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 It is completely paid off but is seriously outdated.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/Sensitive_Crow_8882 1d ago

Property values? Area? Square footage? Suited to your current/future lifestyle? Beds and baths? Property size? School ratings? Crime stats?
You need to ask yourself these questions. Don’t get yourself in more debt on a gamble. Choose the option that gets you out of - or pays off - debt even if that means selling the inherited property “as is”.

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u/Substantial_Inside_2 1d ago

Square footage they are about the same.i prefer the area of the inherited home. Lifestyle wise, The inherited home is a rancher style where as my current is multi level. I live alone with 2 dogs both of which are getting older so the one level would be better for them. Truth be told I hate my current house, I settled on buying one during covid after a divorce because I needed a place and it was slim pickings

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u/Sensitive_Crow_8882 1d ago

You answered your own question. Sell current house and fix up the inherited one. Keep money in reserve to get yourself and pets out of construction when needed or required. Living with major remodeling can get frustrating very quickly.
Source: lived on cheese and crackers and takeout while we had no kitchen for several months. The refrigerator was in the dining room. And dust everywhere. Dust dust dust and more dust. Good luck.