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Originally Posted by InglewoodFan
Had my electrical panel replaced this week, I have mixed feelings about shelling out the $$$ for a project that doesn't really improve the value of the house. On the flipside, one less way for the house to burn down. Old panel was 60 years old, had a sub panel, and the electrician found some sketchy stuff from a previous reno. All in all, it is nicely tidied up and the next step is to move the service to the detached garage, add another 100 amp panel there and I am ready for hot tub / car charger / AC.
I have to say, much like most of my projects, I put them off forever because I have a number in my head of what it would cost (with no real basis) so I wait until we have a bunch of free cash. Then I get quotes and it is like half of what I was expecting. I am an idiot.
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I will say that a new panel vs the super old ones are pretty. So there's that.
I think the other aspect about refusing to do the projects is also the fact I always grew up with a cash down mentality. I've started opening up to a 6-12 month financing concept and breaking down the idea of interest to something like a $50-100 "convenience fee" to get it done earlier and realizing there's so many interest deferral and some other discounts/subsidies that help to off set it.
I have been thinking about doing a bigger reno this summer than previously intended in my home for creature comforts and whatnot. I'd also be eating the "minor" interest to get it done and bypass the typical song and dance about finances (ie: If with interest, it's still below budget, it's still below budget"). It kinda feels good and is exciting.