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/u/sleepycosmic
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My uncle is encouraging my grandmother to take out equity on her home to replace all the old broken single glazed windows in her house because it’s not holding heat at all anymore and extremely expensive to heat up. He’s also advising her to take out an extra £10k to put into her savings for when she wants to move house.
Our original plan was for my grandmother to just sell the house in its current state because the stress and cost of replacing windows is too much. However my grandmother is very reluctant to sell in its current state because she feels it’s embarrassing to show buyers an inefficiently heated home and she believes price she gets for selling will be dropped by the homes assumed awful EPC rating (from the windows).
My uncle is claiming that his plan for her to release equity to pay for the windows is the best way to go because the costs will be offset by the market price rising and the improved EPC rating.
Is his line of thinking correct? We seem to believe that waiting for the market price to increase to offset the costs is a bad plan because she was planning to sell in roughly a year.
I feel like I should also add for context that he’s typically very motivated by instant gratification and has a history of borrowing money from my grandmother both from her savings and by convincing her to release 50k equity so that he could buy himself a house.
I apologise if things in this post don’t make a lot of sense, I’ve never had to deal with real estate issues before - but I would like to be able to have some insight into whether what’s he’s saying seems legitimately well-thought out or if he’s potentially just trying to get access to the 10k savings and equity that he’s asking her to release.
submitted by /u/sleepycosmic
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Uncle is trying to convince grandmother to release equity on her house to pay for all new windows and savings, but he has a history of “borrowing” money from her.
Continue reading...
Our original plan was for my grandmother to just sell the house in its current state because the stress and cost of replacing windows is too much. However my grandmother is very reluctant to sell in its current state because she feels it’s embarrassing to show buyers an inefficiently heated home and she believes price she gets for selling will be dropped by the homes assumed awful EPC rating (from the windows).
My uncle is claiming that his plan for her to release equity to pay for the windows is the best way to go because the costs will be offset by the market price rising and the improved EPC rating.
Is his line of thinking correct? We seem to believe that waiting for the market price to increase to offset the costs is a bad plan because she was planning to sell in roughly a year.
I feel like I should also add for context that he’s typically very motivated by instant gratification and has a history of borrowing money from my grandmother both from her savings and by convincing her to release 50k equity so that he could buy himself a house.
I apologise if things in this post don’t make a lot of sense, I’ve never had to deal with real estate issues before - but I would like to be able to have some insight into whether what’s he’s saying seems legitimately well-thought out or if he’s potentially just trying to get access to the 10k savings and equity that he’s asking her to release.
submitted by /u/sleepycosmic
[link] [comments]
Uncle is trying to convince grandmother to release equity on her house to pay for all new windows and savings, but he has a history of “borrowing” money from her.
Continue reading...