Our Add On Addition To Home Dilemma

How To Add On An Addition To Our Home 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.

Perhaps you too have face this challenge -- finding funds for financing house remodeling plans.

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 adding on an addition to a home was in anticipation of downsizing because the family is smaller
• Reason 3 for an addition 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 to add on addition to a home was to create additional living space for aging parents moving in with a care-giving child
• Reason 5 was to add on addition to a house 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 how to add an addition to our home.

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 challenging 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.