facebookShould I refinance my home right now with a renovation loan and take advantage of low interest rates to remodel and add value to my home? Living with my parents, resale HDB 72 years left. Thoughts? - Seedly

Anonymous

14 Nov 2020

Property

Should I refinance my home right now with a renovation loan and take advantage of low interest rates to remodel and add value to my home? Living with my parents, resale HDB 72 years left. Thoughts?

I think this might be their retirement home, wondering if I should just improve it now and let them live here comfortably?

Discussion (3)

What are your thoughts?

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It would be better off saving on your own for the renovation that you intend to do for them.

I feel that even though interest rates is low for that, the interest rate is calculated like a personal loan basis.

Meaning if u take 10k loan at 2% interest rate for 3 years.

Your total interest will be $600.

Thus even though you are paying a lower rate, but the effective interest rates is higher...

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