House or bike?
#32
02-08-2007 | 12:18 PM
Road Warrior
Joined: Jul 2006
Posts: 1,302
Likes: 0
From: SW Corner of NW Corner
RE: House or bike?
I'd sell the bike. The amount of money I get back in taxes each year, I could buy a brand new bike, outright, in just a couple years (assuming I could manage not to spend that check).
no brainer.
no brainer.
#37
02-08-2007 | 02:02 PM
Outstanding HDF Member
Joined: Feb 2006
Posts: 2,281
Likes: 47
From: Oregon
RE: House or bike?
Everyone has made valid points in there situations. Can you refinance and pay the bike off and keep the bike and the house? Get a roommate? Another job? Think of any possible way to keep both. Check into every option you have. You may be able to sell the house(Making 50 grand in the process)pay off the bike, and buy a new house. Or possibly buy the same house back. If after all that, if you can't possibly keep both, decide what is most important to YOU. A house may be the logical and most important to many, but is it to you? It took me over 20 years from the day I decided I wanted a Harley to get it. I'm not selling it for anything, but then again I'm in a fiancial situation that I shouldn't have to.
Just some thoughts, but whatever you decide, good luck and I hope it works out for you.
Just some thoughts, but whatever you decide, good luck and I hope it works out for you.
#38
02-08-2007 | 02:29 PM
Banned
Joined: Sep 2005
Posts: 4,341
Likes: 0
From: Dover, Oh
RE: House or bike?
ORIGINAL: SoftailBrian
Everyone has made valid points in there situations. Can you refinance and pay the bike off and keep the bike and the house? Get a roommate? Another job? Think of any possible way to keep both. Check into every option you have. You may be able to sell the house(Making 50 grand in the process)pay off the bike, and buy a new house. Or possibly buy the same house back. If after all that, if you can't possibly keep both, decide what is most important to YOU. A house may be the logical and most important to many, but is it to you? It took me over 20 years from the day I decided I wanted a Harley to get it. I'm not selling it for anything, but then again I'm in a fiancial situation that I shouldn't have to.
Just some thoughts, but whatever you decide, good luck and I hope it works out for you.
Everyone has made valid points in there situations. Can you refinance and pay the bike off and keep the bike and the house? Get a roommate? Another job? Think of any possible way to keep both. Check into every option you have. You may be able to sell the house(Making 50 grand in the process)pay off the bike, and buy a new house. Or possibly buy the same house back. If after all that, if you can't possibly keep both, decide what is most important to YOU. A house may be the logical and most important to many, but is it to you? It took me over 20 years from the day I decided I wanted a Harley to get it. I'm not selling it for anything, but then again I'm in a fiancial situation that I shouldn't have to.
Just some thoughts, but whatever you decide, good luck and I hope it works out for you.
#39
02-08-2007 | 03:08 PM
Road Warrior
Joined: Nov 2006
Posts: 1,699
Likes: 2
From: Deltona, FL
RE: House or bike?
If it were me, I'd take out a home equity loan or refinance my house, take the money and pay off the bike. That way you keep both and your house payment barely changes.
The important things to consider in this scenario:
1) Intrest rate you currently have on your mortgage versus interest rates now
2) Amount of equity in your house
3) Closing costs on a refinance- there are some companies (not many) that actually charge no closing costs. They pay them all since you will be paying them interest for 30 years.
The important things to consider in this scenario:
1) Intrest rate you currently have on your mortgage versus interest rates now
2) Amount of equity in your house
3) Closing costs on a refinance- there are some companies (not many) that actually charge no closing costs. They pay them all since you will be paying them interest for 30 years.
