Saturday, May 8, 2010

Update thus far...

Yes, there's been a huge hiatus on this blog because...the remodel did not go through!!!

The main reason was that we could not secure a construction loan because a) due to the economic meltdown, banks were no longer issuing construction loans and b) we wouldn't be able to secure one anyway because of the way our income is earned. (No, nothing illegal. It's because we earn income through our own business vs. conventional employment with W-2's which is a big red flag for all banks these days.)

So the entire remodel was a big bust. All the money we spent on architectural and design fees, application fees, and soils testing all went down the drain. We were not thinking of remodeling again until.......

We were approached by my in-laws with the offer of a loan so that we could remodel our home (and hence, have a guest bedroom for them when they come up to visit.) After some debate, we accepted!

Here we go again... ^_^

No comments: