Mar 15 2006
upgrades to the house and upgrades to monthly payments
calgary has an unbelievable housing market right now. you could find a cardboard box to live in, then the following week sell it for $300,000.
houses are selling in bidding wars. a friend from work had a house down the street sell for $60,000 over the asking price. shortages of labour, materials and common sense and people are spending ridiculous amounts to buy inner city houses. 4-5 years ago an over-priced inner city house was around $200,000 now you can’t find anything, in any condition, for less than $300,000.
so, we’ve decided to borrow some money and refinance the mortgage to do upgrades to our l’il inner city housey. new furnace, water heater, ductwork, roof, front and back doors, finish the rest of the fence ( Before | After ) and new flooring for the kitchen.
we’ll see how far an extra $35,000 goes. i hope it doesn’t follow the normal renovation patterns - calculate your total then find out as you go along it’s going to cost three times as much. my fingers and toes are crossed. watch for renovations updates and photos soon.
if the market continues it’s insanity, our little $200,000 dollar investment will quickly become a $340-365,000 investment. for a couple hundred extra bucks a month on the mortgage, i think it’ll be worth it 5-10 years down the road if we decide to sell.
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Super goodluck with this. We’ve often considered fixing the kitchen or various other projects, but it is so expensive around here. I hope it goes better than expected for you.