Pay Down Our Mortgage Or Update Our House?

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Pay Down Our Mortgage Or Update Our House?
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Опубликовано:

2 авг 2024

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Комментарии : 157

@edwinf9999 2 года назад

Never listen to a Realtor that says do this. They just want to maximize their commission.

@mosesleparker 2 года назад

Right you spend 80k upgrading the house then sell it for 80k more. You aren't better off in the end. Realtor does well though

@JA-zh5xi 2 года назад

As someone who just made that decision about a year ago - trust me, it was much better paying everything off. Now we have plenty of disposable income to do whatever we want to the house.

@QuitYourCryin 2 года назад

Doesn't make much difference. Pay off now and wait. Buy stuff now and pay off a little later.

@JA-zh5xi 2 года назад

@@QuitYourCryin kinda makes a huge difference when you have zero debt and you owe nothing.

@roninbushida1180 2 года назад

@@JA-zh5xi did you watch the video? The person wants to update and repair so they can sell the house

@ryankiel4895 2 года назад

Yea, I put as absolutely little money as possible into my house. I only spend cash when things break. I never do upgrades; I want to get through baby steps 4-6 first. Then again, I did not buy a collapsing fixer-upper like she did.

@LovesGrilling 2 года назад

Repairs and upgrades do not pay for themselves with appreciation. Lay it off. Do not upgrade anything. Sell as is.

@kara2162 2 года назад

The elephant in the room is that a 400k house in Dayton Ohio is at least 4,000sq ft. My parents used to live in that area. The deck is probably 1,500 sq ft minimum. Big house = expensive renovations. Windows and a roof on a house that size will set you back around 75k minimum.

@unpopularopinion149 2 года назад

I own a roofing company and there’s no way windows and a roof would cost that much. Windows maybe max $20-$30k for premium windows but most likely $20k max. A roof would be probably $20 as well maybe $25

@joeb1522 2 года назад

@@unpopularopinion149 A new roof where I live is 10k to 20k for a 2,000 to 3,000 square foot house.

@TheDjcarter1966 2 года назад

Do NOT do a bunch of renovations on the house! If wood is rotten to where people fall through fix that if the AC works don't fix it, maybe just a fresh coat of paint and call it good. You will never see your money out of $140k worth of renovations.

@brookesmith1550 2 года назад

Exactly!!!

@jamzempire 2 года назад

Veryyyy true!

@MrJrobb182 2 года назад

Word to the wise from experience, upgrading your outdated home does not increase the value as much as the dollars that you are putting in to the home improvement project. So the moral of the story is …just like Dave was hinting at….it’s best to only fix the issues and leave the upgrades be…in order to have the maximum amount of money in your pocket when you end up selling the home.

@ATLFUNKCARTEL 2 года назад

$140k in repairs on a $400k house. She’s misinformed.

@aundirussell8644 2 года назад

my mom is a realtor and she rarely told people to do more than new cheap carpet (gives the house a new house smell) and paint when she was selling fixer-uppers. she would probably say rip out the deck. sell the house without a deck. that costs nothing and is an overall improvement.

@eileenstebbins7614 2 года назад

The other guy made a point that Ramsey sorta dismissed but it was a GREAT point. Sometimes we focus on these projects that take years and we lose this time. We need to be balanced and still LIVE life and ENJOY what we have while we work on these projects. Great point!

@lot2196 2 года назад

I paid off my house then took a loan for a new roof. Water was literally running down my walls when the wind was blowing in the right direction. Sometimes you don't have much of a choice. I just recovered from cancer as well.

@mohamedfawzy5453 2 года назад

I am happy for your cancer recovery. I wish the same for my sister. God bless.

@DoctorSmartyPants 2 года назад

Dave is out of touch with home repair costs.

@snowboarddan5899 2 года назад

Let the new owners handle the interior updates. Take care off deck,roof,windows and or sidings

@RJRussoVids 2 года назад

$40k to replace wood on a deck? Highway robbery. $20k is ridiculous too. Would be worth it for the people to spend more time researching contractors.

@derekd1510 2 года назад

I would explore other options like maybe a concrete patio? I made a concrete patio for myself four square feet at time with a wheelbarrow, a garden hoe, and a bucket and I'm really satisfied with it. No cracking and the cost was about $5/sq. ft.

@squished300ztt 2 года назад

If I had a 40k deck repair I’d get rid of the deck.

@PowerNGlory 2 года назад

@@derekd1510 That's all fine and dandy if you have the ability to do that type of work.

@derekd1510 2 года назад

@@PowerNGlory Anybody who is not physically disabled could do it.

@DoctorSmartyPants 2 года назад

Depends on the size of the deck.

@RealJoshBinder 2 года назад

Sounds like contractors are taking advantage of people who don't know how much house repairs/renovations cost. Information asymmetry is rough

@derekd1510 2 года назад

Rich folks...ya gotta love 'em.

@NumberONEdazaiosamudazaihater 2 года назад

I could buy a fuckig house for 140k

@tcgtpl 2 года назад

If they're trying to sell the house in 3-5 years, I'd suggest they figure what really needs to be repaired on the house and do that only. For example, what if you update the kitchen & the new prospective owners don't like your updates? That's money down the tube.

@666dynomax 2 года назад

100%. Take less and let them do their own. Good chance you won't recover the updates cost

@edwinf9999 2 года назад

Sell the house. Decks are not a asset, they deteriorate and always need to be replaced.

@kara2162 2 года назад

Exactly. Opt for a concrete or Stone/tiled patio instead.

@goodgirlsguide 2 года назад

Get rid of the decking. No point updating the kitchen and bathroom when it might not be to a buyer's taste

@aaront936 2 года назад

Imagine dumping all of your money into a mortgage for a house that's falling apart. Terrible advice. Either make repairs now or sell as is.

@michellemybelle22 2 года назад

Dave Ramsey needs to get out of TN once in awhile. I live in Massachusetts and updates are very expensive here. It’s frustrating.

@mariegarside8830 2 года назад

Absolutely -

@palazzolo85 2 года назад

So true.

@PowerNGlory 2 года назад

Still a $400k house should not need almost half it's worth in updates unless it was in really bad shape. At that point save the money and just fix what really is needed and let the new buyer do the updates.

@jrwntctv8091 2 года назад

People need to realise if they are so expensive they are not a priority.

@paris466 2 года назад

If I was planning on moving in the near future, I wouldn't put anything into it I didn't have to. Like Dave said, bring it down to the "not dangerous" level. Then I'd leave it at that.

@TubTechGuru 2 года назад

Paid off our mortgage in 12 years & being debt free in our late 30’s (8 years ago) is the absolute best decision we’ve made...😄

@Ruthlessbone 2 года назад

Technically, you're never really debt free. You still have to pay taxes on your property for ever 😂

@kara2162 2 года назад

Same. Never going back.

@eelsify 2 года назад

@@Ruthlessbone taxes aren't debts

@hanghad7645 2 года назад

@@eelsify If you keep paying,doesn’t matter what you call it

@eelsify 2 года назад

@@hanghad7645 if you don't pay your taxes it's a debt. If you pay it it's an expense

@mph5896 2 года назад

Yikes. I would just selectively fix high priority items. The outdated kitchen and bath are not priorities. This person bought the house with the old kitchen and bath. If the roof is in poor shape, yes don't put that off. Deck, I would see if it can be patched up and power washed/stained. You might only have a dozen boards to deal with to get a few more years out of it. Make it the next persons problem.

@supertodger 2 года назад

Daves buddy is spot on(the sun never comes out)also sell as is or update and enjoy the house and stay, theres no point of getting house just right and then leaving.

@jimroscovius 2 года назад

Our house is paid off, and we paid for our remodeling in cash.

@jmartin2778 2 года назад

Fully replaced a deck that's 10'x20' with Trex and that was $21k, two years ago. Like her, that was the best (not the cheapest, but not the most expensive). EVERYTHING is really expensive in the trades.

@mxerb5912 2 года назад

Did my 32x10 composite deck myself for 5k. Sucks to have to pay someone that much

@kara2162 2 года назад

It's a 400k home in Dayton Ohio I bet this deck is some wrap around 1,000 sq foot monstrosity.

@genxx2724 2 года назад

I’m aggravated my HOA wouldn’t pay the extra cost for a Trex fence. They replaced a cheap redwood fence with another cheap redwood fence, and the contractor made a mess of it. Trex would have been flawless and lasted much longer.

@mariaharris1179 2 года назад

Sell the house 🏠 as it is 😅 and go buy you a new house

@alexfonseca2063 2 года назад

Dave’s steps do not work during hyperinflation like now.

@jessicamoore9771 2 года назад

Updating my home because of necessity yes got a new roof working on new windows and next getting rid of outdated baseboard heaters to a furnace just trying to focus on one project at a time

@j.m0ney133 2 года назад

$140k of updates and repairs needed on a $400k house….Ouch

@666dynomax 2 года назад

They're not all needed

@90kevin20 2 года назад

She only NEEDS probably 10 lol

@autistic-lutheran-carnivore 2 года назад

I was asking myself if this is the house from the 1986 Tom Hanks movie "The Money Pit" if someone could fall through the floor.

@autistic-lutheran-carnivore 2 года назад

If another family doesn't buy it, there are always people who flip houses.

@fhuber7507 2 года назад

Keep the house in good repair. Pay off the house then use cash to upgrade. Let the buyer do the remodeling. Your choice in kitchen counters could be disgusting to the buyer. I believe the $20k deck with current lumber prices. Try to delay that as prices should come down.

@theelephant2887 2 года назад

I would first check what I could get for it if sold as is

@mosesleparker 2 года назад

Yeah stop listening to realtors

@tylerhonschopp3480 2 года назад

"Wow you guys have let this place run down to nothing" ...."we were doing the steps." This woman wants to tell Dave off so bad for that comment, you can hear it in her voice lol

@DoctorSmartyPants 2 года назад

Exactly. She already stated they bought the house in outdated condition. They did not let it run down.

@kara2162 2 года назад

Yeah, that was rude of him.

@genxx2724 2 года назад

@@DoctorSmartyPants It was outdated and it sounds like it also became run-down.

@ThatDoll25 2 года назад

And if she called before getting to those steps, he’d definitely tell them to let the house sit before repairing anything not absolutely necessary.

@DoctorSmartyPants 2 года назад

@@genxx2724 yeah

@jgg204 2 года назад

Single family homes are money pits. In most cases you don't even get back through appreciation, what you put into it + taxes + insurance

@genxx2724 2 года назад

Single family homes provide privacy and quiet.

@TheK24Kyle 2 года назад

On what freaking planet? I bought my single family home two years ago and threw some paint on the walls and if I sold it I walk away $190k in profit. All about finding the right deal.

@hannahtedeschi673 5 месяцев назад

You do not need to update a kitchen to sell. Whatever you choose, someone will want something different. Huge waste!

@paris466 2 года назад

Plan for the future, just don't count on it. Anything can happen in 3-5 years and in this day and age, it can happen really fast.

@CMbassin 7 месяцев назад

140k Doesn’t go far as far as renovating goes. I get $100 a square foot to build a deck here in VT.

@bestly802 2 года назад

just do enough repairs to sell. No need to update.

@SILENTIMACT74 2 года назад

This girl was kickin' back! I like her!

@autistic-lutheran-carnivore 2 года назад

Good Lord! Is this the house from the 1986 Tom Hanks movie "The Money Pit"?!?!

@GameDevJosh 2 года назад

2:58 bless you

@johngee6197 2 года назад

since that shortage on stuff wood metal and other stuff its gone up in price just for a roof even a pool and sidewalk dang cost is high up there

@stanp6383 2 года назад

It breaks my heart knowing how much money I’m spending on my house to fix it up when I could be paying down my mortgage, bitter sweet Starting to look really good though 👍

@TripleAstyle1 2 года назад

a simple square 16x20 deck is $8-10k all day........... Dave hasn't seen wood prices lately...

@expat8873 2 года назад

As one of the biggest deck builders in my state, I can tell you that a deck is every bit of $20k. Our average deck is probably $25k (composite not wood) - lots of people building $40k decks though depending on what they want. Your neighbors friends cousins buddy who “can build a deck” will probably be less but you get what you pay for

@kloosterhousefamily9660 2 года назад

I think Ramsey is a little naïve when it comes to how much things cost. I’m currently having my deck completely rebuilt 14x20ft and it’s 25k. So many people think that’s insane and tell me I can do it myself for 8k. Meanwhile it won’t be up to code, won’t have any warranty and will take me 5x longer.

@TheTurdballs420 2 года назад

Somebody is about to live her hgtv dreams. 🙄

@yarrdayarrdayarrda 2 года назад

pull the deck down, build a code porch to the door to limit liability, new owner can build the deck.

@matthewgreazel7343 4 месяца назад

2 years ago. but get rid of deck and build a smaller one

@David-wo9un 2 года назад

Let the new owners do the updates to their liking.

@jill9606 2 года назад

I totally agree. They could spend all this money on updates that buyers don’t actually like and then they definitely won’t get the return on their investment!

@dougprentice1363 2 года назад

Do the repairs. If you update things, that's your taste.the buyer may remodel again.

@PresidentEvil 2 года назад

the current material and labor shortage = expensive time to remodel

@DemetriPanici 2 года назад

Calls the Dave Ramsay show expecting an answer that didn’t involve paying debt off. Surprising to say the least

@atdepaulis 2 года назад

Def getting taken advantage of… find a handyman to repair the wood that needs replay… maybe you take $20k less for the house because you don’t spend $50k to redo the bathroom?? That’s what I would do lol

@jill9606 2 года назад

Updates and repairs are NOT the same, lady. Kitchen and bathroom updates are not repairs. The roof is the only pressing repair here. The deck can be done later if you block it off and don’t use it for a little bit until you save.

@mxerb5912 2 года назад

200k in Dayton is like 500k everywhere else

@elizabethallen4353 2 года назад

This is a great time to sell, as is. I would

@cmadrigal9449 2 года назад

Never took care of their place.

@sorrygtfo 2 года назад

dumb question: does "CASH FLOW" just mean pay as you go?

@Mansini77 2 года назад

20k on a deck...the material better be composite.

@Mansini77 2 года назад

@@bengovender3583 don’t need to, already had mine built preCovid. Muhahaha

@robertrudisill5777 2 года назад

Did you call and get a bid from the Amish for the deck?

@livefromplanetearth 2 года назад

interesting

@northernozarkhomestead 2 года назад

We had familyish (wife's cousin's boyfriend) come over a few months ago, he told me that paying off our home was arrogant. We have a home, several outbuildings and 50 acres. But we moved out of a big city and were able to keep our careers, so far. Also, we're turning the property into another profit stream. So, the property is very modest for us - right now. Interestingly, he also advised on half a dozen get rich quick schemes like flipping homes on 90day notes, growing marijuana and some investment in a well-known secret (except to him) cancer cure. I noted his very nice, new Cadillac SUV as they drove away. Life would be far harder if we both lost our jobs and could not get another. But, we could make it on "just" the brand-new farm income.

@roofingdyi6.7powerstroke8 2 года назад

Dyi 40k

@Veronica-tk9rl 2 года назад

She's going to overpay for these improvements

@Anthony-bo8ry 2 года назад

Lumber is expensive

@thankswillie 2 года назад

at only 200k,feeling bad for ya-all

@screwdriver_bandit 2 года назад

Heat N Air!?!?

@LL-xx4iq 2 года назад

Without watching the video, I’m guessing he’s gonna say pay down the mortgage. And sell the kids.

@Welcometothenow 2 года назад

With a daily diet of beans and rice, rice and beans. No entertainment. After selling the kids, sell the car.

@andresvalencia1174 2 года назад

Pay down the mortgage, that’s always the correct answer.

@drucifer_too 2 года назад

How is that worth 400k?

@kara2162 2 года назад

It's probably enormous. She eluded to 'needing' that much space for her family, but they never asked her the sq. footage.

@jcrowley1985 2 года назад

You mean update the bank's house. It's not yours if you have a mortgage

@texan903 2 года назад

The fact that this woman is getting taken advantage of is no surprise. She talks too much, doesn't know when to shut up and listen.

@Arizona_lilly 2 года назад

U have payments money to pay off house ... why not. She wanna update the entire kitchen

@jgg204 2 года назад

Tell the realtor to pay for it. Ha!

@shea455 2 года назад

Do both! Just... pay off the house first.

@bigdave6646 2 года назад

Been wrestling back and forth on paying off my house . I have the money, and a good amount for emergency fund. Thoughts anybody ?

@leonclare3647 2 года назад

Here 😅🙌🏽

@roofieandraggy16 2 года назад

The carpenter's kids need to eat too dave.

@gentrybrown2032 2 года назад

You just now got to baby steps 4 5 6? Dave reads her for filth!!!

@waynechernick3526 2 года назад

Don't Rent property.

@williamprince6077 2 года назад

I hate how people actually listen to this 😂 buy a house with a mortgage if you actually want to be wealthy go watch Kris Krohn

@seanfobbs7575 2 года назад

I’m from Dayton woot woot

@djpuplex 2 года назад

"We". I love these women. I wonder who wanted all this house, wonders who idea this was. They all live in house flipper world. And I love how she wasn't working. Men stay single. Avoid this.

@COINsimp2024 2 года назад

They make 200k, she's not working because of kids. Rich men get to have their wives raise their own children. Nothing better.

@thisisudax 2 года назад

Women be tripping. Stay single men.

@djpuplex 2 года назад

@@Minney-Me She wasn't working while the house feel into disrepair and they can't afford to fix the house to sell. If you believe her version.

@roofingdyi6.7powerstroke8 2 года назад

Hire Mexicans and you will pay 6k ,fast and good work

@johnmirbach2338 2 года назад

😁👍👌✌🖖😎

@mambofuego5101 2 года назад

$140k repair is BS. This is why you can’t let wamans be in charge in charge of any finance.

@cellophanezombie5621 2 года назад

Wow aren't you charming

@mambofuego5101 2 года назад

Cellophane Zombie Dumping $140k in repairs on a house that’s worth less than $500k isn’t charming…It’s financially inept. Kinda BS womans always wanna do.