Would you spend $1m on a house remodel

[Anonymous]

We moved, and our house needs a lot of work. It's worth around $4m. The $1m that a full remodel would cost represents about 13% of our total invested assets, but it's about 1/3 of what we have outside the retirement assets. We are in our 50s. Spouse does not work.
On the one hand, you only live once and the sooner we remodel, the sooner we can enjoy the remodeled house. On the other hand, I can probably retire a few years earlier if we dial back on the renovation.

Thoughts?

[Anonymous]

It sounds like you chose this house assuming a remodel. SAHP probably expects a nicer house.

[Anonymous]

How do people like this have so much money? You just bought the house and dont have a plan?

[Anonymous]

Why did you buy a $4 mil house?

[Anonymous]

Anonymous wrote:Why did you buy a $4 mil house?

Typical price for most upper middle class areas

[Anonymous]

Anonymous wrote:How do people like this have so much money? You just bought the house and dont have a plan?

Hahaha my first thought as well. Come on OP!

[Anonymous]

Anonymous wrote:We moved, and our house needs a lot of work. It's worth around $4m. The $1m that a full remodel would cost represents about 13% of our total invested assets, but it's about 1/3 of what we have outside the retirement assets. We are in our 50s. Spouse does not work.
On the one hand, you only live once and the sooner we remodel, the sooner we can enjoy the remodeled house. On the other hand, I can probably retire a few years earlier if we dial back on the renovation.

Thoughts?

Absolutely not

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why did you buy a $4 mil house?

Typical price for most upper middle class areas

BS upper middle class is not $4 million

[Anonymous]

If college funds are squared away, then yes, you can afford this renovation.
Did you have other expensive purchases or lifestyle upgrades in mind?
Do you anticipate your dependents needing more than the usual support as they grow up?

You shouldn't have inserted that your spouse doesn't work. If you guys are past middle-age, it's highly unlikely that he or she would get hired in the first place. It sounds as though you're resentful.

So if this is important to you, sure, go ahead.

[Anonymous]

If you can’t enjoy a $4M house upon moving in, you made a poor choice. And if you have to crowdsource the decision to renovate from a bunch of randos, then no, you shouldn’t spend that much money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why did you buy a $4 mil house?

Typical price for most upper middle class areas

So does this mean I’m impoverished living in my 600k TH on a 300k HHI?

[Anonymous]

Maybe. What exactly does it entail?

[Anonymous]

Lady I wouldn't spend $1 million on a house.

[Anonymous]

I wouldn’t want to deal with or life through that much renovation, sounds like way too much stress and hassle.

[Anonymous]

Anonymous wrote:Maybe. What exactly does it entail?

Full house remodel: Flooring, kitchen, bathroom, windows, plus some reconfigurations to make it work better for us.