, Columnist
How to Pay for a Renovation If You Can’t Afford to Move
People who hate their homes — but love their low-interest fixed-rate mortgages — might want to consider a second lien.
Maybe time for an update?
Photographer: Timothy A. Clary/AFP/Getty ImagesThis article is for subscribers only.
About two-thirds of homeowners with mortgages are sitting pretty with a rate below 4% — and feeling stuck. With rates almost double where they were last year, housing inventory stubbornly low, and prices still high, they can’t afford to move.
It may be easier to fix what you don’t like about your current house than to find a new one. Renovating a kitchen, adding an extension or upgrading an old bathroom may be cheaper, too.