No. of Recommendations: 3
What do you propose doing with that $200,000?

The $200k was to pay off the original loan for the refi. The HELOC balance of $42k was already spent on the initial updates. It's an extra $25k that the OP is considering financing.

In my opinion, most home "updates" are a waste of money. They are usually consumption masquerading as an "investment."

My bias is to keep things simple. Pay off your debts. Invest extra income in good investments, not personal consumption.

Yes - we know your carpet is the original carpet that was in the home when you bought it how many years ago?

Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.