solution?
I had this whole long post started, but I scrapped it because mostly I was just going on and on about the same stuff I usually go on and on about with the whole "long term plans" issue. Basically, it comes down to this: we aren't 100% sure about staying in Madison, but we can only last in this house as is for another year or so before it just won't work. Well, I suppose there's the option of telling our parents every time they come to visit they have to set up a tent and camp out in the back yard because there is simply no room left, but that hardly seems fair.
So we have come up with a plan that will solve this space problem of ours, at least for a few years: finish the basement. This is something we looked into after I found out I was pregnant with Daniel, but at the time our mortgage was brand-new and we simply couldn't afford it. Now we might be able to afford it, what with interest rates being lower than they were when we bought the house. It depends on what kinds of estimates we get from the contractor (we know a guy...), but it's possible we could refinance without upping the monthly payments too much. Whatever we borrow is bound to be less than the extra moola it would take to just plain buy a bigger house. Besides, the thought of getting this house ready to sell and maintaining that level of order and cleanliness when the kids and I are always around to mess it up is frankly overwhelming. We can't do it.
And before you all start giving me advice on real estate, let me say this: I am fully aware that major home improvements always cost more than you get back in resale value. That's not what's important. What's important is making this house livable for the next 3-5 years while we decide what's next, whether that be relocating to a different state or staying here and finding something really permanent.
I am happy with this plan. In fact, I am impatient and want it to happen NOW. I know better, though. We have to get estimates and make sure this is something we are comfortable with financially...but in the meantime, every time I descend into the depths to do laundry (which feels like a dozen times a day) or throw on a sweater to play with the kids down there, I daydream about what it could look like and how much nicer it would be.
So we have come up with a plan that will solve this space problem of ours, at least for a few years: finish the basement. This is something we looked into after I found out I was pregnant with Daniel, but at the time our mortgage was brand-new and we simply couldn't afford it. Now we might be able to afford it, what with interest rates being lower than they were when we bought the house. It depends on what kinds of estimates we get from the contractor (we know a guy...), but it's possible we could refinance without upping the monthly payments too much. Whatever we borrow is bound to be less than the extra moola it would take to just plain buy a bigger house. Besides, the thought of getting this house ready to sell and maintaining that level of order and cleanliness when the kids and I are always around to mess it up is frankly overwhelming. We can't do it.
And before you all start giving me advice on real estate, let me say this: I am fully aware that major home improvements always cost more than you get back in resale value. That's not what's important. What's important is making this house livable for the next 3-5 years while we decide what's next, whether that be relocating to a different state or staying here and finding something really permanent.
I am happy with this plan. In fact, I am impatient and want it to happen NOW. I know better, though. We have to get estimates and make sure this is something we are comfortable with financially...but in the meantime, every time I descend into the depths to do laundry (which feels like a dozen times a day) or throw on a sweater to play with the kids down there, I daydream about what it could look like and how much nicer it would be.
Comments
(but refinishing the basement is probably more sensible and less costly). We looked into 'going up' when we designed our addition... it sounded like fun, but was way more expensive and would've disturbed the rest of the house quite a bit.
Oma
I think it's totally worth it, too. Not to give you unwanted real estate advice, but you're essentially expanding (possibly doubling depending on your basement size) your livable square footage, which will have a pretty good return. As long as you don't use fancy schmancy materials, you probably will get your money's worth out of it.
Good luck!
I think this is an excellent solution! If I didn't have a home with a concrete slab foundation, I would do this.
FYI, average ROI for basement renovations is 75%. Make sure you should check on permits and local code and know the points at which the basement stops being a basement; in some cases, adding a guest room, bathroom, and/or kitchen classifies the basement as an apartment which has its own code requirements.
(for those with HGTV, yes, I am totally hooked on Holmes on Homes. I consider it my education for when we look for another house)