Tanglewood Gets More Tangled

As you know we were denied financing for our renovation project. It seemed like our best option was a construction loan and after around $3,000 for an architect to draw up our plans and countless emails making sure every last detail was there for our "forever" home (at least for the next 10 years) we proceeded with our local permitting office.  We were once again halted when we were told that if we tore down the existing structure to rebuild and raise the height of the basement and second story, we would have to relocate the home on the property due to setbacks from the property line and street.  Since the house was built 83 years ago we were grand-fathered in with the location, but not if we removed the structure and only kept the foundation.

We once again hit the drawing board and discovered that due to the mixed neighborhood, we were also taking a huge gamble that the property value would not hold in the neighborhood. This made us stop in our tracks and really consider what was important to us.  Did we need an almost 2,300 square foot home?  Would we truly utilize a formal dining room and living room in addition to the family room?  Could I run my home business out of our living space or did I need a separate area?

After much soul searching my husband and I concluded that we were going for champagne taste on a beer budget, when we would actually be much happy with a nice craft brew!  We broke out my husbands construction scales, sharpened our number two pencils, and began the arduous process of drawing then redrawing our plans.  We struck gold when we discovered that by literally flipping the location of the formal dining room and kitchen with the living room and small bedroom we could create two main floor bedrooms, a bathroom, and a kitchen and multipurpose great room.

Our final product is a three bedroom, 2 1/2 bath with and open concept kitchen/dining/living area, mudroom, and two stall garage.  Our square footage is now under 1,600 square feet which will be cozy, minimal, and ultra affordable.  We are able to use high end finishes and get all our must haves without living outside our means. I am able to use the 3rd bedroom (which will be a large studio space) to run my in-home business. The best part is the Location, Location, Location!

We did not downsize, we rightsized, and once we did that everything fell into place.  We found a loan specifically available for renovations, we found a reputable local builder who custom built the scope of work around our budget, we were able to secure a permit since we were keeping the majority of the original house, we are conserving materials by renovating, and we are moving full speed ahead.
My husband and I signed on the dotted line, and initialed, followed by more signing and initialling yesterday.  It's official, we have closed on our loan!   Thank you Wells Fargo for giving us the opportunity to restore this historic house and make it our home!