Which is better,Home improvement loan or buying a new home with today’s rates?

Jeff; there are so many things to consider before you make your decision. If you need to sell your home before you buy a new one at a low price, is your home in great condition? Would someone buy it as is? What is your competition in your area? What are similar homes in your area selling for; can you match them in looks and condition. Any home sale involves a home inspection. Real estate advisors tell Sellers that they should spend a few hundred dollars & hire an inspector themselves before putting their home on the market & do any of the repairs advised by the inspector or the amount for those repairs will be deducted from the seller’s agreed price. You should know what’s what before you decide to sell in great condition or “as is”.

Then, you have to find out what prcentage you qualify for in getting a new mortgage. The low rate applies to credit worth applicants only. What would your monthly payment be for the new home? Compare that to what your payments for the home you are in plus adding on the amount of your Home Equity Loan of Credit would be? Nothing’s free and nothing is “right” for everyone. Each circumstance is unique.

I’m in the same boat; I have to sell my big, 2 family house with the 2nd floor extension to the attic ( 5 bedrooms and 2 baths on 2 floors) plus a rental unit of 5 rooms plus a full cellar that has to be cleaned out. This home costs me $ 10,000 in taxes plus my Home Equity Loan that I already have. I have no tenants ( my son is living here temporairly while his furniture is in storage).
Homes like mine with my large lot are in demand BUT I need to do over the enire Bathroom & Kitchen on 2nd floor and change things in Bathroom & Kitchen on 1st floor plus other upgrades which I estimate will cost me at least $ 50,000. But If I don’t make the upgrades, I will have to sell at a huge loss and at this time in my life, I can’t afford to do.

So, after the most important work is done & if I sell at a good price, I will have to pay off my Home Equity Loans first which will leave me with a good deal less. Plus there are a lot of costs at closings that are usually shared with the buyer. Then I have to find a home at a great price ( which won’t be that hard to do now) & add on moving costs and appliances (maybe) plus other costs related to moving & making a new home yours.

You have a lot to consider before you make a decision. I have been getting information & doing improvments for 6 yrs now.

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