DH and I have been working on getting out of debt, and the last of it is $700 on a student loan. We quit paying extra on everything in order to prepare for the birth of our twins and my unpaid maternity leave. I ended up having a miscarriage, and we're waiting to get the hospital bills. In the past two months, we've also had a major drain backup, which resulted in $900 of plumbing repairs/modification. Two trees fell in our yard, and we had to pay tree trimmers to assist with removal ($600). Our car has needed $1400 worth of work. I also had to take the cat to the vet this week and then have her put to sleep. So there went our savings/emergency fund. We currently have about $1200 left in savings.
And then tonight DH used drain cleaner that ate through our bathroom pipes, corroded the front of our appliances, resulted in a minor kitchen flood, and rendered our only tub/shower unusable.
The plumbing in this house has been no end of misery. Last summer we had a drain backup/flood that ruined the kitchen ceiling and floor. We had a "blackwater" incident the year before. And earlier this summer the kitchen sink drain pipes needed to be replaced. I've just about had it.
I guess what all this background is leading up to is when do you stop with the piecemeal repairs and just rip it all out and replace it? We have a good income and essentially no debt, but also no real savings. But the folks who owned our house for the 40 years before we bought it did not make sound improvements. The house is almost 100 years old, so some repairs are expected. But the half-assed plumbing work they did is nickle and dime-ing us to death.
Do we just suck it up, take out a home equity loan/LOC, and replace the bathroom plumbing so we can be done and know that everything is done properly? Or just repair the pipe that is currently leaking and then hope for the best until we can save more money? The subfloor in the bathroom is almost certainly gross and water damaged from all of the above incidents. Do we pull up the floor too? Or just worry about the plumbing, which can all be reached from/through the ruined kitchen ceiling?
Assuming nothing else in our life falls apart, we can save $500-700 per month...