Alright guys. I am getting married in a few short weeks. I have a newly 3 year old son and my SO has a 5 year old son who we have every other weekend. We are financially stable but we do have a bit of debt. However, our home is completely paid off. It's a cute home in a safe area. It has 2 bedrooms and 2 unfinished rooms upstairs (the stairs are behind a door so it's like it's a one story). Right now, we have one of the rooms and the two boys share the other room. We only have the 5 year old 4 overnights a month but we have a bunk bed in that room anyways. Now that we have stable jobs, make decent money (household income of 70k), and are chipping away at debt, we wanted to start TTC. I have a few reservations but I know we can work past them. I just don't want my excitement to blind me of making an irresponsible decision which is why I'm posting it on here. We also have 2 dogs.

We COULD wait until our debt is paid off but let's face it, that could be YEARSSS. And our home (our biggest debt) is paid off completely.

We COULD wait until the upstairs is finished but we know we can finish it by the time the baby is 1.

I guess my biggest reservation of all is only having one bedroom aside from the Master bedroom that will technically be 3 kids rooms. On the flip side, the stepson isn't at our home often. We thought of making our own bunk bed that's built in where the bottom bunk flips up and creates more space in the room when the 5 year old isn't there. So it's just 2 kids in the room. Space would be adequate. Then the 3 year old will sleep on the top bunk.

I'd love to refinance the home and make the renovations quickly but I love that it's paid off especially with me being young. So I'd really just love to pay out of pocket for the renovations.

What do you all think? Is having a baby when you only have one room, one FT child, and one PT child a bad decision? Given that we have the option to redo more rooms by the time the baby is one?

Yes, I know we can wait until the rooms are done first but we really would like to try now.

An option aside from the flip up bunk is something like this....