Hey all - have a question for those who know more about mortgages than I do.
Looking at a fixer upper for about 400K
Salary around 550K, maxing retirements, 20% saved etc. No debt, and have 230K in cash for home buying, Reno earmarked.
The home is in a really great neighborhood but I think needs 200-300k of work to be our long-term place. No other homes in this area that are available.
My question is how to approach this purchase and renovation.
1. Plan was to put at least 20 % down (80k) with 15 year mortgage.
2. Not sure how to pay for renovation. Plan A would be just to wait and pay cash for it (prob 2-3 years away from doing that). That would be the debt-adverse, conservative option that I like the best.
What other ways could you borrow some money to do it sooner? Put all money towards down payment then HELOC? Are there rules about how soon you can do that after buying the home?
Home construction loan? Just not sure what makes sense if we wanted to do it sooner than waiting to pay in cash.
Looking at a fixer upper for about 400K
Salary around 550K, maxing retirements, 20% saved etc. No debt, and have 230K in cash for home buying, Reno earmarked.
The home is in a really great neighborhood but I think needs 200-300k of work to be our long-term place. No other homes in this area that are available.
My question is how to approach this purchase and renovation.
1. Plan was to put at least 20 % down (80k) with 15 year mortgage.
2. Not sure how to pay for renovation. Plan A would be just to wait and pay cash for it (prob 2-3 years away from doing that). That would be the debt-adverse, conservative option that I like the best.
What other ways could you borrow some money to do it sooner? Put all money towards down payment then HELOC? Are there rules about how soon you can do that after buying the home?
Home construction loan? Just not sure what makes sense if we wanted to do it sooner than waiting to pay in cash.
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