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| javeryh:
--- Quote from: saint on October 22, 2010, 04:23:31 pm ---I tell you this - it will be a headache. However, having done it, you will love it. Just did ours 3 years ago and *everyone* raves about it every time we use it. Bar, theater, game room, gaming table, guest bedroom, bathroom, dojo. Good times are had. --- End quote --- Sounds awesome. Also sounds like you have a LOT more space than I will have! I'm trying to squeeze in an open theater, bar area and room enough for 4 or 5 arcade cabs. If the architect can figure out where to put a 12' shuffleboard table I'd go for that too but I doubt it's possible. Got any pics or anything? Was yours redone in connection with an addition or just a basement improvement? I really really wish my house was big enough and all I'd have to do was finish the basement. I'd do it tomorrow. --- Quote from: pinballjim on October 22, 2010, 04:37:12 pm ---Dude, it's not 2005. Don't borrow against your equity for a playroom. --- End quote --- What else am I supposed to do with my savings? I work WAY too much and my job is WAY too stressful to not get to enjoy it at some point. The goal is to pay for 1/3 out of savings and 2/3 from a loan. Also, if the appraisal comes back at what it was at in 2009 we would only be borrowing against 40% of the equity. Believe me, if my wife says we can do it, we can do it. She is the most risk averse person I've ever met. |
| boykster:
--- Quote from: pinballjim on October 22, 2010, 04:37:12 pm ---Dude, it's not 2005. Don't borrow against your equity for a playroom. --- End quote --- If it's true equity, and not speculative 'value' equity, and you plan on staying in the house for a while, then there's ZERO reason not to borrow against the house. Heck, the interest deduction alone (depending on your tax bracket) can be worth it and tip the balance from using cash/investment vs borrowed money. |
| eds1275:
When I got my mortgage, they approved me for 500k. My home was 280k, and they said that I was STILL approved for 500k - if I would like to add on any amount to my existing mortgage for renos, etc related to the house that I could just make a phone call and they'd toss the amount on top of my mortgage - however my credit union owns all it's own money and therefore can make decisions itself without having to resort to a third party. I dunno if ts is the same as borrowing against the house, but it seems like a great idea if you are as you say you are - good with money. |
| ark_ader:
--- Quote from: pinballjim on October 22, 2010, 10:10:47 am ---Saving up a huge chunk of money and then blowing it on a single project or item is one of the stupidest moves ever. What happens if there's an emergency? You can ignore loan payments for awhile if you have to. --- Quote from: Endaar on October 21, 2010, 06:43:56 pm ---Incidentally, you do realize that gold is about as illiquid an asset as there is... --- End quote --- He's been corrected on that numerous times. :P --- End quote --- Really? Where? |
| Ed_McCarron:
--- Quote from: javeryh on October 22, 2010, 04:52:32 pm --- --- Quote from: saint on October 22, 2010, 04:23:31 pm ---I tell you this - it will be a headache. However, having done it, you will love it... --- End quote --- ... Got any pics or anything? ... --- End quote --- Check back when Pixelhugger completes his cabinet. |
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