Sunday, November 16, 2008

Things are moving fast


I haven't been very good at posting lately, but once you read all that has been happening, perhaps you will understand.

Over a month ago we began considering that it might be in our best interest to finish the bonus space above the garage. What was originally going to be about 400 square feet, became over 900 square feet as we changed the plan to better compensate for the slope of the lot.

This required us to go back to the credit union to discuss further financing, since the cost increase would be significant.

our credit union quickly realized that finishing the project was best for all involved. Had we only completed the original house, we would have only about 10% equity in the house and therefore have to pay PMI. Since the finishout adds more value than cost, we will have about 25-30% equity in the house and not need PMI. This also will put our cost per square foot $10-$15 below the current market selling price.

Since that time we have been making all of the necessary decisions to finish the bonus, which will include my office, a guest suite with a small private bath, and a 17' x 23' media room.

As you can see in the picture, our brick is almost finished and our front door has been installed.

2 comments:

Erica said...

Looking good!

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