I'd definitely be going for the mortgage if you are already spending more than they give you.
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Enough of COVID...what are you doing to the house?
- Thread starter mimico_polak
- Start date
Check prices with an electrical wholesaler. HD isn't always the cheapest. I bought 2' X 2' LED panels for half the HD price. My pot lights were not as great a deal but quality was far better.
I've just used up my last fluorescent tube. The next fixture that burns out goes to LED.
These are cheap enough ($20) to not make it worth while to shop around. Specially as I bought them one or two off as I needed them when I needed them.....
You may also want to check if there are any open permits and what a building inspector might say about any obviously not built with a permit items (like the shed attached to the house). Don't want to open a can of worms....
Pay attention to colour temp too. I put all 2700K inside the house and 5000K in the garage. 3000 is a much more common colour and finding 2700 is a pain (especially in strange bases like some halogens) but I like it better. For normal light bulbs I had to buy cases to get 2700K. On the upside, I have lots of extras and don't go through too many. A few a year die in boob lights and vanity fixture in one bathroom uses about one a year. The rest have been solid.
jeepers , do your homework . $150k and you figure $180, your covering the shortfall ? yes to a mortgage but that's VERY tight.
I'm not one to preach financial responsibility , but maybe live a little smaller for a while ? that's a big hole your digging , metaphorically and physically
Maybe he has 70 in the bank? Hopefully there is some contingency money in the plan.
Alternatively, maybe he is on track for some italian job shenanigans and dropping a bank vault into the tunnel behind the TBM and he just needs to float the loan until the job pays off.
Can I sue Kevin for building (and not disclosing) the shed that isn't built to a permit?
@crankcall Agreed 100%. There's some number crunching that needs to be done still. It's a lot of money and is very tempting, but I think I'm fairly well covered off for any overages...but more homework needed.
I might have to, need to hide any work away from the snoopy neighbour.
Probably not. Our neighbour got in a fight with the municipality over a shed. It was built where it shouldn't have been and was there when she bought her house. She was putting in a pool and the inspector was unimpressed with the shed and they told her to tear it down (it is built like a log cabin so it's not simple to slide over). Apparently the survey submitted to the municipality when she bought her house (and paid LTT) showed the shed exactly where it is built. She raised a stink that they didn't raise the issue before when they were transferring the deed and accepting a big cheque. The told her to paint the shed an unobtrusive colour (brown instead of the existing red) and they would let it go. That worked for the past few years but I doubt the arrangement is documented so it could always pop up again.
That cheap fixture from Home Depot has it selectable and goes from 2700 to 5000. Many of the LED fixtures with built in non-replaceable lights are selectable these days. Down side when it stops working the fixture goes in the bin.
Interesting. I've seen two position lights (or really cool bulbs that warm as you dim) but never a continuum like that. I assume it is just mixing two colours so 3500K will be max lumens and it will slope off in either direction as led's dim (unless they are heat limited and middle position is both at 50%).
The lumens seem pretty consistent to me, by eye for what that is worth....
Anything I have in work areas (workshop, laundry room, kitchen....) I run 5K, most other places 3 or 3.5K. Be it bulbs or adjustable fixtures.
Mad Mike
Well-known member
Who did the math on your mortgage? Prime is about 2.4%, so a mortgage at prime-1=1.4%. On a full 25 year amort the payback on $150K is an additional $595/mo.
Agree. The numbers in running is my existing mortgage converting to variable and the $160 is the net difference going from my current fixed payment + prepayment to 2 variable mortgages (1st and 2nd).
So compared to what I’m currently paying I’d be paying an extra $160/month.
Don't you mean illuminating??
Which one's in Mimico's basement? Tom, Dick or Harry? (the tunnel code names from Great Escape)
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I don't want to sound like the voice of reason but are you still above water if interest rates go back up? 1%? 3%? It's bound to happen some time.
Yes we would still be fine.
I’m not going to pull the trigger on the second mortgage until I’m 100% sure we are going with the renovation as there’s no need to take out 150k and pay interest on it for the sake of taking out 150k.
Even if I did take it out and not use it, I could drop 100k into the primary and my renewal would bring my 1st mortgage down to 300k within 2 years.
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