[NY] renovate or buy a new home question

Cross posted :

So we currently owe around 200k on our mortgage. House would most likely appraise for around 700k. We love the area we live in and would ideally stay in this area forever. Not much has come on the market in this area but there have been a few over the 1mil mark that nonetheless need work done.

The reason for moving and or renovating is that it is simply time for new things (roof. Windows, siding, updated interior)

Our dilemma is do we stay in our home and put major money into our renovations here or move into something that may have a lot of the big items updated already.

Second part of the question is if we do decide to stay here how would that work financially? Do we take out a loan (construction loan) to handle the major renovations? Do we refinance the house? Just not sure which road to take.

Thanks for any advice guys/gals.

submitted by /u/Sfnyc46
[link] [comments]

Cross posted : So we currently owe around 200k on our mortgage. House would most likely appraise for around 700k. We love the area we live in and would ideally stay in this area forever. Not much has come on the market in this area but there have been a few over the 1mil mark that nonetheless need work done. The reason for moving and or renovating is that it is simply time for new things (roof. Windows, siding, updated interior) Our dilemma is do we stay in our home and put major money into our renovations here or move into something that may have a lot of the big items updated already. Second part of the question is if we do decide to stay here how would that work financially? Do we take out a loan (construction loan) to handle the major renovations? Do we refinance the house? Just not sure which road to take. Thanks for any advice guys/gals. submitted by /u/Sfnyc46 [link] [comments]

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