What is the best way for us to pay for work that we need to have done by a contractor?
Posted by admin | Filed under Other - Business & Finance
VCL asked:
My husband’s mother died in March and we inherited her home. Since there is no mortgage payment, we are planning to move in this month. However, there is a lot of work that needs to be done. One of the first things is a retaining wall between his and the neighbor’s property is falling down and needs to be re-done. We talked with a contractor who has given us a bid of around $10,000 to take the wall down, excavate part of the back yard, put in gravel to make an off-street parking spot for our second car, build a new retaining wall and put up a privacy fence between the two houses. I am wondering about the best way to pay for it (with our economy the way it is today).
Details:
1. We have no personal debt, owe no credit cards, no loan payments, no car payments and now no rent or mortgage payments. Our only bills are the routine monthly utility bills.
2. Our combined take-home income is $3400 a month.
3. We have approximately $5000 in savings
4. His mother left him approximately $50,000 in IRA, money market account, savings bonds and life insurance.
5. We both drive cars that have over 100,000 miles on them and are 9 and 10 years old, and he found out last week his needs transmission work, so I think it would be better to replace the car, instead of doing the work.
My husband’s mother died in March and we inherited her home. Since there is no mortgage payment, we are planning to move in this month. However, there is a lot of work that needs to be done. One of the first things is a retaining wall between his and the neighbor’s property is falling down and needs to be re-done. We talked with a contractor who has given us a bid of around $10,000 to take the wall down, excavate part of the back yard, put in gravel to make an off-street parking spot for our second car, build a new retaining wall and put up a privacy fence between the two houses. I am wondering about the best way to pay for it (with our economy the way it is today).
Details:
1. We have no personal debt, owe no credit cards, no loan payments, no car payments and now no rent or mortgage payments. Our only bills are the routine monthly utility bills.
2. Our combined take-home income is $3400 a month.
3. We have approximately $5000 in savings
4. His mother left him approximately $50,000 in IRA, money market account, savings bonds and life insurance.
5. We both drive cars that have over 100,000 miles on them and are 9 and 10 years old, and he found out last week his needs transmission work, so I think it would be better to replace the car, instead of doing the work.
I honestly don’t want to touch the money his mother left him, but would like to leave that for retirement savings.
In this economy, I think we need to leave the savings account alone.
I know we could afford a loan payment, but again, would that be the best thing to do?
Anyone have any good suggestions or advice on what, in our situation would be the best way to pay for the work that needs to be done?
Thanks for your imput.
November 29th, 2009 at 1:14 am
pay for it out of the 50k IRA inheritance