Friday, September 14, 2007

Doubling down: a second mortgage

Tuesday morning we'll be at the credit union to close on a home equity loan for home improvements. After aborting a more expensive plan last fall, we've been working on a more limited plan for a small covered deck and some new windows. It's something we've known we'd need to do almost since the moment we moved in almost 5 years ago, and it's going to be a big improvement, but it makes me a little queasy just the same.

With Carmen out of work and back in school, we're doing fine, but the margins for error are going to be tight for a while, especially until we finish paying off the car in March. I just can't really think of a better way to do it. We can't really put it off longer, for various reasons, and I'm not sure there's a good way to do it for less money. Until Carmen gets out of school, I guess we've got to keep all of our eggs in one slightly disabled basket.

3 comments:

mdmhvonpa said...

These things just kind of carry on, don't they. I've been refinishing the upper floors of the 'Manor' for nearly 6 years now. Just got it done.

Anne said...

Hi Doug, I have a thought to share with you about home improvements. Not knowing you personally, and hoping not to pry, but is there anyway you can make the improvements that you want to do "Multiple Sclerosis Necessary" so that you can deduct so much percentage off your income tax? We made our first floor overimproved so that w/c fits easily through doorways, ramps/small step inclines, and w/c high to reach stuff. This year, I got a new widescreen computer monitor because I am slowly going blind and I intend to take that off income tax next year, along with the mileage/parking fees/premiums/cash outlay that this damn MS has been costing me. More $$ out in the last six months than I expected. Just a thought that maybe you could incorporate some ADA upgrades to make your improvements necessary for ADL's (activities of daily living) in your home. Anne

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