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Hi Fishes, How much money can we keep in our salary account? I have only 1 bank account which is salary account. I have created RD account in that only. So wanted to know what's the maximum amount we need to keep in salary account? And all the amount in our salary account is taxable? Accenture Tata Consultancy Infosys Cognizant Wipro Amazon Amdocs Yahoo Capgemini Citi
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401k Roth or traditional 401k?
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If you’re financing the reno, you need to figure out the same cash flow question as if it were move in ready. I don’t think it’s necessary to figure out renovation cost as a percentage of income on its own. If you can answer what’s the monthly costs post renovation once you roll your construction loan into your final mortgage, you’ll have your answer.
Your question is really no different than if you asked ‘what percentage of your income would you spend on a house?’
I’m doing major renovations. I added the renovation cost to the house cost to stay in a range I felt comfortable with. Like pwc1 said, I look at it more as monthly payments added to the mortgage (though I’m paying in cash). Then, I also consider if the renovations will add to the sale value or if I’m doing it for preference. Consider it an investment if it’s something I’d get back in a sale versus a cost if it’s for me only.
Thank you 2, that really sounds best!