Our Need To Add On Addition To Home Created A Financial Dilemma

Add On An Addition To Our Home Was A Remodeling Challenge

"Remodel study reveals 5 reasons people give to add on an addition to their house"

The need, to add on an addition to our home, initiated a search for funds for financing house remodeling. 

At the time, we thought that adding an addition would help reverse the downward spiral of the value of our home.

Our dilemma was that our house remodeling needs required finding financial resources for some much needed home improvements. Yet our home improvement plans did not tell us this financial fact -- we were all financed out!

In other words, our how to add an addition situation was blocked by our being upside down in a mortgage situation!

Home Improvement Motivators For Our House Remodeling Plan

There are many reasons people begin to think about house remodeling, but the reasons we had for home remodeling were mostly career change related.

I discovered a study defining some of the reasons people find for planning an addition to their house:

• Reason 1 to add on addition to home was to provide living space for a growing family
• Reason 2 for an addition was in anticipation of downsizing because the family is smaller
• Reason 3 for adding on to a home was to enlarge the living space when the boomerang generation returns home, that is, when adult children move back in
• Reason 4 given enlarging a house was to create additional living space for aging parents moving in with a care-giving child
• Reason 5 for adding on was to meet the sandwich generation phenomena, where both a child returns AND one or both aging parents move in as well

Financial Concerns Causing Us To Re-consider House Remodel Possibilities

For my wife and I, financially strapped baby boomers, all of the reasons listed above were causing us to reconsider house remodel possibilities.

The mortgage meltdown and the San Diego real estate bubble burst meant we had to re-consider doing so. How to add an addition to our home was no longer a possibility.

At the time, we were inundated by advertisements from mortgage companies regarding refinancing or ads about an Equity Line Of Credit. In reality, the financial capacity to repay for new financing or refinancing home remodeling was no longer possible in a real estate market like San Diego's.

We never did complete that add on addition to our house but perhaps the availability of real estate financing funds will make it possible for you, should you have the need to remodel.