Ever since my wife and I bought a house (and I started this series), we’ve talked about a few projects we wanted to have done. As I’ve talked about before, over time, the priority of some of those plans has changed while other ideas have made their way onto the list. However, more recently, I’d say that we’ve been getting more serious about doing something — and probably something big.
With that tease, let’s talk about what we’re thinking for our home and what our next steps (likely) are.
The Whole Package
I don’t exactly remember how far into our homeowner tenure we were when the thought of getting new windows worked its way up the priority list, but it’s stayed there ever since. Beyond the expected energy efficiencies and savings, I’m also hopeful that new windows will help mitigate some of the noise we hear from the outside. But, as I take my dog to the backyard each day, I find myself looking at our exterior and wondering if there’s more that we should have done.
Also helping to inspire this project sprawl is some recent work that our neighbors have had done to their homes. To be clear, this isn’t a “keeping up with the Joneses” situation. Instead, watching what they’ve done has opened my eyes to what’s possible and what’s probably a good idea overall.
With that, here’s a rundown of what we’d currently like done:
- Siding
- Windows
- Sliding glass door
- Front door
- Gutters/downspouts
The thing is that, while we could do one or two of these to keep costs down, it probably makes sense to have them all done at once — with the hopes that we’d get some sort of discount for doing so. Luckily, I’ve already confirmed that there are at least a few companies in our area that could indeed handle all of these projects (although some specialize in one aspect while making the other tasks add-ons). So, rather than go piecemeal with our project, I do think it would be better just to go for the full makeover.
Getting Quotes
Even though I’ve done some research on how much this whole kitten caboodle would cost, it’s really difficult to know for sure until we get someone out here to provide us a real quote. That’s especially true since we have some unique aspects to our house — such as the fact that we’d only need siding on two sides of the house and that we only have five total windows. Thus, the next step in getting our projects done is to contact a company and get them to come out for a look. Actually, best practices suggest we should have at least three companies come out.
Honestly, this is where I get a bit nervous. While I fully understand that this is the smartest route and am aware that this is standard procedure, I can’t help but feel bad about having someone come out to give us a quote and then turning them down. Am I just too loyal? Apparently!
However, this is something I’ll absolutely need to get over because, unless the first company hits us with an absolute killer deal, we’re going to have to see what our other options are. It may make me uncomfortable… but I’m guessing that spending hundreds or thousands of dollars more than I have to would also make me uneasy.
Financing
Speaking of money, perhaps the biggest question looming over us is “How are we going to pay for this?” Based on the estimates I’m seeing, I highly doubt that paying in cash would be an option (at least not a smart one, as we’d want to have some savings in case emergencies pop up). I’m also not sure what kind of financing the company we pick might offer. If they had a low enough promo rate — like 0% — that might work for us — but, otherwise, we might have to look at other options.
That leads me to two potential solutions: a home equity line of credit or a cash-out refinance. Of the two, the HELOC is probably the “safer” option, likely giving us a lower interest rate than we’d get from a credit card or personal loan since it’s backed by our home. However, seeing as our mortgage interest rate is high, we could potentially refinance into a lower rate and get cash out at the same time (at least that’s what Google search results tell me). Having said that, I haven’t looked enough into this option to know if it would actually be a good deal for us. Similarly, regarding the HELOC, I’m not yet clear on whether opening a line of credit would impact our ability to refinance our mortgage (or vice versa).
Of course, there’s also the option to pay part of the project off in cash and only finance a portion of it. Nevertheless, this is clearly an area that I’ll need to do a lot more research in — or, better yet, talk to a professional to help understand our options
As we approach the three-year anniversary of buying this house, we’re starting to get more serious about undergoing some projects. In fact, it looks like we’ll be taking on multiple projects at once and transforming our home’s exterior. It’s exciting, to be sure, but there are still several scary things we’ll need to figure out and overcome, such as getting bids and figuring out financing (small tasks, I know). So, stay tuned as we attempt to navigate this next big step in homeownership.
