Deinfluence me refinancing the home
Situation:
Family of 4 - M48, F47, M16, M11
$264k combined income before tax
$423k mortgage
$50k car loan
$37k in shares and cash
House is worth about $950k these days. Built around 1964, weatherboard and original electrical meter board.
We need some things done to the house to future proof and tie up a few projects.
• Very large tree in the backyard has become a threat, there was a near miss in the last big storm and it completely shades house so solar isn't an option unless it's removed. Will require a crane for removal, cost about $20k. We intend to plant a number of smaller trees further away from house after removal.
• High power usage for family. I WFH, but it's all electric heating and cooking. No gas or wood. $1.5k quarterly bills
• We want to do an electrical overhaul. Once big tree is gone: get solar + battery, heat pump hot water, smart meter, EV charging point.
• Aging second car needs replacing (2010 mitsi outlander), showing signs of head gasket issue
• A number of half finished projects in house need accelerating: fence replacement, back patio build, shed needs fixing, driveway concreted. Probably need about $40k to sort all that out.
• Tertiary education costs for the kids is on the radar too with Mr16 entering yr12 next year.
So to do all that, we need about $100k, maybe $150k if we consider an EV. And we don't really want to dip in to the cash/shares just in case of anything else unforeseen.
Should we refinance the house to make it all possible?