We've decided not to finish the basement right now.
A major part of that is the quote we got back from the contractor (a former co-worker of DH who started his own business...he's a good guy and wouldn't try to stiff us). At just around $100k, we just don't have the $$$ laying around, and it doesn't seem prudent to either of us to take on additional debt at this time. Even if we do some of the work, and chose less expensive materials or get good deals through my business connections, we're still looking at $80-85k before furnishings. Now keep in mind, our basement is the same size as our first floor, so that means it's between 1,400 & 1,500 unfinished square feet. It's still a heck of a lot of money however you try to justify it.
I have to say the money issue had the benefit of allowing us to have a honest discussion about expectations and reality.
In other words: Just because we have this cool new entertaining space does not mean that we are going to turn into party giving people. Apart from our families and my Bunco group we have never had anyone over to our house. Never. DH is terminally anti-social (another thing that hopefully can be addressed when he goes to Philly to meet with this new doctor in September; gotta love anxiety issues!), and has vetoed every suggestion I've made towards having a large or small party.
One of the other things DH was looking forward to was the workout area. Supposedly if he had this area he would actually work out because it wouldn't be an effort. Apparently either going to a gym near his office or to the one at the neighborhoods resident's center is too much to deal with after a long days work. Yeah. (oh wait, do my words give away how I feel about this?)
Throw in the mix the possibilities we may be facing regarding either the cost of future infertility treatments or my loss of income since we currently plan for me to stay at home (we both grew up that way, and think it's important for a kid) if/when I get pregnant, and we were both forced to realize it's not the greatest idea at this time.
I have to admit the thought of pushing off the pool table, wet bar, and media area makes me sad, but would be sadder still to lose our house because we couldn't pay our debts (perhaps I exaggerate here, but you never know what curve balls life is going to throw you).
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$85K - wow, that's a lot of money. (hmmm that also means $60/sqf.)
ReplyDeleteI probably would go the way of your decision, too.