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JumpinJammiez OP t1_jaesfyx wrote

Reply to comment by ReddSaidFredd in Need Some Advice - Best Way To Tap Into Home Equity? by JumpinJammiez

Probably not. The repairs are likely going to be in the $8-10k range. It needs to be re-surfaced because it is leaking, and I don't know what type of other larger issue that may cause in the future if I sit on it. Another $2k or so for the trees to be removed which are close to the pool plumbing.

Besides the house we have:

2 car loans ($50k combined)

CC Debt ($3k)

We also owe the IRS about $2k this year.

So around $55k total debt outside of the home loan.

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ReddSaidFredd t1_jaetkxc wrote

You have an unhealthy relationship with debt. Borrowing money to fix a luxury item when you owe money to the IRS is not a good look.

You are the current normal American - $500k house, two new cars in the driveway, and can’t afford to pay for the basic upkeep of your home.

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JumpinJammiez OP t1_jaewdw7 wrote

Well, the median home price in my city is $529k. In my immediate area, in a less expensive neighborhood, I could get a smaller house for 400-425k. At current rates over 3x what mine is, it'd still be more expensive, considerably.

Even if we rented, I'd still be paying $2500 or more.

The cars are 2019 and 2017. Where you can get 2 new cars for 25k each (one of which that fits 6 people) is beyond me.

Having $3k CC debt is less than 1/2 the American average.

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ReddSaidFredd t1_jaezrhc wrote

Like I said, a current normal American family. Adding consumer debt onto your pile of consumer debt so you can work until you are 70 since you will always be in debt.

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JumpinJammiez OP t1_jaf06fx wrote

So what does the average American with average credit do when their family requires 2 cars and a home in the current economy? I see you've got it figured out so please do tell.

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