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Appreciation post: my $3,800 basement drain fix after a cash-out refi saved my foundation
I pulled cash out to redo the kitchen but the inspector found a cracked pipe under the slab, so I blew the whole refi on a trenchless repair in Portland instead, and now I'm wondering if anyone else has had a boring emergency eat their remodel budget too?
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logan_owens145d ago
Wanted to point out one thing, the refi cash isnt really "free money" just cause it came from your house. That $3,800 drain job is now on a 30 year loan at whatever rate you got, so you're paying way more than 3,800 by the time it's done. Say you got 7%, that's like another few grand in interest over the life of the loan. Not saying you did wrong, a cracked pipe under the slab will wreck your foundation so you had to deal with it. But it aint the same as paying cash out of pocket. Just something to keep in mind when you're adding up what that repair actually cost you.
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