Is it absurd to spend $100k on a remodel?
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Anonymous
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House: $900k
Mortgage: $350k (rest equity) No other debts Income: $200k to $280k a year Age: mid 30s Kids: 2 under 4, 529 plans at 50k each Other assets: $600 to 700k in 401k/stocks/etc I want to go ahead and blow $100 to $150k on a proper remodel, knowing wed get back 60% + in resale and that well likely be living here for 5+ years. DH says its stupid. |
Anonymous
| The amount of money isn't stupid, the return of 60% is. |
Anonymous
| If you only plan to live in the house for 5 years then I wouldn't spend that much. If you plan to be there 20 years then I'd do it. I think you should discuss how long you will be in the house more before making the decision. |
Anonymous
| I think you should. You have plenty of money and you might as well enjoy your home as you like it. You may move in 5 years, but you may not. Just remember that big remodels are time consuming and can be more difficult with young children. The results are so worth it! |
Anonymous
| Border line , I would rather tear down and build new once the price exceeds 200k |
Anonymous
| I don't think it is ridiculous if you plan on staying long term. If only for 5 years, I wouldn't do it. |
Anonymous
| You are rich so do what you want. |
Anonymous
280K is hardly rich , maybe upper middle class but more likely middle class. |
Anonymous
Here we go again! |
Anonymous
| 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. |
Anonymous
| I think it's fine. |
Anonymous
+1 |
Anonymous
| We just spent $300 on our remodel. We bought for location. I have my forever home designed how I want it and it works for my family. The house was $750. I will admit that our remodel had high end finishes. |
Anonymous
except a tear-down costs twice what a large renov./addition costs, we just went through this and priced it both ways (are doing a much larger than 200k renov/addition). depends if the house you're starting with has good bones & is worth using as a base, among other things. |
Anonymous
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^^^^
p.s. we are renovating ~40% of 2,100 sf and adding ~1,900 sf. |