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Our Add On Addition To Home Dilemma


Our Challenge Was To Add On An Addition To Our Home

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

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

Our dilemma is that our house remodeling needs require finding financial resources for our home improvement plans, yet we are all financed out! Sound familiar?

Home Improvement Motivators For Our House Remodeling Plan

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

I recently came across a study defining some of the reasons people find themselves 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 caregiving 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, bona fide baby boomers, all of the reasons listed above are causing us to consider house remodel possibilities.

But the challenge for us as for many other is financial. These financial concerns are causing us to re-consider any plans to add on an addition to our home.

In spite of all the advertisements from E-loan regarding refinancing or Lending Tree ads about an Equity Line Of Credit, the financial capacity to repay for new financing or refinancing home remodeling is mind boggling in a real estate market like San Diego's.

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