The Home Renovations Onion

It's now four months since the Home and Renovations Show we attended to begin the process of possibly redoing our kitchen and master bathroom, and three months since we had contractors out to give us initial estimates.

And nothing's begun.

Making progress on this has been like peeling back an onion: nothing is as simple as it seemed at first blush.  For instance, one of our first commitments was to redo the closets with a new closet system for us and for Sarah.  We've signed the contract to get that done.  However, it dawned on us that the new closet furniture will be installed, and pretty immovably, on top of the carpets...the carpets that have been there for at least the nine years since we moved in, and God knows how long before that.  Replacing the one in our closet is easy; it's a stand-alone patch of carpet, since the tile floor of the bathroom begins just outside it.  However, Sarah's closet carpet flows into her room...which flows into the upstairs hall...which flows into the guest room (oy, there's one that really needs replacing), David's room, our room...which means a much larger project than at first blush.  (The carpet guy is coming out tonight to take a look.)

Picking a contractor took awhile; I think we've come to a point of decision on whom we want to use, but we also want to lock in the financing first before we make a multi-tens-of-thousands commitment and find we can't back it up.  So we back up to start looking for a home equity line of credit (HELOC).

A simple query on Lending Tree turned into an interesting snapshot of credit markets post-2008.  Only one lender was willing to talk with us, and quoted us rates that seemed higher than I had expected; apparently these days lenders just aren't willing to take a subordinate position to homeowners, even those of us with credit scores around 800.  They suggested a cash-out refinance, but then when we started exploring that (with a fresh Lending Tree query), everyone said we were asking for too much cash out for the credit markets to bear these days.

Fortunately, one lender made the comment that a credit union has different, looser rules, and so we're now in the process of getting final approval for a HELOC through our credit union.  But the multiple rounds of that have precluded us from making final decisions on a contractor, let alone the scope of work and details of the project.

I do remain optimistic that our plan for the year--that There's Gonna Be Some Changes--will still come about, even in this realm.  It just may be into the fall before the renovations are done.  And it will take all my willpower not to suggest to the designers to put up wallpaper with onions on it, to remind me constantly about the level of effort required to get there.