Home renovations

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berg
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Home renovations

Postby berg » Wed Mar 13, 2013 6:31 am

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!

partgypsy1
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Re: Home renovations

Postby partgypsy1 » Wed Mar 13, 2013 6:46 am

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.

Bichon Frise
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Re: Home renovations

Postby Bichon Frise » Wed Mar 13, 2013 7:01 am

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."

avocado wrote:Good to see you back, I was starting to miss your incisive commentary!

malcomdavid
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Re: Home renovations

Postby malcomdavid » Mon May 13, 2013 6:38 am

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.

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naveed sahil
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Re: Home renovations

Postby naveed sahil » Sun Oct 06, 2013 8:53 am

An outline of unique wall decorations for boys rooms that I currently am having a blast implementing in my own boys room.

Jerry
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Re: Home renovations

Postby Jerry » Mon Oct 07, 2013 12:02 am

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.
Jerry
Forum Moderator, MortgageFit Community

samysteav
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Re: Home renovations

Postby samysteav » Mon Oct 21, 2013 4:16 am

Hello,
i also did some renovation of my house but i just used my savings and this is great idea. 8)

FaaastCash_
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Re: Home renovations

Postby FaaastCash_ » Thu Oct 24, 2013 6:05 am

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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