Full gut renovation or buy new
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Anonymous
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Not in DMV.
Current house is fully paid for, 3000 sq ft of living space, with an additional 1500 sq ft walk up attic, 1500 sq ft basement partially finished but needs egress windows. On a half acre inside a major city, neighborhood is not great, but gentrifying. There’s a new $20M community center/rec/pool going in 10 minute walk. We can afford private school, so not a concern. Family support from grand parents is directly across the street. Other set of grand parents is 15 minutes away. 6 bedrooms, and 2.5 bathrooms. 10ft ceilings. Roof is new, 2021, and has 25 year warranty. New triple pane windows throughout, lifetime warranty. Full electric service upgrade in 2022, new panel, new AC run. Half of house was fully rewired. House still needs full reconstruction of two story stone porch, refinishing or replacement of all hardwood floors. Replacement of a couple external doors. All of the bathrooms need to be gutted and updated due to cracked tile and water damage. The kitchen is TINY and we need to knock down a wall or two to make functional. Rooms are boxy and tiny closets. No separate master bath. House has no insulation, walls are plaster. Needs all new HVAC including ducting. House is 100 years old, so a big old grand dame, that has a ton of delayed maintenance and has seen better days. Old collapsed 3 car garage and 2 carport that needs to be torn down and rebuilt. Whole property needs to be fenced. Best guess, all in? $200k. The other option is to move and buy something else…but giving up the family support and taking on a mortgage seem…daunting. If we buy elsewhere, we won’t stay in current city, because we couldn’t afford to buy comprable here, and would move about 45 minutes away from family support. DD is 4, and would have before and after school care costs. We would likely go private school. Would cut down work commute time for one, increasing commute time for other. Right now, we’re about 3 years out from being debt free…and that is so tempting. But quality of living through a never ending renovation isn’t great. We’d do a new build, and take on about $800k. |
Anonymous
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I wouldn't give up the support - I'd do the reno (and did, 15 years ago, and still have no regrets).
I don't know where you are, but in DC, your all in reno would be significantly more than $200,000. Start with an architect, and have them bid out the plans. Then you'll know where you stand, and if you can do it all at once, or piecemeal. |
Anonymous
| Location is most important. |
Anonymous
| Why can't you move out for a year, gut it and have it renovated, then move back in? That sounds cheaper than the new build. |
Anonymous
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Stay - family support is worth tens of thousands of dollars per year.
Also, how do you have no mortgage but still have three years before you're debt-free. Mortgage is the last debt you should pay off. |
Anonymous
That’s great advice, thank you. I had not considered an architect. We’ve gotten quotes on separate projects, $200k is the higher end all end. We’re planning 30% contingency, so $300k total budget, this would be our forever home. |
Anonymous
Never had a mortgage. Bought in cash after a modestly successful exit from a startup. Have ended up with a magical blend of timing and luck. |
Anonymous
| Stay |
Anonymous
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Sounds like Philly. We put $200k+ into a house in Philly and while it sounds like a lot, we still have next to no closet space, some failing plaster, a small amount of knob and tube, a bathroom that still needs updating, and omg the amount we pay in property insurance for these 100 yo stone houses. Literally several times what people pay elsewhere, although it sounds like you’re south Philly and maybe not in the stone houses in the northwest part of the city. But I guess there’s something to the old houses and there’s no substitute for family if they’re nearby. I’m not from here but kind of like the gritty nature of this place. And it’s wild to have so much space inside a big city.
I honestly don’t know what I would do in your case but if you’re budgeting $200k, plan to spend $350k. And that amount sounds like way more than $200k to me as an estimate. |
Anonymous
| $200k is not a lot. I am doing a gut reno of a primary bath right now, and it's about $75k. No walls are being moved. I don't think you will be able to redo your first floor and redo all of the bathrooms for under double that. It will be more expensive, but your location is good. I'd probably do the reno because of the grandparents. |
Anonymous
Wow! $75k for a bath?! Hope it’s huge and well-outfitted. We replaced a bathroom’s tile floor, toilet, fixtures, and converted a bath to a shower for $10k. We’re in a close-in VA suburb. |
Anonymous
| OP, if your house is worth $1.5 million, the cost to sell and move would easily exceed $100k. That’s half your renovation budget. Stay. |
Anonymous
We just got a quote of $70k for windows and it didn't include replacing all of them! |
Anonymous
| I have an old large house, and the thing is, the $200k is just a start, assuming it even covers the projects you describe. You will have ongoing, very expensive maintenance—that is the nature of these big 100 year old houses. They are only getting older. If you don’t enjoy it as a labor of love, it’s not worth it. |
Anonymous
| Stay |