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I guess it depends on how old these appliances are. We just got a house with all brand new stuff, so we really dont have to worry about that (hoping anyway) for a while. IF that's the case, then I say go for the floors. If things are kinda old and may not last, maybe you can try Luna or something like that, where you can get the 1 year no interest, pay part of it now and then spread it out over a year?
As you mentioned that you will likely need a new roof and AC in the next 3 - 5 years, I would start saving for that.
Make a list of what is most needed and most important first. I would put it away in savings, earn what interest you can and use it one the most urgent first.
on top of what's been said, it's good to have more like 6 months of bills saved up in this economy. Some people are out of work for a year or more right now.
And, we just bought a new a/c..... the 3k wouldn't even cover that, lol. It's expensive, so I chose to save it all. Earn some interest and tuck more money away as you can.
I bought a house in November and im STILL waiting on my tax credit...but I called the IRS and my check is due to come on the week of may 24th! We have American Home Shield so we dont have to worry very much about replacement costs...and my house is only 6 yrs old so we wont need a new roof or anything like that soon...so I am using a tiny bit on my dress for the wedding. I say use some of it for yourself (house improvements etc) and save some of it for a rainy day. by putting in hardwood floors you are increasing the value of your home so I say do the hardwood floors!
I would put some of it away in savings and spend the rest on things you are doing with the house now. You may want to also hold off on any unnecessary home stuff until after the wedding.
A good tip that we got from FI's parents is to set up a bank account only for bills and then put too much money in it. We have estimated all of our monthly bills (mortgage, electricity, gas, water etc...) and right now we over pay that account about $200. It's a good system because we don't miss the money and we have built up $2400 in a year for emergencies.
I would save it in case something happens. You never know when the heater will go out or you will spring a leak in the roof.
Now I feel bad bc we just got ours! We mailed in our taxes on April 12. We finished our home and moved in Nov 6 but it took 3 mths for our acct to do our taxes! Now 4 wks later we got ours when people have been waiting months?! I don't get it... Sorry to thread hack just feel bad knowing people are still waiting. :(
I guess it depends on the cost of the hardwood floors. My Dad is a contractor and said the cost of lumber has tripled in price in the last 6 months. If the hard wood floors are a deal, then maybe that's the way to go. Are you installing them youself? Most of the cost will be installation. Maybe you could buy everything you need now and only install on one floor or something like that. You could install the rest as you got more money.
We got our tax credit this year and paid off debt and saved the rest good thing we did because my FI truck messed up (1500) and then he needed new tires (400) i was sure glad we saved it for ER and since i paid off my car that extra i save every month i put into our savings account.
I would say the Hardwood floors. Are you guys handy? installing them youself is very easy & saves you tons of $$!
It also depends on how long you plan on staying at your current house if you plan on staying there like 5 or less years. Your hardwoods will add WAY more value to your house then interest you could earn
I would put some away in savings and invest the rest into the house in the form of improvements. Or at least, that's what we're doing. :-)
Yes, it is good to have savings in case the house needs repairs but don't forget you also have homeowner's insurance! In our case, our deductible is $1000 so we want to have that around for sure but we're not going to save up the entire cost of a new roof just in case either.
Oh, and definitely DIY as much as you can if you go that route! You might be surprised at what all you're capable of. I haven't put in hardwood floors but laminate was MUCH easier than I ever expected. (Speaking of, you might consider that. Our kitchen has laminate and I didn't even realize it wasn't real wood until the inspection (after having walked all over it half a dozen times previously.) It's also MUCH more durable in addition to being cheaper. That said, hardwood will always be much cooler just because.) :-)
Thanks for all the suggestions! I am very thankful the money came through as soon as it did. We do have a home warranty so even though the house is older hopefully that would cover a lot of those costs. We put in new kitchen appliances and the outside ac was replaced but not the inside portion (I never knew there were two parts to an AC).
My FI is really handy so if we did hardwoods we would install. I think it really may depend on if we can find a good deal on them. We really liked engineered hard wood or really high quality laminate both of whcih run around $3 per sq ft I believe. I think we have about 1,000 sq ft to do.
We will probably put a good chunk of the money for safe keeping. Even though we have the warantee, the deductibles can still be expensive.
3 weeks till the wedding so we have to get through that first!
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I am SO excited. I got the email this morning that my tax refund was deposited into my account. $8,500! ($8,000 first time buyer credit, plus a normal $500 refund).
We are getting down to cruch time with the wedding and all these little purchases have kinda wiped out the small savings we had for the rehearsal dinner (we are paying for it). We also just had to purchase a new vehicle which has been rough.
So, question, what should we spend the money on???? I would love hardwood floors, but I think we need to pay a few bills first.
When you own a house, do you guys typically have a house savings fund for the "what if" that may come up? I have a normal emergency fund plus a 3 month safety net if I lost my job but neither of those would take into account if we needed a new roof or new ac (which will be in the next 3-5 years).
I don't know if I need to tuck some of that remainder away for the what ifs, or if I can use it for new hardwood floors!!