Jared and I are in the praying stage of making a huge decision.
1)We have gone through the pre-approval process of refinancing our home and we were approved for a fantastic rate (5%). We have been talking for quite some time about adding onto our upstairs. The kids have tiny closets, no bathroom, and our furnace is in the attic. After talking to a contractor we've decided the best place to build up is over our living room/office area. It would add about 300 square feet that would include a 5th bedroom, a full bathroom, & utility closet. If we wait we could lose the low rate.
2)Jared drives a 94 Honda Accord that is nearing 250,000 miles. It is continuing to deteriorate at what seems to be a quicker pace with each new day. He's desperate for a truck and I'm assuming the bank wouldn't be too keen on refinancing the house and giving us a car loan. The other issue is our van. It's a great dependable vehicle but it's tiny. Our little boys just fit and they're growing by leaps and bounds. Jared and I have talked about purchasing a larger vehicle for the family and then selling our van ourselves. Once the van is sold we would purchase him a vehicle.
We were supposed to start the paperwork for the house last week and the week before but due to a funeral and my broken foot the appointments were postponed. Now we're questioning which route we should go. The addition to the upstairs is an affordable and needed venture for our future. Right now we're doing just fine but we know as the kids grow having a bathroom and another bedroom would be ideal. If we don't do it now we will do it in 1-5 years.
The house is functional as is but our vehicle situation is volatile. It's a hard decision because of the economy. Investing in our house is just that, an investment. Purchasing vehicles is buying a depreciating asset.
We've decided for the time being to just be in prayer. The Lord knows our future and He knows our needs. Our goal is to be in His will in all that we do.