would you do 250k remodeling work on a 800k house?

[Anonymous]

We are about to do that. Seems crazy to me but we plan to stay here as long as we can. House is 33 yo and we have not done any remodeling work - other than routine maintenance work like new roof and stuff. Crazy? or sounds reasonable??

[Anonymous]

Is the work cosmetic or necessary?

Seems like personal preference. How much return on investment do you think you’ll get?

[Anonymous]

Depends, what's the alternative?

[Anonymous]

I did (an addition) and I love the result but there's a good argument for just moving instead.

[Anonymous]

Stressful as hell. Went through full home remodel. Gutted down to studs. 7 month process but house looks and feels amazing now - will live here for at least 10-15 yrs to enjoy it

[Anonymous]

There aren't enough details OP. You could be spending that money to build a monstrous gym with a heated outdoor area and a lap pool in your backyard. I think most people would say that is not the best use of your money. If you are adding square footage, building a second garage bay, renovating the kitchen....etc, then I think most people would say those upgrades are worthwhile and you should get some of that back when you sell your house.

[Anonymous]

If it's your life home, I'd do whatever to make it a good place within your means.

If you're looking to sell in the next few years, that changes the cost-benefit analysis. If you know you're going to be gone in the next couple of years, I'd just deal with cosmetics. It's the land that has the real value - not your choice in moldings.

[Anonymous]

We did more work on a house that at the time was less expensive. If you really love your house, go for it.

[Anonymous]

We did, on a 80-year old house we bought from the estate of the original owners. Well worth it for us.

[Anonymous]

Don't be the most expensive house on the block.

[Anonymous]

It depends of course, but unless it was badly built, just renovating a house that's only 33 years old seems wasteful. If you're adding something or changing it to better suit your family, I would understand, but I wouldn't rip out perfectly good kitchens or baths just to replace them with newer versions.

[Anonymous]

We did $200k on $500k purchase price so, sure.

[Anonymous]

The question is are you in 800k neighborhood or house ?
If 800k neighborhood moving makes more sense.
If it’s in a million+ neighborhood and your house is 800k you can put 250k into remodeling and you will be in line with the neighborhood.

[Anonymous]

We are about to put 500K into a house we bought for 800K. Would love to move instead but the neighborhood has skyrocketed around us. We can't afford $1.8-$2M+, so we'll work on making our small house a little less small and be here for the next 8 years until kids go to college.

[Anonymous]

We did a $300k reno on a $850k house. For us, getting a brand-new kitchen and adding more living space was very much worth it. So, no regrets.

However, if we were forced to move within a few years, it would certainly be viewed as a bad investment, since I wouldn't list for anything over $1.05M. Timelines matter.