We had a real estate agent come over on Friday night to value our house. The news could have been worse, but it certainly wasn't what we were hoping for.
Essentially our house is worth about the the same as it was when we purchased it 2 1/2 years ago, despite the fact that we have done a number of things to add value (hello, the 4 car garage!). However, considering the current state of the real estate market, it is a positive that the house hasn't lost value so I'm trying to focus on the positives!
What this means, realistically is that we need to re-think our plans- AGAIN! I wrote a couple of weeks ago about our dilemma over whether or not to go upstairs or just work with the footprint that we have.
With this new information meaning that we have no additional equity in our house, we don't feel that re-financing is the best idea and therefore doing the second story in the way we want to isn't going to happen right now.
So amongst our disappointment I did the only thing I know how and we started trying to come up with a new plan for making it work! The new plans are still coming together but from what we've come up with so far, they're actually pretty good (if I do say so myself!).
It will require more floor plan changes in the front of the house than we initially planned but we can do most of the work ourselves with (hopefully) minimal disruption. It will mean the addition of an ensuite at the front of the house and the moving of walls to create a new entrance and hallway!
Stay tuned as our plans continue to evolve...