New to this blog: a series of hypothetical problems that our clients have, and the solutions that ultimately best accommodate their specific situation.
The issues: Mr. and Mrs. Homeowner purchased their 1922 home in Laurelhurst 5 years ago. They would love to stay in the area (their neighbors are wonderful!) but the house doesn’t really suit them, now that their kids are older.
The kitchen has really become the heart of their home-based activities and they’d love a kitchen island to do homework on amongst other things, and well, more space in their kitchen generally speaking. The current kitchen is a galley design, which lacks light and connectivity to the rest of the living areas.
They purchased their home for $550,000 in 2003. Now, their home is worth an estimated $900,000.
With what’s going on in the housing market, they really don’t think now is a good time to sell. And, well, they love their neighborhood almost as much as they hate moving.
Their solution: Remodel their current home to better suit their lifestyle. Opening up the wall between the kitchen and the over-sized dining room creates room for an island and connects the two spaces, as well as brings light into the kitchen.
Money can still be borrowed at historically low prices. Both refinancing and home equity lines of credit (HELOC) are viable options to draw out $80,000 of equity to remodel their kitchen. (And, it’s much less money than moving and the transaction costs that art part of selling a home.)
They are able to get the chef’s appliances Mrs. Homeowner has long coveted, as well as the slab Cararra marble countertops and custom cabinetry that make their new-again home sparkle. The dining area and kitchen truly feel connected now, which is perfect for daily living as well as social gatherings.
