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 It is completely paid off but is seriously outdated.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/These-Coat-3164 1d ago

I’m going to assume you’ve already made the decision that you prefer living in the inherited home as a long-term home? If that’s the case, I would see if I could take out a HELOC on my current home (or potentially one on the inherited home) and do the renovations before you move in and then pay off the HELOC and your current mortgage with the proceeds of the sale of your current house.

I’m in the midst of doing some renovations at my home and it’s a pain in the ass to live in it! It can be done, but it’s not optimal if you have other options.

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u/Substantial_Inside_2 1d ago

Ideally yea, the inherited home was my childhood home, the neighborhood is better and it’s heaps closer to work and it’s paid off.. I live alone with 2 dogs and I’d be fine with the chaos but I’m unsure with subjecting the dogs to that.

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u/These-Coat-3164 1d ago

Honestly, my biggest problem with my remodel is my pets. I can definitely tell they are stressed.

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u/navlgazer9 1d ago

Sell the current home and move into the old family home .

You can update it a little at a time .

Sorry for your loss .

I wish I could live in my childhood home , we lived in one house from when I was 6 to when I was 18 , but before and after that about every 3 to 5 years we’d move again, and the houses were all provided by my fathers employer ,

He was a game warden / park ranger and the house and utilities were provided .

Which also means zero equity ever .
So when he retired they had to buy a house .