Decisions Decisions

This year is the year we have to renew our mortgage(just a little side note of useless information....did you know that mortgage means until death?Hmmm strangely appropriate)We are facing a very big decision.Should we borrow against our homes equity to put a proper foundation under the house and add one more bedroom or do we wait.

Our house will not fall into the ground if we don't(it would just be nice to have something other than dirt ) nor will we die if our house only has two bedrooms.People not that long ago raised families of twelve in homes smaller than this so I think a family of four can do it.It is sometimes difficult not to get caught up in the "bigger is better" mentality.Bigger just means more house to clean!

We were fortunate to purchase our house before the house prices spiked.So our house has almost doubled in value since we bought it 5 years ago.Our mortgage broker has come back with an amount that we can get and how much it effects our monthly payments(which is not a lot)People pay way more in rent than we would have to pay.But the decision is still difficult to make.DH is self employed and has taken a considerable hit due to the recession.Business is picking up again now that people have gotten over the initial fear, but my point is will there be enough in our budget to take on the extra.(We have already dipped into the savings to keep a float.)However the prices of materials and labour keep going up dramatically so in five years when we revisit the same decision will we be able to do it then?It is so difficult to choose.

Then there is the other aspect.The actual renovation.I want the end result but I'm just not sure I would survive the actual process.I do have some idea of what renovations entail.Dust,dirt,meals out,permits,time lines not being met,more money being required than originally anticipated,.So I am not on renovation cloud 9 with unrealistic expectations.But I have only dealt with reno's on a small scale not something as big as this.Then add to the mixture two kids under 5 and an open stairwell to a concrete pit and you have a recipe for disaster( or mommy completely ready for the nut house.)

Only time will tell.