Home ownership is fun, you’ll love it… blah blah blah. All though I(26M) wouldn’t take back my experience, I’m also exhausted and ready to throw in the towel. My girlfriend and I are still living in a rent house and bought this house in January. We are still living in the rent house while working on the new house. Mortgage started in March, I thought we would be done with renos by now. I’m now starting to notice it’ll take me till July to finish this by myself. I’m in need of money for the process but need some clarity.
To preface this fine experience, if I knew what I know now about asbestos I wouldn’t touch it. I recently got done scraping popcorn ceiling at this house which we believe contains asbestos.
This is where we lost the most amount of time. We treated the ceiling as if it was asbestos. Bought an hepa air scrubber, tyvek suites, p100 respirators, tons of plastic, hepa vacuum, plastic every surface, created a 3 step entry system for decontamination, wetted the texture down very well, disposed of material at a dump that accepted it, clean up after each room, etc... really did a lot of due diligence on this but it's taken me 6-7 weeks of spending weekends here 10-12 hour days.
I took off this week thinking I'd be able to make some headway on ceiling texture but I just spent 3-4 days taking a sponge and 5 gallon bucket of water to scrub every surface in this house and really clean up every bit of ceiling texture possible.
Monthly Budget: -House mortgage/insurance: $1,800 -New House Utility/Internet: $250 -House we rent: $600 -Rent house utilities/internet: $375 -Car payment(3 years left at 3.2% interest): $460 -Car insurance(Sonata & Tahoe): $300 -Subscriptions: $15 -Cell phone: $100 -Gas: $150 -Groceries/eating out lunches $250 -Vices: $100 -Dates: $200 Total: $4,500
Income: -Hr wage: $30.50/hr -Yearly overtime: ~$15,000 -Yearly Per Diem: ~$6,000 -Last Year Gross(4 months @ 24/hr, 6 months @ $28/hr & 2 months @ $30/hr): $80,000 -Monthly income(Hr/Over/Diem): $4000-$6,000
Debt: -2021 Sonata: $17,000 @ 3.2% interest -10 year HVAC loan: $4,000 @ 13% interest -18 month No interest Credit card(HVAC): $8,900 -Home Depot credit card(No interest 5 months): $1,600 -New house(2,000sqft house): $219,000 @ 5.5%
Remodel cost already payed: HVAC: $14,400 Paint: $1,500 Asbestos: $2000 Security: $800
Cash: -Bank Balance: $5,435 -401K: $34,000 -Roth IRA: $1,200
Projects left on the new house: -texture ceilings everywhere but kitchen and master bedroom. -prime and paint house -finish bathroom remodel(~50sqft)
For obvious reasons I need to lower our budget and the quick and easy thing would be to move into the new house. The asbestos has really taken a lot of time to tackle and before we mud and paint it’s still a hazard. I’ve reached out today to a family friend who owns a building company and a painting company on advice on the construction side of things. He thinks to mud it would be $1,500-$2,500. He hasn’t mentioned a price on the painting side of things. I’ve gone back and forth on if I want to outsource the rest of the job or if I’d rather drag it out and complete it myself.
It’s about $1000 a month for our rent + utilities so let’s say it takes me 3 more months. Ive paid this month’s rent so really only $2000 more to spend if I drag out the remodel. If it starts to take any longer than 3 months we got problems.
I’ve thought about refinancing my car to lower my budget but I would be taking a higher interest and would pay more for the car. I’ve also thought about a 10 year remodel loan but not sure if that would be my best options for loans. The last option would be to cash out my 401k but I wanna try my best to avoid that.
I feel like I’m juggling a lot around and if I don’t do this right it could potentially be an issue. I’m leveraging more than I should have but I underestimated the time it would take me to remodel the new house. I have a performance meeting coming up in a week so I may be able to increase my income marginally but something has to change. The budget, cash, or the income. Just needing an outside perspective.
Submitted April 03, 2024 at 11:33PM by RecessiveMutation https://ift.tt/Ef0DeXo
