Renovations - funding

When we had gotten the Windstar back in late 2007, we had mentioned to the bank that we were thinking of doing upgrades to the house in a few years. At the time they mentioned that we could do them sooner. Then the whole recession happened.
We had moved along and talked to Renovation Masters but had issues with the person who does their designs (she was adamant on having a big window on our game room – which would end up being behind the game bookshelves). We then talked to the nice people at Character Homes who seem to be able to work better with us and our plans.

Tomorrow we talk to the bank and see what we will be able to afford. Upgrading just the upstairs, to add a bedroom and a second bathroom as well as a new roof, would cost about $60,000. Doing that, plus adding the wing with a basement, game room, and extra bedroom would cost a total of $200,000.

Both amounts are a bit scary. If they approve the entire amount, we will have a huge house that we will spend a lot of time in as we won’t have a lot of money for much else. If they only approve the second floor expansion we will have less space but also less of an increase in our mortgage payments. If they don’t approve anything then we are in trouble – well, I am, anyways as I would have to divest a large amount of stuff in order to reclaim the workshop downstairs as a third bedroom.

Interesting times.