Wednesday, June 4, 2008

Answer to "anonymous"


I received an anonymous post on my Angels post, and I actually had to chuckle a bit. It said:

Hi, This is your angel speaking, if you plan to borrow 10k and sell the house for 30k in profit, it makes sense, go for it!And you have the blog to help pay
it back!

I envisioned a "devil" on one side of my shoulder and an "angel" on the other: (Anonymous being the "devilish go ahead and do it side".) No offense to Anonymous!

Seriously though, my response is this: Because real estate has depreciated (our home about $100,000 from the all time high it was 18 mos ago), we are questioning whether it's worth it to borrow more money to improve it, especially since we presently have a rate of 5.75% and the lowest rate we can find is 6.0%. Although we will make nice improvements, the market just won't pay out...so I doubt we'd get 30K in profit...at least not for a while.

We are sitting tight, and if the market changes or the interest rates go down (a lot), we may reconsider. Until then we are doing it the old fashioned way...saving for it...


1 comments:

Joe said...

I love the fact you have any angel.