Mortgage

Question: Is it worth borrowing extra on your mortgage for things such as fencing, sheds, driveways etc?

(Posted by: on 2009-08-26 00:26:18)

My partner and I are getting a mortgage next year to build a house on our land. We each have one thing we want. Mine is nice, secure fencing for our land (to keep my dogs safe) My partners is a large colourbond shed (for his cars and gym) I think it is reasonable to say they would each cost around $10, 000 each, if not more. Considering that we both earn a decent amount of money, and if we did add them it wouldn't be stretching our budget, do you think that it is a good idea to add these costs onto our mortgage?

Posted by: RN on 2009-08-26, 01:58:20

YES! DO IT! 1) You get a tax deduction and a low interest rate loan 2) Chances are you will not do it again for a long time

Posted by: Victor on 2009-08-26, 00:33:48

The items you want will increase the value of the property. If as you say it is well within your means, then I would say go ahead and add it to the build. Nothing worse than living on an incomplete built property. Well, maybe living on a property while there is construction going on!

Posted by: Karen L on 2009-08-26, 00:53:01

Yes, I would do it. Both things are assets to the property as well as being useful to you immediately and will last for many years so are reasonable things to borrow for.

Posted by: hollifieldrobert on 2009-08-26, 04:02:26

No never borrow money if you dont have to go to dave ramsey .com and you will see what iam talking about