Financing House Remodeling An Our Difficulty In Finding Funds
Finding Sources For Financing House Remodeling
Financing house remodeling resources for our many house remodeling projects has been a big challenge for us, as we search for home equity funds to meet our "change career housing needs".
They Say The Greatest Challenge In House Remodeling: Finding A Competent And Reliable Contractor
A recent government study exploring house remodeling identified the greatest challenge in house remodeling as finding a competent and reliable contractor.
This, the home improvement study suggested, seems to be the first step to a successful and satisfying home improvement project.
I Say The Greatest Challenge In House Remodeling Is Figuring Out How To Pay For Building Additional Space
I would think that, if most families are like mine, the first step would be figuring out how to pay for building additional space. That we need to add extra liveable space was a given:
- We had an adult son living with us due to disabling health problems resulting in a back injury disability. Of course, he has a big ole yellow Labrador retriever, so even more room is required.
- We also had an adult daughter, who had moved to San Diego on her own change career journey.
- My wife's parents were in their 80's and were having many of the typical senior adult health problems. They lived 600 miles from their nearest child, and at the time we were trying to find funds for our remodeling project, being urged to move in with one of their children.
Finding the Financial Resources for Home Improvements
I came up with a number of financial sources for remodeling our home, whereby we could add a family room through a garage conversion. We could later add bedrooms and office space by adding a basement to our existing home.
Here was my thinking at the time for how to enlarge our living space.
- Why not create a small apartment for adult children and have them help pay house mortgage payments on a house they will eventually inherit?
- And what if the financial assets of aging parents, if there are any, that is, fund the home remodeling project, since those assets will go to someone providing the housing needs of aging parents?
Good logic, wasn't it. Except that the human will was involved so logic went out the window. Convincing adult children to give up their independence just so house remodeling costs can be covered usually does not happen.
So I determined to find other sources for financing house remodeling projects. At the time, before the real estate bubble began to burst in San Diego, my search for home equity funds would also go bust too.
And persuading aging parents to come live with one of their children is even more challenging! At the time, they were enjoying life to much in their 80's to slow down.
Part 2: An Add On Addition To Home Means Adding An Addition To Home Financing Costs Too