We met with a banker last evening about a house loan for the renovation/addition we’re thinking about. I’ll cut to the chase: The bank will be happy to lend us an amount that is much past our ability to pay back. Even using conservative numbers, the payment on our loan would consume my monthly pay. That’s before paying for anything else like utilities, daycare, and groceries. So, the house renovation is officially on hold as of now.
In related news, my friend Marcia just sent along a piece from The New York Times about a couple with a new baby who live in a 265sf apartment. No, that’s not a typo.