate at least 1.25% by going down to a 15 year mortgage.
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Old 08-03-2016, 11:15 PM
 
Location: Wisconsin
2,201 posts, read 1,866,910 times
Reputation: 1375
Pay off the second mortage and if additional monies are needed to remodel then get another advance ,but only
at 4%. Banks like to give out loans like candy but will charge you at prime rate which as we enter a inflationary
2017 you may want to hold off on repairs. If you have the money to remodel pay down half the 2nd mortage and
piece meal there modelling over time ? We did that and glad we did.
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Old 08-04-2016, 08:39 AM
 
26,170 posts, read 21,428,069 times
Reputation: 22766
Quote:
Originally Posted by vacuumbed View Post
It was that way when I bought it. The home was built in 1978 and I bought it in 2005. Used house.

If you bought a decade ago you haven't taken care of it. I'm not sure why you are trying to argue it away but it seems pretty obvious you haven't maintained the house and now you are discussing pouring your savings into it?
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