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Mortgage top up for improvements or new house

  • 01-09-2024 11:12PM
    #1
    Scr55
    Registered Users, Registered Users 2 Posts: 36 ✭


    Hi all.

    I would like to ask for your opinion on this problem.

    I bought a second hand house in 2022 and it requires some investment and refurbishment. I have already invested in attic conversion, new combi boiler and I am having my bathroom renovation this year. However, there is kitchen, rooms renovation, windows replacement and maybe extension along the line. I have done some math and in my opinion the refurbishment I am planning to do will never balance out the value of the house. My plan was to stay in this house hence these investments. I checked daft.ie to check the market and houses of my preference are nearly 2 times more expensive than my current mortgage.
    Therefore my question is: would you apply for mortgage top up to invest for example in an extension etc to have “a house of your dream” (knowing that you may never get it back). Or would you take a much higher mortgage (nearly twice) to buy mediocrely finished new build house and knowing that it will retain its value (unless there is another crisis!).
    I think I know the answer but I would like to hear your opinion.

    Thanks.



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