Speakers and mortgage (1 Viewer)

[aaron plazma]

Has anyone ever put together a home theater speaker package and paid for it with a construction loan while building a house? I guess if I was to sell the house I would take the speakers so Im not sure if I can funel the cost into my construction loan and have the bank reimburse me. I could probably get away with the surrounds since I could say they are attached to the walls. ANy ideas or comments?

 

[John S]

I do know people that have rolled all their home theater costs into loans for room additions / home expansions. Display, audio, seating, and everything.

Not sure about a new home from scratch though, seems it should be possible.


I mean who is to say where the line is if a home theater is part of the building project.

 

[Phil A]

Some builders have arrangements with home theater installers, electricans or other things to roll extras into the mortgage.

 

[aaron plazma]

the builder would be me.

 

[BrianWoerndle]

Many people take out extra money in a mortgage to pay for expenses when buying a new house. As long as you are not taking out more money than the house is worth, they shouldn't have a problem with it.

 

[Shane J]

Most mortgage brokers will not let you take out more money than what the selling price is worth...unless you do something like 103% financing or 106% financing.

If you do that though, your $10,000 home theater ends up costing $30,000 over the years.

I am assuming that when you are done, you will have some equity in your home. I would take out a home equity loan and build the theater with that. Then you can write off all of the interest on your following year's taxes!