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? - Seedly
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Anonymous

Asked 3w ago

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?

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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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Question Poster

2w ago

That's true... Thanks for sharing with me Caleb! Will definitely take this into consideration!
Caleb Seah Hua Xiang
Caleb Seah Hua Xiang

2w ago

No worries... Help me put a thumbs up to my post if it's helpful :)
Thank You!
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