Is it absurd to spend $100k on a remodel?

[Anonymous]

Anonymous wrote:We are doing the same thing. Spending 150K on a remodel for a house worth about 800K. Gutting kitchen, bathrooms and laundry, building a screened in porch, all new lighting, doors throughout the house. We plan on staying at least 15 years though and once we remodel, our house will be priced what other homes in the neighborhood are worth. We bought one of the few remaining unremodeled/tear down homes in the neighborhood about two years ago. We just didn't have 400K to tear down and build new.

Can I ask who you are using?

I want to gut kitchen, remove non load Bearing wall, new French doors off back to new ipe deck, redo two small bathrooms and replace a few windows. If there's budget, I'd love a mini backyard office studio and a little landscaping (but recognize that might be a dream)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are rich so do what you want.

280K is hardly rich , maybe upper middle class but more likely middle class.

Here we go again!

. It's not the income that should be the indicator but rather the investments. So its 600-700K that determines if the poster is wealthy, yes or no?

[Anonymous]

Anonymous wrote:

Anonymous wrote:You are rich so do what you want.

280K is hardly rich , maybe upper middle class but more likely middle class.

For their age they have a lot in investments and home equity. So they have a high net worth and are rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are rich so do what you want.

280K is hardly rich , maybe upper middle class but more likely middle class.

For their age they have a lot in investments and home equity. So they have a high net worth and are rich.

I guess they failed to mention the private plane, the butler and the ground keeper.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are rich so do what you want.

280K is hardly rich , maybe upper middle class but more likely middle class.

For their age they have a lot in investments and home equity. So they have a high net worth and are rich.

I guess they failed to mention the private plane, the butler and the ground keeper.

OP here, I love you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You are rich so do what you want.

280K is hardly rich , maybe upper middle class but more likely middle class.

She is certainly rich based on assets and equity in her house.

[Anonymous]

I am not saying there is anything wrong that the OP is well off, but with net worth where they are, a renovation is just a choice. They can afford it.

[Anonymous]

Why did you buy a 900K house that needed so much in renovations? This doesn't seem worth it if you're just staying around 5 years. You could have gotten something that was more move-in ready.

Bathroom renovations are one thing, but if the house needs a full kitchen reno too and other renos it sounds like it wasn't a great purchase in that price range.

[Anonymous]

Anonymous wrote:Why did you buy a 900K house that needed so much in renovations? This doesn't seem worth it if you're just staying around 5 years. You could have gotten something that was more move-in ready.

Bathroom renovations are one thing, but if the house needs a full kitchen reno too and other renos it sounds like it wasn't a great purchase in that price range.

What's available in a given price range depends a lot on location. I love my close in walkable neighborhood and certainly there are houses in the 800-950 range that could use some renovation, either to update or create a little more space.