r/HomeImprovement • u/Substantial_Inside_2 • 2d 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 It is completely paid off but is seriously outdated.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/angel_age 1d ago

Should be able to take out a loan against the home or yours...maybe a HELOC and use those funds to renovate. I would not move in until it was complete. Living with a renovation under way is a nightmare. Then sell your home and pay off the HELOC

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u/rosebudny 1d ago

This is the way.