Hey everyone! I recently moved into my boyfriend's charming 1920s bungalow, and while it's beautiful, it definitely needs some serious renovations for safety and function. My boyfriend has lived here for over two years, but renovation progress has been slow since his father, who was supposed to help, moved away shortly after he bought the house. My boyfriend isn't particularly handy, so that makes things tougher. Some work has been done, like rewiring and getting a new AC, but we still have a lot on the to-do list, including fixing a roof leak, repairing damage from that leak, cleaning and flooring the second story, repainting, and even more long-term goals like expanding the kitchen and adding a bathroom. Considering the overwhelming list and the need to baby-proof the place since my brother just had a baby, we're debating whether to take out a loan to cover the essential renovations instead of doing it all bit by bit. What would you all recommend?
3 Answers
Before you take out a loan, weigh your options a bit. Check out what funds you have available to pay back versus saving up for smaller projects. Some of your short-term needs really do sound urgent, but quite a few could wait. A lot of new homeowners aren’t naturally handy, but you’d be surprised what you can tackle yourself with the help of YouTube and some DIY sites. I usually try to handle what I can before hiring someone.
Honestly, I have to ask: why are you putting money into this place when you're not on the deed or married? It could lead to complications down the road. Just make sure you're not setting yourself up for heartbreak by gifting so much money into a property that’s not technically yours.
I totally get where you're coming from! I'd suggest focusing on completing the smaller, urgent projects first to build some momentum. It's crucial not to start too many things at once; just pick one task, finish it, and then move to the next. Start with the roof leak and ceiling repair since that will prevent more damage down the line. Check the ceiling joists for any hidden issues too. That way, you can deal with the important stuff right now and take it from there.