Sigh.....got up yesterday, washed face. Hmmmmm not very hot water. As water progressively cooled, decided we must need a new hot water heater. So I researched the tank less electric water heaters. Wow, can start at 288 all the way up to 888 at Home Despot. So called the family plumber to get his opinion. He had replaced our old one about ten years ago. He said he could do it but would require two 40 amp lines, which would require an electrician for the electric and cost about 500 bucks in labor. I have had enough trades in the house this year so I asked him to squeeze us in. He said maybe Friday, probably Saturday. Going retro. Hah!
Ah me which brings us to a financial decision. Do we go ahead with the refi or not? The refi was only for an extra 20k 30 year fixed at 3.5%. AND including the points, taxes and insurance only drops the house payment to a hair under 700 a month.
Have spent over 20K not including sewer project AND hot water heater. Casual chit chat between husband, appraiser and contractor are throwing around figures for between 5k to 30 k for replacement windows etc. Also need to have termite treatment which we have not yet scheduled. I am praying that the bill for fixed sewer problem will be under 5K or we will be living on a very skinny string. The bank is going to offer to put X amount of dollars in escrow to pay the contractor when the job is finished.
I can only see that the loan balance will balloon well beyond what we agreed to in the first place. So at this point we are thinking that we will decline the refi and fix what we can. After all we still need the loan interest for a tax deduction. Wish the repairs were deductible but I am thinking that Turbo Tax doesn't offer this amount the choices. And we can always buy a yurt and put it in the backyard.
No comments:
Post a Comment