Bye Bye Money!!! (Updated)

My tax refund just came in. Over $8600 due to the first time home-owner’s credit, which provides me with $7500 that I have to pay back (interest-free) at $500 per tax year for the next 15 years. Since we put the money towards the mortgage, we will split the $500 per tax year expenses. It saves us over $20,000 in interest on the mortgage, so we couldn’t pass it up. Also, we can hopefully drop the PMI shortly, so that will save about $55 per month. Anyway, that’s $7500 spent today.

I also paid off one of my student loans today, so that took out another chunk of my checking account. Add my 6-month car insurance payment and the new shower payment that were applied today. I also transferred $3000 to my savings account. When it’s all said and done, I my checking account’s balance dropped around $14,000 in the past 24 hours. I need a drink…

Read  more after the jump…

Robyn and I are looking at other home improvements to make. Here’s what we came up with so far:

  1. Add a shower to the bathtub (IN PROGRESS COMPLETE)
  2. Rip down the upstairs walls and ceilings (plaster) and rebuild them with dry wall. Fix as needed. Also add a door between the master bedroom and old kitchen, and between the master bedroom and the guest bedroom.
  3. Redo the electrical upstairs (currently aluminum wiring). Requires the main box be replaced with a larger, possible higher powered box, or an add-on. This would be best to do along with #2 since the walls being down makes running the wire runs simple and quick.
  4. Install hardwood upstairs (Potentially).
  5. Remove the green carpet downstairs and replace with new carpet or hardwood (we haven’t decided which yet) bamboo (IN PROGRESS).
  6. Repaint the walls downstairs in the computer room.
  7. Redo the staircase going down to the basement (it feels like it is going to fall apart).
  8. Pour concrete in the basement.
  9. Replace flooring in kitchen.

The more I read about replacing the plaster with drywall (#2), the less I want to do it. It doesn’t add  much value to the house and it is VERY messy and expensive. Everybody seems to suggest repairing the plaster as needed, which is simple, or putting the drywall over the plaster. Anybody have any opinions on this?

Anything else that we could/should do to improve the value of the house?

Comments (3)

Mike HarmonFebruary 15th, 2009 at 3:45 AM

Great Blog post. I am going to bookmark and read more often. I love the Blog template

RyanFebruary 15th, 2009 at 3:22 PM

@Mike
Thanks! I’ll try not to let the quality drop!

markApril 15th, 2009 at 7:44 AM

I want to say – thank you for this!

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