House renovations draining my bank , ? Loan

House.buyer.sarah

Hi everyone
We bought a house back in May and saved hard to renovate what we have already , damp proofed, new boiler, full re wire , front room and dining room decorated ...on our very tight budget of savings .. I've got a 0% credit card with 2k limit on it this will have outstanding balance of 1k by the end of month .. Savings all gone 😭 two wages coming in and no other debts but the out goings for house just keep coming , we are currently getting two bathrooms fitted ( all bought sat in garage ready to start..
But I'm getting tired of penny pinching everything goes on house we have no life ... My logical side says don't get any loans keep plodding as it is we owe 1k and will of added to our house value .. But my other half of me is thinking this could be a lot less painfull and financially less strain on us if I took out a loan ? 5k ?

So what do you think
Joint income is £3300
Outgoings including credit card over payments ( but keep putting it back on ) £1230

What shall I do for best ??
Many thanks sarah

Working_and_Scheming

Carry on as you are. I know its boring waiting for life to start happening after the house is finished but believe me no one regrets not getting into debt only the reverse.

Thrugelmir

House.buyer.sarah wrote: »

we are currently getting two bathrooms fitted ( all bought sat in garage ready to start..

Do things in stages. As and when you've got the cash. Once you start borrowing you'll end up walking down an upward moving escalator.

redrabbit29

Not sure I would agree with the whole "wait and do in stages" argument.

To be clear: I'm not saying everyone should borrow.

I've never had a loan and also have no debt on credit cards. However I can see advantages to borrowing in a logical and reasoned way, and within your means.

OP seems very sensible, has done a lot of work with the money they had.

A project like a new bathroom could take 2-3 years to complete if you save up for the whole thing. However, a loan would have it done in 4-6 weeks or something like that. If on the right payment plan and within the person's needs, would be paid off in maybe 2 years.

Like I said, I'M NOT saying that people should be irresponsible, but it can be a good way for things to get done, especially projects like bathrooms and kitchens.

PeacefulWaters

You've bitten off more than you can chew. Slow down the work. Draw up a priority list. Progress in order of priority as and when the money's available.

More debt will drag you down.

chesky

For a start, if you're strapped for cash, you really don't need 2 bathrooms.

walby1993

Don't get into debt. It sounds as though you have the most important things done so just slow down a bit. As the poster above said, you don't need two bathrooms so just get one done for now and then get the second one done when you have the money to do it. Yes, it will take longer but you will be paying for the renovation for even longer than that if you take a loan out.

27col

You say that the renovations are draining your account. The answer is simple, slow up on the renovations for a while. Do things as you can afford them. When I built my house the second bathroom was just left for eighteen months before we got around to it. The garden for even longer. No debt of any kind was involved.

redpete

But I'm getting tired of penny pinching everything goes on house we have no life

In real life we rarely get everything we want. You've chosen to buy a house and spend lots of money on it - when you've finished you will have a nice house that will see you through a long time (hopefully) and you can think about what to spend your money on then.

House.buyer.sarah

Thanks everyone really appreciate it , I will hold off on loan the sensible option is to gradually do it and I know this but seeing things half finished drives me mad ha. The two bathrooms I agree with we should of just done one but hubby already started the second as a suprise while I was at work mmm thanks for the suprise bless ... Think we will hold off on tiling for now.. I'm sure I will appreciate this journey much more when I finally finish debt free !! Thanks everyone you just confirmed what my sensible side was telling me

Errata

Save up and do things when you can afford them, you'll find that far more satisfying, and of course - you have the equivalent of 3 months wages sitting in the bank to support you if something goes knees up - haven't you?