Financing in 11223>Question Details

HENRY, Home Buyer in Brooklyn, NY

Getting into my House .. need $100k more- Any Ideas??

Asked by HENRY, Brooklyn, NY Wed Nov 28, 2012

I purchase my home for $540k. I extended it and completely renevoted it. I put in about $120k. I now need another$70 k or so. Would it make sense to even bring in a Partner into my house if I am desperate to finish it already? I am willing to do it, but is this practical for the other party?

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Rhonda Holt’s answer
Most likely you will have to get another loan or try to do some of the work yourself. Better yet leave the renovations that can wait and only work on the things that may effect your living situation.

If you bring in a partner that person will most likely want their money back quickly. That means you'll have to refinance the house and if your home is already at the top of the market with all the money you put into it , then you will not have any equity.

Make smart decisions and don't let the house take over your life. Good luck.
0 votes Thank Flag Link Tue Dec 4, 2012
What if i offer to put a relative as a partner, pay me x amount of money and he will be a percent owner of the house.
Does that make sense? has that been doen before ?
Flag Tue Dec 4, 2012
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