The Benefits of Home Ownership?

[Phoenix87x]

With rates being low, is anyone planning on refinancing?

[T-ski]

We’ve lived in our house for almost 17 years, saved up enough to finish the balance on our mortgage and now have zero house payments for hopefully the rest of our lives.

Feels good man.

[Cool Chris]

With rates being low, is anyone planning on refinancing?

I did about this time last year. Will save me tens of thousands and will be paid off sooner.

T-ski, love it. Except for the lawn... if those are weeds, get on that!!! 

[gmillerdrake]

We’ve lived in our house for almost 17 years, saved up enough to finish the balance on our mortgage and now have zero house payments for hopefully the rest of our lives.

Feels good man.

That's awesome!!!! I can't imagine what that feeling must feel like!!!!

[TAC]

T-ski, love it. Except for the lawn... if those are weeds, get on that!!! 

You wouldn’t want to see my lawn.

[gmillerdrake]

With rates being low, is anyone planning on refinancing?

We refinanced last fall....definitely worth it. It dropped our payment by $530 dollars.

[T-ski]

With rates being low, is anyone planning on refinancing?

I did about this time last year. Will save me tens of thousands and will be paid off sooner.

T-ski, love it. Except for the lawn... if those are weeds, get on that!!! 

Believe it or not, the lawn looks better now then when we moved in so I take that as a win.

[Chino]

With rates being low, is anyone planning on refinancing?

I've been debating it. I'm 7.5 years into a 30 year note, but my interest rate is only 3.25% as it is. I have a PMI payment of $140ish a month that I wouldn't mind getting rid of though.

[Cool Chris]

I moved from a 30 to a 15 year term, which raised my monthly rate a bit but will save me over the long haul.

[jingle.boy]

We’ve lived in our house for almost 17 years, saved up enough to finish the balance on our mortgage and now have zero house payments for hopefully the rest of our lives.

Feels good man.

That's awesome!!!! I can't imagine what that feeling must feel like!!!!

I can!    You'll get there one day Gary.

T-ski... welcome to the club 

However, mrs.jingle and I really want (need) to re-model our kitchen - it's horribly small (for our purposes/liking), and directly attached to the main floor living room (open concept).  Anyone watching TV either has to pause or crank the volume whenever someone else is in the kitchen doing anything even as simple as running the tap.  So, what was initially just planned to be a kitchen (only) remodel is beginning to morph into a bigger renovation, adding a new master bedroom as a partial 2nd level (we're in a bungalow at the moment).  We're gonna have a designer in to discuss options and costs in a couple of weeks.

Technically, we'd still be "mortgage" free, but we'd be debt financing it against our LOC.

[cramx3]

With rates being low, is anyone planning on refinancing?

I've been debating it. I'm 7.5 years into a 30 year note, but my interest rate is only 3.25% as it is. I have a PMI payment of $140ish a month that I wouldn't mind getting rid of though.

I'm basically the same.  I keep getting mail from lenders telling me to call them to do this.  I really think I should, but I may want to do this:

I moved from a 30 to a 15 year term, which raised my monthly rate a bit but will save me over the long haul.

I kind of don't want to start another 30 year count down.  If I could get a 15 year note that when considering a lower rate and no PMI, maybe it could be similar to what I currently pay per month.  I really need to speak to one of these people who keep mailing me.

The zillow estimate on my house is wayyyy more than what I paid for it on my mortgage, so I think that also might significantly help me if it gets re-appraised. 

[hunnus2000]

To those of you on the fence about refinancing to a 15 year note - DO IT!!

Your monthly payment will not go up that much and it's a quick way to build up equity. I'm not sure what the requirements for PMI is these days but it's pretty much a scam IMO.

Also, there's some calculation that if you pay one extra payment per year, you can payoff the house in something like 10 years (or something like that).

There's nothing like being a true home owner! 

[Chino]

Also, there's some calculation that if you pay one extra payment per year, you can payoff the house in something like 10 years (or something like that).

There's nothing like being a true home owner! 

I've never done out all the math, but I throw an extra $100 at my payment every month. It knocks 3 or 4 principal payments (pending what my current taxes are) off every year.

[Chino]

6" of water in the basement and two flooded cannabis tents. Joy!

[jingle.boy]

6" of water in the basement and two flooded cannabis tents. Joy!

Oh snap!!  That's some nasty looking flooding going on down there.  Hope your insurance isn't going to dick you around.

[cramx3]

My sump pumps were put to work last night (and still going before I left for work this morning).  My local area was fortunate but damn a lot of the surrounding areas are destroyed from the flooding.

[Chino]

6" of water in the basement and two flooded cannabis tents. Joy!

Oh snap!!  That's some nasty looking flooding going on down there.  Hope your insurance isn't going to dick you around.

Turns out I'm not covered for flooding below ground level. Luckily the only thing that seems effed is my hot water heater. One of my best buds is an HVAC technician by trade and he stopped over on Sunday. We had the thing apart and he was able to diagnose the problem. I'm struggling to find the part in stock anywhere. I'm guessing it's pretty in demand seeing as most people I know had some degree of flooding issues last week.

[Stadler]

I don't know what "part" you're needing but when I bought my house in July, I knew going in that my AC didn't work, and I gambled that it was something fixable.   Turns out it was coolant and a controller board.   They filled the coolant on site, but I had to wait almost two weeks for the controller board - a standard part on every system that has a thermostat - to be back-ordered.

[Chino]

Was that your recent move? I wonder if it was because of the chip shortage.

[Stadler]

Was that your recent move? I wonder if it was because of the chip shortage.

Yeah. This last July.   I think it was exactly that.

[Harmony]

I looked around a bit but didn't see any thread about home remodeling.  Apologies if this isn't in the right spot but...

We are starting the 2nd phase of our remodeling adventures now that we are officially empty nesters.  One of the bedrooms upstairs is being turned into a workout/yoga studio.  One issue we've had with the rooms upstairs is that basically the folks downstairs can hear every footfall.  Imagine what it sounds like when a 200 pound man is doing jumping jacks or I'm on the treadmill.  LOUD.

Our contractor advised us to look into cork flooring. And so far, I'm pretty impressed with the looks of what I'm seeing online and the fact that it is a good choice for low impact to the environment.  Reasonably priced, good cushioning.  It will definitely be a great sound buffer too.

Has anyone here worked with cork flooring and if so, what would you say are the pros/cons?

[Stadler]

I'm more interested in the sound part; I have an office that is unfinished, but right below the kitchen.  I'm going to refinish it over the winter (I hope) but I have to deal with the fact that whenever my 250-lb. step son and/or the dogs are in the kitchen it's like trying to work at a NASCAR race.   

As for cork, I've never had it in my home(s), but I know it to be soft, and so if you have work-out equipment and what not, you may need additional coverings, whether it's a mat or a rug or something.  I think it can last pretty long if you take care of it, but that could mean refinishing if the wear becomes noticeable.  I'd be worried about it swelling too, if it gets wet. 

[Cool Chris]

I can ask the guys at work. I've only been at it for a couple years, but I've never heard of cork flooring. Sound between floors has never come up on any of our projects, except for one family, who insisted on 5/8 drywall and rock wool insulation throughout their basement, to dampen the noise as much as possible.

[Harmony]

So apparently - like everything else - cork flooring is not readily available right now.  So we are going with a vinyl overlay on top of cork.  Kind of a 2 in 1.  Hopefully it will help with the sound issue.  We should know by January so I will report back.

I'm kinda bummed about not getting to consider it because I thought it sounded really cool.  This will look good though.  I haven't gotten the price yet.  I seem to have a knack for picking out the most expensive shit.  I'm certain this won't be the exception.   

[jingle.boy]

I've got these in my workout room, and in another storage room in our basement (which is currently doubling as jingle.son's 'school' room).  They're laid right on the concrete floor and are absolutely fantastic at insulating from the cold of the concrete.  Obviously, I've got no idea how they are at insulating from sound/footfalls below, but given how good they are with the temperature, I've got to believe they'd be pretty good at absorbing sound and vibration.



If you go this route, I highly suggest the 3/4" thickness.  You can get 'em on Amazon.  They were about $2CAD/sq ft.

[Chino]

I've got those things all over. They're great! I use them for kneeling on whenever I'm working on stuff around the house or servicing something like my snow blower.

Before messing up my back and getting away from the rower and heavy weights, I had them in my workout space. They were excellent.


This is what the space looks like now 

[Stadler]

I've got these in my workout room, and in another storage room in our basement (which is currently doubling as jingle.son's 'school' room).  They're laid right on the concrete floor and are absolutely fantastic at insulating from the cold of the concrete.  Obviously, I've got no idea how they are at insulating from sound/footfalls below, but given how good they are with the temperature, I've got to believe they'd be pretty good at absorbing sound and vibration.



If you go this route, I highly suggest the 3/4" thickness.  You can get 'em on Amazon.  They were about $2CAD/sq ft.

That looks like the stuff that is on the floor at most hockey/ice-skating rinks.  It will last just about forever under normal use. 

[Stadler]

I've got those things all over. They're great! I use them for kneeling on whenever I'm working on stuff around the house or servicing something like my snow blower.

Before messing up my back and getting away from the rower and heavy weights, I had them in my workout space. They were excellent.


This is what the space looks like now 

What is that on the floor of the new space?  I like the look of that.

[jingle.boy]

That's a nice bench (the workout one).  I wish I had one with a leg curl attachment.

[Chino]

What is that on the floor of the new space?  I like the look of that.

I'm guessing 30+ year old linoleum that I've scrubbed clean maybe 3 times in the 7 years I've been in the house 

That's a nice bench (the workout one).  I wish I had one with a leg curl attachment.

I got that whole setup with weights for $100 a couple years ago and sold it all for $450 at the beginning of Covid.

This might be a good time to find that sort of thing used online. Lots of people bought stuff when the gyms closed and are looking to dump it as they get back into the gyms.

[Harmony]

No offense Jingle, but my flooring will have a bit more of an esthetic look.  Think yoga/dance studio with a treadmill and stationary bike and maybe a few hand weights.  Less 24 hour fitness.   

But hey - we all have our own visions and as long as it gets the job done in regard to health and fitness, then it is a win/win.

[jingle.boy]

No offense Jingle, but my flooring will have a bit more of an esthetic look.  Think yoga/dance studio with a treadmill and stationary bike and maybe a few hand weights.  Less 24 hour fitness.   

Well then, you'd get a chuckle out of my setup

[Harmony]

Hey you did a great job on that!  It looks so much better than the before photos.

Nice equipment too.   

[jingle.boy]

Hey you did a great job on that!  It looks so much better than the before photos.

Nice equipment too.   

 

[ReaperKK]

With rates being low, is anyone planning on refinancing?

I just saw this and my wife and I refinanced at the end of last year. We wanted to do some home improvements and we did a cash out refi. Our original loan was 3.5% for 30 years, we have about 25 years left on our loan so we refi'd to 20 years at 2.83% and took 60k out for various projects. Our monthly payment went up only $260 a month.

Speaking of home projects our first project started. The first floor is getting all new floors, we are getting rid of the engineered hardwood and bought some vinyl plank. I feel bad for the dudes ripping the old floor up, apparently the glue used was intense and what should've taken a day is taken 3 days to tear it up. So much cursing coming from downstairs

I've been buying lunch for them daily to hopefully ease the suckiness that is our floor lol.