[USER]

How do you balance trying to fire with home repairs? I have a fence that needs replacement and I’ve been quoted $10,000. I have a roof that will need replacing in ten years.

My bathrooms and kitchen are original to my 1990 house and are showing wear.

My pool needs work. Sometimes I think I should sell it but I’m scared about current interests rates (mine is 3.9%). Also, home prices are rising in my area I might not be able to keep my 3 kids in their current schools if I sell.

The rental market is bananas and unaffordable here.

I feel like I’m just saving for repairs and updates, though, inatead of fully funding retirement.

Age 45, divorced, 3 kids elementary aged, majority custody, no child support.

Income: Base: $105k but with extra work and side gigs sometimes hit $150k
401ks/403bs: $215k

Roth: $15k
Savings $25k
Car debt: $19k, 6.59%

Mortgage: owe $310k @ 3.9% worth $550k
No other debt

[Randy]

Pay for upgrades with a HELOC and only make the interest payments. Pay it off when you sell the house.

[Brad]

Look for 0% APR credit card teaser programs. Spread the payments out interest free for 12,15,18 months, and many have an included cash bonus of spending a few thousand dollars within 3 months which will be easy to do with a large repair bill

[April]

Sell the house. Use the money to buy a smaller house in cash.

[Troy]

home ownership usually is investment for future gain, prioritize the repairs for now and budget/save for future repairs

[Kristin]

You are not alone! I feel this on all the home repairs and upkeep that needs to be done and trying to stay in a good school district/safe area.

[Lly]

It’s a dance, also project management 101. Time, scope & cost. break it down into smaller tasks, ie rent a dumpster, confirm the property line, demo it yourself, sub out the holes, get bids on materials & delivery…if wood, treat/oil before nailing, etc.

Y can definitely do most of this yourself

[Michelle]

We are in the same boat. We are doing inexpensive repairs. Yes, I would like to have my kitchen and bathrooms redone, but that would be expensive.

Our next project is to fix and paint the kitchen and bathroom cabinets.

I’m not fond of the vinyl countertops, but there’s no damage, so there’s no point in spending that money.

So basically, a little at a time.

[Lauren]

You may want to bring in a home inspector and a realtor to help you assess what repairs and improvements are vital for the safe operation and livibility for your home and which are more cosmetic.

Focus on the first group, and budget your housing costs to include a planned sinking fund for the major systems in your house.

At 35 years old, it is typical for certain major components like a roof to need substantial work.

A good house inspector can tell you how long the big features will last with proper care and maintenance.

For the more dated cosmetic stuff, cash flow these and look for ways you can DIY to save money.

[Isaac]

Functioning pools and bathroom remodels are optional. You can still live there without those while your asset value increases.

A leaking roof will devalue your asset.

[Bretaña]

I had a horrible 1986 kitchen and bathrooms and spend a couple thousand on DIY upgrades and the kitchen was the selling point for the home.

I disclosed it was DIY and everyone who put in offers loved it.

So many things you can do to improve bathrooms and the kitchen.

[Hillary]

We fix what is essential and live with the rest, doing some easier repairs on our own. We define what’s essential by: is it dangerous?

is it going to cost a lot more if we leave it too long?

If the fence is around the pool, it’s an insurance and safety issue.

[Lynn]

Depending on the area you live in you could use the home insurance if these things were damaged during storms or other accidents that might qualify.

Your insurance will go up though!

[Kyla]

Make a list and start knocking it out one at a time. Be afraid of the inflated interest rates with the inflated prices.

We bought last year, and I cringe at our mortgage payment.

[Aaron]

When you make your fire plan it should include home repairs. It sounds like you are saying on your current income it’s difficult to prepare for home repairs and maintain the budget that you have set and fund your fire plan.

Home repairs are going to happen, the other two variables can be changed.

Variable 1: You can make your lifestyle/budget more lean and or make more income.

Either of these would make more margin in your budget
Variable 2: you could push back your fire date or reduce the expected standard of living in retirement after fire

[Jeremy]

You need to do the fence yourself, or take it down. But you have a pool in a neighborhood with schools you don’t want to leave, an interest rate that’s lower than inflation.

That’s not basic, that’s luxury as far as the world is concerned.

Even talking about retiring at all much less early with all that is someone the rest of the world can’t fathom.

You could unload some stuff.

[Cathy]

Budget PITI + maintenance in one bucket and count all that towards your FIRE #. Unless you want to live in a home that’s continuously breaking you’ll need to do repairs one way or another.

You can get away with not doing some if it’s just ugly but functional.

[Allison]

That’s a part of home ownership. On the flip side you could be renting. Run the math from both sides.

Mortgage + updates and financially secured housing in retirement
Renting at annual increase and no equity of financial secured housing in retirement

The numbers will show you what’s right for you
You can’t get the benefit of homeownership without repairs and maintenance.

It’s not setting you back unless you truly are in a sinking ship.

Wanting home ownership without the cost of maintenance is like wanting salary and wages without taxes.

It’s a part of it. You don’t get one without the other

[Author]

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