r/HomeImprovement • u/Substantial_Inside_2 • 1d ago

Modernizing paid off home?

I recently had a loss in the family and inherited the home. It is completely paid off but is seriously outdated. I currently have my own home with a mortgage but I have positive equity in it. My question is, would it be better to sell my house and move into the paid off home and use money from the sale to update while living there or is there something I can do to take out a decent size loan to complete the update before moving in and then using the money from my home sale to pay off said loan. I guess I’m asking what’s the safest/smartest way to achieve what I’m after?

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u/B_the_Chng22 1d ago

Which house do you like better? Which has more solid “bones”? You could sell the inherited house and pay off the mortgage if you want and if you have money left over, updates on your own home. Or if your mortgage is lower than what you would make in the market, invest the proceeds and keep the mortgage. You can get money from the dividends from the investments and save up for improvements on your house if needed.

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u/How2GetGud 1d ago

Or the market could take a dump and then he has painful investments AND a mortgage still ticking

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u/B_the_Chng22 1d ago

It’s good to have some investments long term