Despite my possession date being moved back to April, the whole design process is moving along. Today I had my appointment at the design centre where I had to pick out things like flooring, tiling, finishes, cabinetry, etc. Sound mildly simple enough, right? However…really, it was quite tough. There’s so much choice, and it was difficult to really decide on how I wanted things to look. I mean, what I choose is what I’ll be stuck with (barring any weird renos). The consultant and I agreed to just formulate a list of everything that I wanted, just as a catch-all list. In the end, I chose an upgrade here, an upgrade there, etc etc. By the end, I was shocked to see the cost of all upgrades ramped up to $18K! Holy crap. Granted, at that price it’ll all look quite swank, but wow, I don’t know if I can justify spending that much. On top of that, I also have to worry about upgrading my appliances, buying furniture, etc etc. The costs are mounting!
I know I can tack it all onto the purchase price and have it taken care of via the mortgage. However…do I want to? Putting it on the mortgage will ultimately raise the price by a good chunk in the long run. It really might be the only way to afford what I want though. I might have to cut back on some of those upgrades though just as a matter of making it more reasonable. None of it is finalized yet. I have a lot of time to think it through. I better work things out soon though or else it’ll eat away at my mind.
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2 comments
kyleen says:
Sat. March 8, 2008 at 7:27 pm (UTC -5 )
I say do the upgrades because it’ll help your resell value later. By rolling them into your mortgage you can afford them easier “now” than you would in five years or so when you may want them.
Jay says:
Sat. March 8, 2008 at 9:53 pm (UTC -5 )
You’re bang on correct about that one. Certainly better to get it now than to regret not getting it later when i may want it.
At work one of my colleagues who is also searching for a place of his own was sort of balking at the idea of paying so much for upgrades and thought it was better to shop for better prices on his own. I can see the merit of what he’s thinking, but at the same time this is sort of the only chance to put it with the mortgage and not have to worry about paying off heavy reno costs all at once. I would pay more in the long run…but I’m thinking that the payoff will be higher once I get around to selling.
So much to consider. It’s a lot to juggle.