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It is currently Wed Sep 17, 2014 12:40 pm




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 Post subject: Home renovations
PostPosted: Wed Mar 13, 2013 6:31 am 

Joined: Tue Jan 01, 2008 4:25 pm
Posts: 110
Location: Boston, Ma
My wife and I would like to do a substantial home renovation in 4 to 7 years time. We love our house and neighborhood, so would prefer this to moving.

Knowing this, and knowing I'd still max my 401k, should we be saving in a 5 yearish investment (there are some Vanguard funds that do this)?

Would it make sense to not have additional investments while we save for this? Not sure of the balance.

How did you do it if you have? Thanks!


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 Post subject: Re: Home renovations
PostPosted: Wed Mar 13, 2013 6:46 am 

Joined: Mon Apr 25, 2011 7:37 am
Posts: 446
We are also doing something similar, though our time frame is more flexible (may be sooner). We are just parking the money in CDs (some 1 year, some 5 year). It's at Ally, so we will sacrifice some interest if it is taken out early, but there are no heavy penalties for early withdrawal. The CDs rates are from 1 to 1.5% so you may want to look at other options, esp if horizon is longer.


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 Post subject: Re: Home renovations
PostPosted: Wed Mar 13, 2013 7:01 am 

Joined: Fri May 04, 2012 2:23 pm
Posts: 810
berg wrote:
My wife and I would like to do a substantial home renovation in 4 to 7 years time. We love our house and neighborhood, so would prefer this to moving.

Knowing this, and knowing I'd still max my 401k, should we be saving in a 5 yearish investment (there are some Vanguard funds that do this)?

Would it make sense to not have additional investments while we save for this? Not sure of the balance.

How did you do it if you have? Thanks!


You can put the money anywhere you would like. More risk is ok, just know you may not be able to do the renos when you want if you have any risk of losing capital.

_________________
Bichon Frise

"If you only have 1 year to live, move to Penn...as it will seem like an eternity."


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 Post subject: Re: Home renovations
PostPosted: Mon May 13, 2013 6:38 am 

Joined: Wed May 08, 2013 3:40 am
Posts: 1
It’s really an amazing experience to renovate your house with different paint colors and furniture. By this we can make our house more beautiful and lively.

SPAM LINK REMOVED


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 Post subject: Re: Home renovations
PostPosted: Sun Oct 06, 2013 8:53 am 

Joined: Sun Oct 06, 2013 8:46 am
Posts: 1
Location: usa
An outline of unique wall decorations for boys rooms that I currently am having a blast implementing in my own boys room.


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 Post subject: Re: Home renovations
PostPosted: Mon Oct 07, 2013 12:02 am 

Joined: Fri Apr 05, 2013 2:30 am
Posts: 154
If you can manage to save some more money even after saving for the home improvements then that will be great. However, if you cannot manage it, then it's fine. Once you are done with the home improvements, then you can once again start off with your savings.

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Jerry
Forum Moderator, MortgageFit Community


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 Post subject: Re: Home renovations
PostPosted: Mon Oct 21, 2013 4:16 am 

Joined: Mon Sep 23, 2013 11:52 pm
Posts: 10
Hello,
i also did some renovation of my house but i just used my savings and this is great idea. 8)


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 Post subject: Re: Home renovations
PostPosted: Thu Oct 24, 2013 6:05 am 

Joined: Fri Jul 19, 2013 3:57 am
Posts: 16
Location: California, US
It's tough nowadays to find the kind of money it requires for home renovations. If you want to start your dream renovation project, you can do so by finding creative ways to save and work within your budget.


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