The Hits Keep on Coming....

[DuManchu]

So last year we had to do foundation work, $15,000 gone. We were fine with that, the house is fixed (except for the yet-to-be-done mudjacking) and we have peace of mind.

Well, I guess we're ready for round two whether we like it or not. We had some sewage backup in the drain in the basement and now we have to pretty much demolish and re-do our basement. Insurance won't cover it because we don't have the "Sewage and Drainage" endorsement (which just makes me ). That's particularly upsetting because had we known, we would have just added it to our policy. A burst pipe is covered, but not backup of the drainage system, stupid.

So now we're thinking about redoing the basement while we're at it, and I am finding the supposed national average is $50K or so. I find it very hard to believe that sheetrock, paint, some 2x4's, and carpet costs that much for a 20' x 30' space.

I guess I just wanted to rant a little bit, I am getting tired of this house FAST and we've only been here a little over a year. I'm mad that it seems every warranty or insurance policy I've had always has a minor loophole that I always manage to fall through, and I'm mad that I can't ever keep this money we keep saving.

Ah... the joys of home ownership...

BAH!

</rant>

 

[osagecruiser]

andrew,
you want to spend 50,000.00 for a 20 x30 basement remodel....holy mackeral i can be there by thursday this week...just have the check ready...i gaurantee you will have one fine basement remodel and be happy as a clam and as soon as i am done i am gonna head off to hawaii for a couple of weeks!...50g is crazy...but hey if thats what you want to spend you may as well spend it with a fellow tac member!...pm me if you need some help...ie design...cost estimates...maybe i can head you in the right direction and save you about 40,000.00...
osagecruiser

 

[trainrech]

I'd suggest you get the sewer line fixed and the basement inhabitable. Then just sit for awhile. Ask yourself a few questions like, how long are we really going to be here, how much cost of finishing the basement will we recoup, do we need a finished basement, etc.

Marc's right about cost - we finished our attic for less than $10k. Sheetrock was done by others. I handled everything else.

Oh, and welcome to the joys of home ownership. Sounds like yours is on the higher end of the maintenance spectrum. On a positive note, the more things you get fixed, the less you worry about going wrong because now you at least know they are right.

 

[DuManchu]

Marc,
I don't want to spend $50K, trust me, I think that estimate is ridiculous. Seems most people are installing gold fixtures and diamond encrusted outlets to be spending that much on a basement remodel. Might take you up on your remodel offer though

Chris,
I think we're just going to get it all cleaned up, get the drywall that got wet taken out and just go from there in small steps. I have a new roll of carpet out in our shed that I will probably just throw down on the floor so it looks at least halfway decent.

The thing that sucks it we can't ever seem to hold on to our emergency fund. We save and save, then BAM, something happens that we have to spend money on. It's getting really frustrating.

Hopefully after this basement fiasco we'll be done with major home repairs for a while.

 

[trainrech]

That's what the emergency fund is for though. What I'd suggest is looking at your budget and setting aside some amount each month into a home repairs/improvements/etc. slush fund. The expenses are there, whether they be for repairing a broken window or fixing a broken pipe. Right now, your emergency fund is being used for those. That's fine if you include home maintenance as an emergency item. I'm suggesting you don't consider it an emergency, more like an undefined expense (unless it is a catastrophic failure).

In the end though, it is better to use the emergency fund than it is the plastic!

 

[2fpower]

The usual rule for remodeling a basement is to figure on $25 -$ 30 per square foot on the remodel. Having said that, that is to take a totally raw product to a finished product. You have a ceiling, wiring plumbing done. I say get some beer and some friends and get it done over a few weekends.

Kelly

p.s. I am not volunteering to muck it out, but I can help with hanging the rock...

 

[DuManchu]

The usual rule for remodeling a basement is to figure on $25 -$ 30 per square foot on the remodel. Having said that, that is to take a totally raw product to a finished product. You have a ceiling, wiring plumbing done. I say get some beer and some friends and get it done over a few weekends.

I already called some friends and let them know I might be buying burgers, ribs, and beers in return for their blood, sweat, and tears.

Chris,
Oh yeah definitely better than heading back into debt, it just sucks that we haven't hit the point where we have funds set up. The emergency fund keeps being drained before we can even start other funds/investments. At least we're farther ahead than many other couples our age in that we don't have student loans, car payments, and credit card debt hanging over our heads.

The basement is probably just going to be slowly pieced back together over time. We can deal with an ugly basement.

 

[osagecruiser]

andrew,
be patient...life takes time.....you will get where you want to be financially...you are taking all the right steps....let me know if you need help...not interested in the beer but a few burgers and diet mountain dew go along way with me...i am told i am one hell of a sheetrock finisher...not as fast as i used to be....but still good....keep me posted

marc

 

[DuManchu]

Appreciate it Marc, I'll let ya know.

 

[DuManchu]

Well the damage tally is in, and we're not looking at anything terrible. I cut out all the damaged drywall in the utility room and am going to apply Kilz to the 2x4's (already cleaned and sprayed area with bleach). No damage to the drywall in the finished portion of the basement. Looks like it'll run us $1000 to do new carpet/pad and have it installed. So the world isn't coming to an end after all.

 

[osagecruiser]

good news!

osagecruiser

 

[MOfj40]

Don't know what you're proficient in, but if you need a hand with electrical/plumbing/hvac shoot me an email. I'm up the road in bonner (and I am interested in beer).

Sounds like you're not as bad off as it first appeared. Good Luck!