Can I refinance my fixer upper, take out the additional value in cash and reinvest that money into the house?
I bought a house in DC for 350k and have completely renovated it (my wife is an architect and we did all the work). The house is now valued at $550k. My question is: Can we refinance the house at $550k, take out the extra cash and use it to refinance the house again? Or take the money to invest it in other properties? By doing this do we really have an extra $200k?
If you borrow more than 100K you can’t deduct all the interest without investing it in home improvements. You would need to qualify for the new mortgage and the house has to appraise for what you say you value it at. They won’t loan 100% anyhow maybe 70%
Beware of over improving your home, if you put another 200K into your home it might not be worth 750K because it is still the same location and maybe even the same size.
I don’t understand why you would want to refinance again if you even want to this time, refinancing cost money and your mortgage will grow. Now you have a 350K mortgage on a remodeled house owing more than 550K will increase your payments and you might find yourself unable to make them and have a nice lifestyle.
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