snapping turtle
Grandmaster
We refinanced the house at a much better interest rate right before Covid.we had like 300 dollars rolled out on a tire purchase on the credit cards but that was it. I think the house interest rate was 2.25 to 2.5 depending on which way you read the loan. So kinda free moneyA small trick we used a few decades ago, if your CC, auto loans, or other’s interest rates are higher than your mortgage interest rates, a Heloc to combine them and pay them off at a lower monthly total out of pocket cost. Then if that money was already in your budget, add that amount to your mortgage payment to pay down your mortgage principal. By law any extra you pay over minimum mortgage payment must be applied to the principal loan amount. This assumes you have the equity available to do this.
Was going to do house rework and such. Did a bathroom.installed all new flooring. Painted the whole inside. New lighting and outlets. Some flooring work around an old leaky bathroom. New furnace. Basement French drain because the water table has risen. Bought 2 the field behind the house.new stove refrigerator and dish washer in the kitchen. Check check check. I believe so far with the land purchase we have doubled the home valve.
Second bathroom was delayed due to in-laws having health issues which required more time and energy than the home remodel. We hit a brick wall because the better half decides what the finished items look like because everything I do is sterile and stark. Finish the main bathroom and kitchen remodel and we for sure have doubled the value of the house in two years.
Now we have 1/2 of the refinance in the bank minus a generator a second refrigerator and a coming soon refrigerator.
But the remodel is halted for the time being because of inflation and supply chain issues.
I will now be doing most of the labor myself to offset the material cost. Not what we planned but what has to be done. So it will be a slower remodel.
We figured that getting the money pre inflation and paying it off post inflation was ok. Just wish the family illness and deaths did not delay the material purchases. I work an average of 6 days a week some of those days are 12-16 hour shifts also. So taking on some of the larger projects I would need to take vacation days.
Now we are stockpiling the items when a good deal comes. Kitchen counters I think are next and I am just going to bite the bullet and have them measure and install. Not something I do enough to warrant the time and tools to DIY.
Wife has a car payment we throw an extra 100 a month at and the dealership tries to buy that RAV4 back monthly. I have 3 cars and that are paid for and run well (minus the old pickup which needs some love thrown to it) I also bought a Toyota FJ Cruiser as more my mid life crisis retirement vehicle that will be paid off in 2 years. So I have transport more than covered and will most likely be down to the daily driver the ranger pick and the FJ soon. (The FJ has eaten into the gun purchases and a few of those purchases might go to FJ payments in the future as who needs 14 marlin 39a’s)
So two car payments and a house loan. We shall soon crack back down and finish the remodel. Needs are kitchen counters bathroom remodel and a garage.