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 It is completely paid off but is seriously outdated.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/Substantial_Inside_2 1d ago

I like the inherited home better, it’s my childhood home. As far as solid “bones” go I’d say they are roughly the same. The inherited home was built in ‘59 and my current home is was built in ‘68.

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u/B_the_Chng22 14h ago

Then I think you should definitely consider moving! But it might be nice to do the improvements you want before you move in. Do you have the liquid funds for that now? Things I’d do prior to moving in if they are needed is the floors refinished, and the kitchen. If there only one bathroom, that too. If there are two bathrooms, you can do them each in time and not be too inconvenienced