Would you spend $1m on a house remodel

[Anonymous]

Anonymous wrote: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.

College accounts are funded, still have two kids at home though. Spouse was a fed and took the DRP, which was unplanned. I think he is done. I am not resentful, but I am now the sole breadwinner for the family, so our savings will grow slower than planned.

[Anonymous]

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

This is certainly a consideration.

[Anonymous]

You could just buy a brand new house for $2 mil

[Anonymous]

Anonymous wrote:

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.

My neighbor did this. Use universal design and add an elevator so it can be your forever home.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

College accounts are funded, still have two kids at home though. Spouse was a fed and took the DRP, which was unplanned. I think he is done. I am not resentful, but I am now the sole breadwinner for the family, so our savings will grow slower than planned.

Why didn’t you just buy a lot or a tear down and build a new house? I feel like you can build something relatively large that is high quality for 2-3M. What is the size of this house which decade was it built in?

[Anonymous]

Not in DMV,not in a high COL area: About 10 years ago, neighbor spent $1 million on a Kitchen renovation in a home worth less than $2 million. The point is that it is your money & your preferences that matter unless planning to sell soon.

[Anonymous]

Do you plan to die in that home? If not, then no. No one will value your personal redesign selections like would will. If yes (which i doubt because you will find its too big and too much upkeep when you’re mid-60s), then sure. Make it your dream house.

[Anonymous]

No. Just no.

[Anonymous]

I feel like there has to be a better approach.

Buy a $5m house?

Buy a newer different $4m house and renovate before moving in?

Find a lot and build new for $4m?

[Anonymous]

That seems like a lot but I’d have to see the breakdown. I just did a kitchen remodel in bethesda and spent 100Kand don’t feel like I skimped at all and probably could have saved more as I now think I spent extra on some things that weren’t worth it. Floor refinishing was definitely the worst so I’d really consider whether you need that. Kitchens are a lot more than bathroom and I’d also consider whether you really need all the bathrooms done or can get away with just cosmetic changes for the ones that aren’t used as much.

I’m actually curious about what new windows cost because we are thinking about doing that ourselves but I really feel like you could spend half as much as you are planning and basically the whole effect.

[Anonymous]

If you want to retire sooner then don't do it. Surely there is a more modest way to renovate.

And yet, this is the home you've chosen. So, I guess you have to?

But would I spend a million dollars on a home rennovation? Not in a million years. That said, my parents spend about 200K on a rennovation of a 400K (at the time) house, so it's not an unreasonable number, it's just not what I, personally, would spend.

[Anonymous]

Anonymous wrote:

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?

Yes

[Anonymous]

Anonymous wrote:That seems like a lot but I’d have to see the breakdown. I just did a kitchen remodel in bethesda and spent 100Kand don’t feel like I skimped at all and probably could have saved more as I now think I spent extra on some things that weren’t worth it. Floor refinishing was definitely the worst so I’d really consider whether you need that. Kitchens are a lot more than bathroom and I’d also consider whether you really need all the bathrooms done or can get away with just cosmetic changes for the ones that aren’t used as much.

I’m actually curious about what new windows cost because we are thinking about doing that ourselves but I really feel like you could spend half as much as you are planning and basically the whole effect.

Doubt you can do a kitchen for $100,000 in a $4m house. Fridge and range will be $50k minimum.

[Anonymous]

For $4m in this area you should be able to get pretty much everything one could want. I wouldn’t spend $1m for plus hassle. Nope

[Anonymous]

our numbers look very similar to yours and we did it and I regret it not just because of the money but because of all of the time and stress it incurred. I would’ve rather just bought a new house that was ready enough to go.