First roof repair (er, total replacement) estimates are in: $14k. 👀ðŸ˜ðŸ’¸ Fucking fucking hell.
Question:
HELOC (variable) > home equity loan (fixed)?
My thinking:
* Rates will have to go back down over time.
* Given my conviction, it's better to spend my fiat stacking sats now than paying off this expense up front and having fewer sats later.
Tell me about it! When I get offers for my small roof replacement with new insulation I couldn't believe the prices at first but it is what it is unfortunately. Back in December 2022 Bitcoin hovered at 17k USD and it cost me just a little bit more then 1BTC. If I would do this renovation 5 years earlier it would cost me probably around 10000€ but today it was 8k more 😟
Ducking hell indeed.
And yeah the world is uncertain so definitely FIXED is the only smart choice. I did the same.
Who needs a roof?
Roofs are a shitcoin. 😂
I mean they do seem to rug you every 15yrs.
i think you can refinance a home equity loan so the variable rate, which *might* go down over time, of the helocv isn't necessarily an advantage
Fixed rate is the move, it's much easier to plan around that
But is there any likely scenario where interest rates shoot way higher than they are now?
Where all my macro big thinkers at? @npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a ? @npub1zrysysh8wq9zs3u5xzac9vf69we3wxrdj8rehns3japxdftqcqvsst8vpd ? @npub1s5yq6wadwrxde4lhfs56gn64hwzuhnfa6r9mj476r5s4hkunzgzqrs6q7z ?
The chance of rates climbing has been dwindling for a while but personally I prefer having a locked rate to dealing with the potential volatility of a variable rate. NFA of course lol
Rates went parabolic alongside inflation in Weimar. I couldn't stomach that risk even if it's miniscule odds.
Not sure how it works in your neck of the woods but I had a conversation with an insurance inspector in my neighborhood and apparently there is no consistency at all in how they determine whether a roof is insured. The advice I got was to keep using different inspectors until one of them says it's covered. You may want to check with someone knowledgeable to see if the same thing applies in your state.
All I know is that my insurance provider is sending an adjuster out to take a look on Saturday.
I’ve heard that they submit a report with a yes or no, someone at a desk reviews the photos and votes, and then an overall manager weighs in, too. Probably some luck of the draw involved, but sounds like a one-shot deal to me.
In NC you can do the work of hiring adjusters, workers, etc. yourself and save a bunch of money. Insurance pays out a flat amount and it's up to you to get it fixed. I think this also gives you the latitude to shop around a little. We replaced our roof a few years ago and came out ahead.
