Discovered house was built incorrectly and am having water intrusion issues everywhere. Long story short, only way to fix it properly is to removed the entire exterior envelope of the house and replace siding, windows and roof. Needless to say a major expense. Can’t sell without repairing first.
My main question is whether it makes more sense to completely wipe out my “liquid” savings (leaving retirement accounts untouched), and pay with cash, or does it make more sense to take out a loan. And if so, what’s the best avenue for a loan that would equal about half the remaining balance of my current mortgage or about equal to the total equity in the home now. Improvements will slightly increase value of home, but definitely won’t offset cost of build. Might only recoup about 25% of cost.
TIA!
Submitted January 24, 2019 at 08:40AM by VeryLastBison http://bit.ly/2RfzAZW
