Basement Theater/Game Room [Finished!]

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DNA Dan:
TheChairman brings up an interesting point. There are some "long term hidden expenses" here. Once your remodel is completed you will be re-assessed and your property taxes will go up. You will also probably have to pay more for insurance. You know at those prices you could probably rent a place somewhere to store your arcade stuff or lease a building. You'd have to drive to it, but you would not be committed and could liquidate it at any time.

I think you need to open an arcade in town! :applaud:

javeryh:
Thanks for all of the feedback guys (even those telling me not to do it). I need to think about this from all angles. Financially speaking, I'm not too worried about the extra monthly payments due to a new loan. Before we refinanced the house a while back our monthly payments were more than what we are anticipating them to be with the new loan. Even when my wife wasn't working (she works part time now) we were still easily able to afford the payments and go on vacations, etc. all while carrying $0 in other debt (no car loan, school loan, credit card debt, etc.). We do not live above our means in any aspect of our lives.

I have looked into buying a new (bigger) house in the same town and to "upgrade" it would be at least what I am being quoted on the costs of the addition. This is why we are probably going down this road. I think the main problem is that I don't have the money now for a super-expensive addition but if I saved for 2 or 3 more years I'd definitely have it covered. Maybe the best thing to do is wait? The problem with that is that my kids aren't getting any younger and I'd like to redo the house for them so they can get the most use out of it. Also, there are things I would have done to the house a while ago (like redo the upstairs bathroom) that have been on hold because of this project. I feel like I'm stuck in a holding pattern in that respect.

I have an appointment with another contractor on Wednesday and I'm setting up an in-person meeting with the mortgage people to discuss the construction loan. Hopefully this will all work itself out but man it hasn't been easy going so far! :cheers:

javeryh:
Well, I have a meeting this afternoon with the bank so this should either get me going like gangbusters on this project or be the final nail in the coffin. Based on the phone conversation I had I am very optimistic - I was FINALLY able to get in touch with someone who handles construction loans exclusively after getting nowhere with 4 different people from the bank. Anyway, this guy tells me he has been doing construction loans for 30 years and based on the little information I gave him he thinks we would be able to move forward with no trouble. It makes sense - how else would most people be putting additions on their houses all over town without some financial assistance? Wish me luck!

Benevolance:
Good luck!

SNAAKE:

--- Quote from: yotsuya on April 15, 2011, 03:43:34 pm ---I live in Arizona. You can get a nice foreclosure right now for that price.

For example: http://www.azsearchforhomes.com/idx/mls-4548942-3006_e_muirwood_drive_ahwatukee_az_85048

--- End quote ---

175k for this http://mls-photos.diversesolutions.com/237/4584833/0-full.jpg

brb moving to arizona :burgerking:

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