Like everyone else we are feeling the effect of the market downturn. We are not as confident that real estate prices are where we need them to be and we’re getting nervous about taking on more debt to continue the renovation. While we’re not planning on selling the house anytime soon it’s still nerve-wracking to think that if we had to sell the house we might not be able to recoup our investment let alone any profit margin for all of our hard work.
With that in mind we are going to delay further renovations. Although we really need to renovate the second floor bathroom (we have exposed piping from where the pipes froze last year) we’re going to have to push it off to the spring when we might have enough cash to do it.
In the meantime we will continue to post about smaller improvements we are making along the way. Currently on the list is:
- Finish the second floor den. This means we need to get the floors re-finished and paint the walls and ceiling.
- Clean up the painting around the house where the renovations have taken their toll on the walls and trim.
- Serious clean up of the basement!
- Begin to furnish some of the rooms as we find deals or can find salvageable items from second hand shops.
- Add photo walls and other finishing touches to the house.
4 responses so far ↓
1 Pip // Oct 27, 2008 at 9:42 pm
We’re definitely in a similar spot. We just bought, but since the market has nose dived our original plans have scaled back quite a bit. We’re also trying to make everything as cost effective as possible.
2 Aces // Oct 31, 2008 at 8:31 pm
We’ve been saving for five years and plan on starting our addition and renovation in the spring. Of course we’re nervous but at least we already have decent equity growth in the house, and we dont expect to have to access much credit. I feel for you guys, and I think you are being sensible. Great Blogsite by the way!
3 Laura // Nov 7, 2008 at 3:43 am
I think you have the right idea here.. Playing catch-up on smaller-scale stuff while waiting for the market to inevitably turn in the spring… and longer if necessary.
Choosing to improve where you feel is necessary, and taking it one thing at a time rather than doing it all in one shot. Smart.
I love following along your blog, and am looking forward to your “small” updates as much as I do your big projects!
4 anke // Nov 7, 2008 at 7:22 pm
That’s nice of you to say Laura…thanks.
The second floor den is coming along nicely and we’ll have a new post for that soon.
Cheers.
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