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Money Pit

07 Jun

Did I tell you we need a new roof? A new fucking roof. I haven’t even received Brian’s first paycheck and all ready we have giant money crisis.

Last winter when there were shingles in the yard, I was comforted by the fact that they were my neighbors. She was having a new roof put on and apologized for shingles being all over our yard. Except of course now we know that they weren’t all hers. Brian’s dad was down for Brian’s graduation and he checked it out for us. Basically told us not to go through the winter with it as is because we can expect some major damage if we do. He also mentioned that we should have the windows in the attic replaced because they are all rotted out and contribute to a great deal of our heat loss in winter. He said most roofing contractors will do the windows as well.

Okay. I can deal with this. I need to look into a home equity loan or a line of credit first. Of course we’ve only been in the house for two years so how much equity can we have built up? I am also going to look into our bank and a straight up loan to see what they can do for us.  I need to start getting estimates from roofers and see what kind of cost we’re ultimately looking at. Not what I wanted to be doing but at least I won’t have to worry about it for awhile.

Here is my other thought pattern but first let me first explain our house. We have a 100+ year old house. It is a two story colonial with a leaky basement and a full third floor attic. The windows in the attic and the front living room are the original windows and need to be replaced. The living room windows can wait awhile if needed. They’re very drafty but we can deal. The attic windows are rotting and one is completely broken. We have a piece of plexiglass over that one to protect it. Our original plan when we bought this house was to finish the attic and make it into a master bedroom and master bath. It has full stairs leading up to it already and it’s a really big room. We’ll lose a lot of our storage but I figure if we put a sump pump into the basement maybe we could put up shelves and store things down there.

Anyway, I had planned on getting a contractor and estimates this winter and doing the work on the attic next summer. Now, I am thinking if we are going to get estimates for the roof should I just get estimates for everything? There is a place nearby that does a 50/50 special. They give you (for example) 10K for remodeling and 10K for your credit cards and whatnot. From what I hear, they are a reputable contracting firm and I’m wondering if I should check them out.  If the interest rate isn’t too bad, it might be worth paying off our cards that way and having only one bill to worry about.

I’m going to have to do a lot of investigation when we get back home and start a spreadsheet of pros and cons. Then we’ll have to make a decision on what to do. I’m sorta of the mindset that we were going to do this next year so that we could pay off credit cards first. So maybe it would be worth doing now and still be able pay off the cards. The only reason I care about the credit bills is that they are high interest and I am so not dealing with that.

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3 Comments

Posted by on June 7, 2007 in Help!, housing

 

3 responses to “Money Pit

  1. Kellie

    June 7, 2007 at 1:23 pm

    I’d do it all at once. Explore all your options, figure out what works best and tra-la…new roof, dry (or mostly) basement and a kick ass master suite!! Which means you can then give Baby J your room OR….OR combine your current room with his current room for one kick ass Baby J suite!!

    I’m shutting up now.

     
  2. Mar

    June 7, 2007 at 4:23 pm

    Do it all at once. Get the mess out of the way. No need to prolong the bleeding. As for the 50/50 special- They did the siding for us on the house and did a great job! Same deal; home improvement and pay off debt. They were really helpful and their team of workers were great. The only draw back was that they were really busy. Like we started the process in June and the siding wasn’t done until October. It wasn’t all their fault, the weather did pay a big role, but keep that in mind. Call me when you get back. We need to get together.

     
  3. Kurt

    June 12, 2007 at 1:26 pm

    Minimize your interest payments–pay off the high interest stuff first. Sounds like the 50/50 is pretty good.

    Roof, eh? Damn. I agree with the others, try to get it all done at once. Then just enjoy the fruits of your labors (or your contractor’s labors) and pay the bill off at your leisure. You might also consider what sort of tax ramifications this may have. Credits may be hidden in there somewhere.

     

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