Determining home equity loan value

[MossRoad]

Believe me, the house REALLY needs renovating. This is the master bathroom.

View attachment 4381499

Awesome!

Ours had green tile on the bottom and grey where your's has wall paper. They are Miraplas brand. They were in excellent condition, just stuck in the 50s. We were going to remodel our bathroom, but the tub was built into the wall pretty far. We'd have had to bust it out, gut the walls, ceiling, floor, everything....

So we called a guy that does tub reglazing. He gave us an estimate on the tub. Good price. Then we asked if he did wall tiles. He said he didn't see why not. Then we told him it was plastic. He said he never tried it before, but was willing to give it a shot. So we did. It came out great!

Same price as a bathroom tear out if I did it myself, but ZERO work on my part and done in 2 days. I put in a new floor and we're good to go.

Was cleaning out the basement a couple weeks ago and found a case of the tiles in the back corner that the previous owner left.

Here's the stuff....

 

[Sigarms]

I meant the tub was money.

Renovations are super expensive. First hand experience here.

Budget went over three times. Naive and the unknowns when dealing with old homes.

I'd say two thirds of our farm house was demolished. Only the original 1920's remained and that was gutted in parts to the floors.

But...my wife had vision. I learned to keep up with that.

The end result will be special for sure. You will make it your new home!

Home was built in 1962 and it was a one couple who owned it.

Son lived with the mother to help her out for a year before she passed.

I had a couple of guys I trust on construction go over the house with me. Both said sound structure but they wouldn't buy it to flip it, however, if it was going to be our "forever home" and put more money into what we wanted done, it was a good solid house (honestly, I was kind of hoping they'd tell me/us they wouldn't touch it with a 10' pole LOL).

Believe, with new plumbing, new electrical and ripping out the oil furnace with new duct work (I can save a little there) we're paying about what the house cost us in renovations.

I kind of wanted this to be headache free myself, at our age, but like your wife, mine has a vision. We've only been married 22 years now, but she's never failed me when she had a plan that I wasn't 100% on board with.

The irony is if you saw the kitchen cabinets (which we aren't touching except for fitting the gas stove in) along with the intercom system that was there (we guess when the house was built) it was pretty high end for the time on a smaller house.

 

[riptides]

....

The irony is if you saw the kitchen cabinets (which we aren't touching except for fitting the gas stove in) along with the intercom system that was there (we guess when the house was built) it was pretty high end for the time on a smaller house.

LOL on the kitchen. One of the first pic's we took of the house as I started in the Kitchen.



Today, it remains one of the last projects to complete. All I did was strip, paint, new plumbing, electric and replace appliances. It will need new subfloors and the walls need to be removed. Basically a gut down to the frame, again. This was/is the oldest part of our house.

 

[Torvy]

Different purposes, sure. They have the same drawbacks. A HELOC pulls your credit, has a cost to set up, and counts against your credit for the full amount, whether you use it or not. Rates on a HELOC are typically higher as well.