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Hey all, Not sure if this is the best place to ask. We want to build a 3-car garage with a guest suite and gym off the back. I am trying to id the best path to borrow about $100k. We have PLENTY of equity in the home (primary res) and great credit. However, I am seeing these HELOCs at 6.75% interest. I tried to find anything at a fixed-rate 10-year borrow, but am at a loss.
Advice welcome.
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Matt Lammer
671 XP6 months ago
Great place to ask.
The ROI is going to be very poor for that project. It'd be best just not to take a loan unless it's 5% or less (keeping in mind you'd be paying more than face value for something without the loan value in construction value… no great equity building) as it's likely a net-negative on the balance sheet. If you have a mortgage (and it would have been better to keep a low interest one than pay it off), you could approach the lender about recasting the existing mortgage… I don't know they'd do it given the current higher rates they could get. Can you be your own prime contractor and take on meaningful parts of the project yourself?
Kim Case
39 XP6 months ago
Ah yes. Our current mortgage is about $93k balance and 2% interest. I'll try it if we decide to move forward. Thanks for the idea!
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