Asked by Froilan, New York, NY • Tue Sep 30, 2008
In 2002, I have bought a 2,200 sf one-family fixer-upper brick townhouse in the Crown Heights area a few blocks from a subway station.
My mortgage is set at 5 3/8% for a 30 year fixed. The building is structurally sound after investing about $30,000 in structural renovation. New double glazed windows, new insulation throughout, new kitchen, new hot water heater, and a new bathroom were installed.
I still have about $20,000 to $30,000 worth of renovations in order to make the house attractive for resale (at the minimum). I am currently in a financial situation where I can pay off my mortgage by the year 2014 if I stop renovating. However, the house to a lay-person would look unfinished.
Is it better to pay the minimum monthly mortgage and use the rest of the money for renovations during a market downturn?
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