Asked by Anonymous
Hi, want to get some opinion regarding whether to refinancing my current landed property that my parents have left for me. The current market price of this property is at around 600-700k and it is already free of debt since it's an old property. The reason I'm thinking of refinancing the house is to do some renovation and also to use the fund start my own business. My plan is to cash out around 500k, set aside the repayment amount (e.g. 250k) for the peace of mind for the next 10 years, use around 100k for renovation, which left me around 150k to start my own business and other investments. Would appreciate to hear from your expertise is there any advise or anything I should consider or I should know before doing so, thanks!
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