Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have a house with close to 400K in equity. Owe 150K. I had a issue with it that cost 15K ( slab leak). I dont plan on staying here. Like to be out/sold within the yr, max of 2. I have some money but dont want to use that for house repairs. I put the 15K on a CC (zero % for 1 yr)
Is it a bad move to get a Home equity loan for 25K, pay the 15K, use the other 10K for floors and other repairs so it can sell. Carpet has to be replaced, its so bad.
The way I see it when I sell it , that loan will be gone. Also I should add, where I am going I will not need to buy another house. She already has one.
I have a house with close to 400K in equity. Owe 150K. I had a issue with it that cost 15K ( slab leak). I dont plan on staying here. Like to be out/sold within the yr, max of 2. I have some money but dont want to use that for house repairs. I put the 15K on a CC (zero % for 1 yr)
Is it a bad move to get a Home equity loan for 25K, pay the 15K, use the other 10K for floors and other repairs so it can sell. Carpet has to be replaced, its so bad.
The way I see it when I sell it , that loan will be gone. Also I should add, where I am going I will not need to buy another house. She already has one.
Worst case I will pay the CC and be pissed
Very bad move to replace 15k cc loan with 25k HELOC. You can do math if you end up with larger payment even with lower interest rate. With 0% on the credit card as low as you can get.
Don't know your income. Best move is to payoff the cc ASAP. Get some real offers to see maybe you don't need to spend $10k for repairs.
Maybe best thing to do is sell the house for $300k. Be truthful in the $25k to make it livable. Then use the $150k for future investment.
I have a house with close to 400K in equity. Owe 150K. I had a issue with it that cost 15K ( slab leak). I dont plan on staying here. Like to be out/sold within the yr, max of 2. I have some money but dont want to use that for house repairs. I put the 15K on a CC (zero % for 1 yr)
Is it a bad move to get a Home equity loan for 25K, pay the 15K, use the other 10K for floors and other repairs so it can sell. Carpet has to be replaced, its so bad.
The way I see it when I sell it , that loan will be gone. Also I should add, where I am going I will not need to buy another house. She already has one.
Worst case I will pay the CC and be pissed
There's a lot of info about you that we don't know such as your income and how steady/reliable it is. Also, we don't know what other expenses you have or how well you manage money.
That said, with 400K equity in the house and PRESUMABLY a steady job and little or no debt other than the house and the 15K you put on the credit card, I think it would be perfectly acceptable to take out a home equity loan to pay off the credit card AND to do other needed improvements such as new carpet to help make the house more saleable.
Don't go overboard on the home improvement stuff. Stick to the basics such as new carpet and paint. Fresh paint is probably the best investment you can make in selling your house.
Only Debt is house, truck, camper. CC are paid off Monthly if I use them/it. This issue was a quick one so handed him a CC with zero until Jan 25, then goes up to 21% LOL. I can pay the 15K but dont want to out of my cash. HE loan was like very, very low as in a quarter %. PNC Bank. Not sure if that would change if I pulled the trigger. Credit is excellent. Not a refi
So best option is to just pay and be done with it ? Only reason I asked is that I want to move and the son is the only thing holding me back but there are options to speed that up which is why I didnt want to use my cash
Very bad move to replace 15k cc loan with 25k HELOC. You can do math if you end up with larger payment even with lower interest rate. With 0% on the credit card as low as you can get.
Don't know your income. Best move is to payoff the cc ASAP. Get some real offers to see maybe you don't need to spend $10k for repairs.
Maybe best thing to do is sell the house for $300k. Be truthful in the $25k to make it livable. Then use the $150k for future investment.
Sell a house worth $550 for $300? Um, I don't think so.
Only Debt is house, truck, camper. CC are paid off Monthly if I use them/it. This issue was a quick one so handed him a CC with zero until Jan 25, then goes up to 21% LOL. I can pay the 15K but dont want to out of my cash. HE loan was like very, very low as in a quarter %. PNC Bank. Not sure if that would change if I pulled the trigger. Credit is excellent. Not a refi
So best option is to just pay and be done with it ? Only reason I asked is that I want to move and the son is the only thing holding me back but there are options to speed that up which is why I didnt want to use my cash
Tell us more about 'the son'. Is this a relationship where you are moving in with someone? I would think long and hard if a family member is making it difficult.
My only thought is make make sure the zero interest CC is paid off by the end of the zero interest term, whether by a series of payments or a lump sum payment near the end.
Status:
"I don't understand. But I don't care, so it works out."
(set 17 days ago)
35,665 posts, read 18,034,145 times
Reputation: 50706
If your house is truly potentially worth 550K in today's market, spending 25K to get it to that value would be a good idea. No one wants to go house shopping and see a house that isn't showroom ready. Really bad carpet is a turn-off.
However, you seem to have some real "ifs" in your story. You want to move in one year, two years tops to move in with a woman. That's unpredictable, as is "the son".
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
