To Add On Addition To Home Created A Financial Dilemma

Add On An Addition To
Our Home After Career Change

Often, a career change will introduce challenges like the need to remodel your home in order to be more efficient in the new employment opportunity.

For us, the need to adding an addition to our home also initiated a search for funds for financing our house remodeling project.

Thus the financial dilemma, with works like remodel and refinance becoming a part of our vocabulary. 

Finding Funds For Financing House Remodeling

Perhaps you too have faced this same home remodel challenge -- finding funds for financing house remodeling plans, especially when the appraised value of our home did not support this plan. 

Our dilemma was that our remodeling needs required finding financial resources for those 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 Remodeling

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:

  1. Reason 1 given for an addition was to provide living space for a growing family.
  2. Reason 2 for an addition was in anticipation of downsizing because the family is smaller.
  3. 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 home (which, at the time, was true for us).
  4. Reason 4 given enlarging a house was to create additional living space for aging parents moving in with a care-giving child.
  5. 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

Fortunately, we did not follow through our our remodeling plans, nor did we refinance for our adding on an addition to our house.

As financially strapped baby boomers, all of the reasons listed above also caused us to reconsider our remodeling project.

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.