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girlwonder88

Would love some feedback on our remodeling plans, and a money question

Sara
5 years ago

We are about to get started on a pretty major remodel-and the first one I've ever lived through (we've done smaller scale remodeling on houses we were leaving before, but never something this large on something we were living in during the process). We have two children at home, one grown, and my plan is to stay in this house until I leave it feet first :)-we have over an acre just a few minutes from downtown in our great PNW small city, and we love our neighborhood. The house was built in 1946 and has lots about it we love, but only 3 bedrooms (we have three children), almost no storage, and a very small kitchen. We have found a builder we are excited to work with, and will be submitting for permits next week and working on the financing.


1. What's the best way to finance a remodel, especially with the new tax laws? We are talking to lenders, but I feel like I need some suggestions from folks without skin in the game. We have about that much equity currently in this house; we also have about 190K equity in a rental, and own another property free and clear-9 acre s with a mobile home on it that's uninhabitable (just holding the building site open). Our plan is probably to sell the 9 acre piece, but if that doesn't happen....The remodel is estimated at 175K, so we don't have enough equity in either house to go that route alone.


2. Thoughts about the kitchen plan? My main question is the placement of the gas stove in the peninsula. I like to be social when I cook, and my folks have a stove in their island and it works well. Theirs' isn't gas, however. I'm having a hard time figuring out where else to put it if we move it; I really love having my sink in front of the corner windows.


3. Other suggestions?




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