Community Chat

Quick links
Turn on suggestions Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Do you mean 
Reply
Contributor
Pixie Jo
Posts: 58
Registered: ‎05-18-2010

Need Real Estate Advice - Bad Location and No Money

‎04-03-2011 06:44 PM

My situation:

- I live in a bad location (inner city; frequent disturbances in the middle of the night; some houses kept up, some not; renters don't care about the houses they live in)

- my house was CHEAP, but needs lots of work (insulation, windows, doors, carpeting, kitchen) I've been here for 15 years and still owe what it's worth.

- house could easily double in price with improvements made if I REFINANCE my mortgage (going from "paid off in 7 years" to "paid off in 10 years" - new mortgage payment is still easy to make)

- I have no money to move out of the neighborhood (no substantial down payment or money for moving costs)

Does refinancing sound like a good idea if I am in a location that I don't want to be in? Presumably my quality of life will be better, and I should be able to sell for what I've put into it.

Any advice is greatly appreciated!

Report Inappropriate Content
Message 1 of 1 (46 Views)
Labels:
Reply
0 Hearts