July 3rd, 2009
We Might Instead Remodel our House
Because we feel ambivalent about selling our house and we like where we are living, we might take advantage of low interest rates and instead refinance our existing home and draw out just enough funds to enlarge the footprint of our home. Peter has costed out the supplies we would need: Insulated concrete forms, roof trusses, sheet rock, lumber, shingles, stucco, windows, and oak flooring - would all cost less than $15,000 according to his estimates, if we were to add another 300 square feet to the back of our house. Building materials are relatively cheap right now - the material that remains high is concrete. Should we choose to go this route, we would be able to live in our house during the construction, with minimal disruption to our lives, and theoretically have the project completed in a month. Peter can do the bulk of the construction - and the addition, as it would be a bedroom, would need only minimal wiring and no plumbing. I have checked with our mortgage lender and have determined with him the amount available for us to draw for funding the remodel. This is looking more and more attractive!