Hi everyone,
I could really use some advice on a dilemma I'm facing. My fiancé is set to move in with me in seven months, but I'm torn between renovating my parents' basement where we could potentially live for two years or renting elsewhere.
Here's the situation:
Currently, moved from Alberta back to Ontario for work, luckily living in my parents basement, me and my fiancé are planning for her to move in with me by the end of October 2024 after our wedding. I'm funding our wedding and honeymoon costs, leaving me with around $20,000 in savings.
Our combined take-home income is approximately $140,000 per year. I work in finance, and my fiancé is a nurse.
Renovating my parents' basement would require a significant investment, with estimates ranging from mid-$30,000s to high $50,000s.
Alternatively, renting a place in Toronto would cost around $2,500 per month, totaling $60,000 over two years, excluding utilities. The basement at my parents' house has a separate entrance, offering some privacy but one hundred percent needs renovations as it is very ran down.
Financially, I'm unsure about which decision to make. I don't have $50,000 saved up for renovations unless I sell my car.
So, what do you think? Should I go ahead with renovating my parents' basement and find a way to finance the renovations, or should we opt to rent somewhere else for the next two years?
original posted by hamidd1234 to r/personalfinance on Sun, 03 Mar 2024 21:25:38 GMT.