Australian Politics Forum - Best way of realising equity in a home?

Jovial Monk

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Best way of realising equity in a home?
Sep 20^th, 2023 at 8:39am

Looking to raise finance for renovating/extending my home.

• Fencing/grading etc that BIG backyard, planting trees, getting the vege/herb garden established $6-7K

• Reroofing some time in the future. $10K

• Conservatory. $25K?

• Solar panels. ?

• Etc

Even just painting the house plus the exterior of two wooden sheds will cost. One wooden shed I might convert into a small residence to rent out.

At my age of 76 I cannot arrange a conventional mortgage.

Thoughts?

I am trying to leave the beneficiary in my will as big an inheritance as possible, hence the idea to rent space, reduce the amount owed.

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John Smith Gold Member Offline Australian Politics Posts: 74257 Gender:	Re: Best way of realising equity in a home? Reply #1 - Sep 20^th, 2023 at 8:52am Easiest way to raise equity is to add a bedroom. If you have a garage attached convert it to a bedroom.
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Jovial Monk Gold Member Offline Dogs not cats! Posts: 45888 Gender:	Re: Best way of realising equity in a home? Reply #2 - Sep 20^th, 2023 at 9:22am I have a long wooden shed could be a small residence—after $15–20K renovations. I could rent out a bedroom I suppose. But I need cash—a new car, renovations/extensions
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freediver

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Re: Best way of realising equity in a home?
Reply #3 - Sep 21^st, 2023 at 8:55am

Borrow the money from your beneficiary. Or get an unconventional mortgage. eg a reverse mortgage. If you are only borrowing a small fraction of what the place is worth, you should be able to get a reasonable deal.

But if you are short on cash, I would just refrain from spending the money unless you have to. It's not an investment, it's an upgrade.

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Jovial Monk

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Re: Best way of realising equity in a home?
Reply #4 - Sep 21^st, 2023 at 4:06pm

freediver wrote on Sep 21^st, 2023 at 8:55am:

Borrow the money from your beneficiary. Or get an unconventional mortgage. eg a reverse mortgage. If you are only borrowing a small fraction of what the place is worth, you should be able to get a reasonable deal.

But if you are short on cash, I would just refrain from spending the money unless you have to. It's not an investment, it's an upgrade.

Beneficiary is an 11yo girl Grin

. Her mother doesn’t have a spare $80K just lying around.

If you are in Melbourne or Sydney you can sell a share of your equity in your home.

Say house is $1m, you can sell a 20% share but not for $200K, for less than that—the equity sold increases in value as house prices rise.

If you are on the age pension you can get like $500 per fortnight, tax free, paid to you, also secured by your property.

Or there is the reverse mortgage—the interest really grows if you make no payments. However, the debt cannot exceed the total equity of your property. Interest rates currently are around 9%

That is what I found using Google.

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freediver Gold Member Offline www.ozpolitic.com Posts: 48834 At my desk.	Re: Best way of realising equity in a home? Reply #5 - Sep 21^st, 2023 at 5:18pm Do you really need all those renos? You might regret spending that $80k in 5 or 10 years time, and whoever buys the house one day may not place any value on them.
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John Smith Gold Member Offline Australian Politics Posts: 74257 Gender:	Re: Best way of realising equity in a home? Reply #6 - Sep 21^st, 2023 at 5:41pm For once, FD actually has a point Monk. It's very easy to over capitalise in smaller or regional towns.
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Jovial Monk Gold Member Offline Dogs not cats! Posts: 45888 Gender:	Re: Best way of realising equity in a home? Reply #7 - Sep 21^st, 2023 at 6:03pm I suppose.
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Gordon

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Re: Best way of realising equity in a home?
Reply #8 - Sep 21^st, 2023 at 6:04pm

Jovial Monk wrote on Sep 21^st, 2023 at 4:06pm:

freediver wrote on Sep 21^st, 2023 at 8:55am:

Borrow the money from your beneficiary. Or get an unconventional mortgage. eg a reverse mortgage. If you are only borrowing a small fraction of what the place is worth, you should be able to get a reasonable deal.

But if you are short on cash, I would just refrain from spending the money unless you have to. It's not an investment, it's an upgrade.

Beneficiary is an 11yo girl Grin

. Her mother doesn’t have a spare $80K just lying around.

If you are in Melbourne or Sydney you can sell a share of your equity in your home.

Say house is $1m, you can sell a 20% share but not for $200K, for less than that—the equity sold increases in value as house prices rise.

If you are on the age pension you can get like $500 per fortnight, tax free, paid to you, also secured by your property.

Or there is the reverse mortgage—the interest really grows if you make no payments. However, the debt cannot exceed the total equity of your property. Interest rates currently are around 9%

That is what I found using Google.

The 11 year old girl will get nothing because you'll drink your house.

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IBI

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Jasin Gold Member Offline Posts: 47429 Gender:	Re: Best way of realising equity in a home? Reply #9 - Sep 21^st, 2023 at 6:08pm
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Dnarever Gold Member Offline Australian Politics Posts: 58166 Here Gender:	Re: Best way of realising equity in a home? Reply #10 - Sep 21^st, 2023 at 7:53pm Jasin wrote on Sep 21^st, 2023 at 6:08pm: Small things ......
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Dnarever

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Re: Best way of realising equity in a home?
Reply #11 - Sep 21^st, 2023 at 7:54pm

Gordon wrote on Sep 21^st, 2023 at 6:04pm:

Jovial Monk wrote on Sep 21^st, 2023 at 4:06pm:

freediver wrote on Sep 21^st, 2023 at 8:55am:

Borrow the money from your beneficiary. Or get an unconventional mortgage. eg a reverse mortgage. If you are only borrowing a small fraction of what the place is worth, you should be able to get a reasonable deal.

But if you are short on cash, I would just refrain from spending the money unless you have to. It's not an investment, it's an upgrade.

Beneficiary is an 11yo girl Grin

. Her mother doesn’t have a spare $80K just lying around.

If you are in Melbourne or Sydney you can sell a share of your equity in your home.

Say house is $1m, you can sell a 20% share but not for $200K, for less than that—the equity sold increases in value as house prices rise.

If you are on the age pension you can get like $500 per fortnight, tax free, paid to you, also secured by your property.

Or there is the reverse mortgage—the interest really grows if you make no payments. However, the debt cannot exceed the total equity of your property. Interest rates currently are around 9%

That is what I found using Google.

The 11 year old girl will get nothing because you'll drink your house.

Nasty is not compulsory.

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Lisa Jones

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Re: Best way of realising equity in a home?
Reply #12 - Sep 21^st, 2023 at 8:40pm

Gordon wrote on Sep 21^st, 2023 at 6:04pm:

Jovial Monk wrote on Sep 21^st, 2023 at 4:06pm:

freediver wrote on Sep 21^st, 2023 at 8:55am:

Borrow the money from your beneficiary. Or get an unconventional mortgage. eg a reverse mortgage. If you are only borrowing a small fraction of what the place is worth, you should be able to get a reasonable deal.

But if you are short on cash, I would just refrain from spending the money unless you have to. It's not an investment, it's an upgrade.

Beneficiary is an 11yo girl Grin

. Her mother doesn’t have a spare $80K just lying around.

If you are in Melbourne or Sydney you can sell a share of your equity in your home.

Say house is $1m, you can sell a 20% share but not for $200K, for less than that—the equity sold increases in value as house prices rise.

If you are on the age pension you can get like $500 per fortnight, tax free, paid to you, also secured by your property.

Or there is the reverse mortgage—the interest really grows if you make no payments. However, the debt cannot exceed the total equity of your property. Interest rates currently are around 9%

That is what I found using Google.

The 11 year old girl will get nothing because you'll drink your house.

It’s probably Drunk’s girl dog. 😂🤣😆

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Lisa Jones

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Re: Best way of realising equity in a home?
Reply #13 - Sep 21^st, 2023 at 8:46pm

Jovial Monk wrote on Sep 20^th, 2023 at 9:22am:

I have a long wooden shed could be a small residence—after $15–20K renovations.

I could rent out a bedroom I suppose.

But I need cash—a new car, renovations/extensions

Why don’t you pretend to make lots of Christmas cakes with 20 eggs in each cake and get prospective gullible recipients to deposit $60 directly into your bank account before you pretend to start making their cakes?

THEN pretend to send them their cakes or even the return of their $60.

$60 x 200 gullible victims = $12 000

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Jovial Monk

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Re: Best way of realising equity in a home?
Reply #14 - Sep 21^st, 2023 at 9:24pm

Dnarever wrote on Sep 21^st, 2023 at 7:54pm:

Gordon wrote on Sep 21^st, 2023 at 6:04pm:

Jovial Monk wrote on Sep 21^st, 2023 at 4:06pm:

freediver wrote on Sep 21^st, 2023 at 8:55am:

Borrow the money from your beneficiary. Or get an unconventional mortgage. eg a reverse mortgage. If you are only borrowing a small fraction of what the place is worth, you should be able to get a reasonable deal.

But if you are short on cash, I would just refrain from spending the money unless you have to. It's not an investment, it's an upgrade.

Beneficiary is an 11yo girl Grin

. Her mother doesn’t have a spare $80K just lying around.

If you are in Melbourne or Sydney you can sell a share of your equity in your home.

Say house is $1m, you can sell a 20% share but not for $200K, for less than that—the equity sold increases in value as house prices rise.

If you are on the age pension you can get like $500 per fortnight, tax free, paid to you, also secured by your property.

Or there is the reverse mortgage—the interest really grows if you make no payments. However, the debt cannot exceed the total equity of your property. Interest rates currently are around 9%

That is what I found using Google.

The 11 year old girl will get nothing because you'll drink your house.

Nasty is not compulsory.

I just ignore the slimy grub and screaming autistic and fantasist Larry.

According to the grub I have already gone through my inheritance. Brainless moron, sulking about some minor thing happened in 2020 or so.

Larry is wildly jealous I live in my own house. He is also jealous as hell I have my beautiful dog Socks. Why is Larry jealous of this? Christ, Larry was even threatening to steal Socks at one stage. Sick autistic nutcase!

Human crud of no worth.

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Get the vaxx! 💉💉

If you don’t like abortions ignore them like you do school shootings.

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