Would you spend $1m on a house remodel

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sure as long as your intended house budget was $5m

Oh yeah, $5m and a year in a rental. The main reasons renovations are stressful is people don’t budget enough time or money and especially that they try to live there before it’s done.

Exactly. And it's a HUGE strain in your marriage, or at least it almost broke ours.

[Anonymous]

No

[Anonymous]

Anonymous wrote:If the water is running and the floors are holding, you don't NEED a remodel, you just want something newer and different Whether the benefits are with the cost only you can decide.

If they can afford a $4M home, they likely have a lot in life that "they don't need". But if you have the money and want to spend on that, why not? If the house is only 5 years old, they you likely won't reap the rewards if you had to sell. If the house is 15-20+, then fully renovating can get you 75%+ back if you sell in the next 3-5 years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Sure as long as your intended house budget was $5m

Oh yeah, $5m and a year in a rental. The main reasons renovations are stressful is people don’t budget enough time or money and especially that they try to live there before it’s done.

Exactly. And it's a HUGE strain in your marriage, or at least it almost broke ours.

+1

Cannot imagine living in house during major renovations. First kitchen we redid, we scheduled it during spring break. They did tear out 2-3 days while we were there, then we left on vacation for 10 days. Returned to 90% done---appliances in, counters went in the next day and backsplash the following day. So we had minimal disruption.

The other total renovations I've done have been done while we live in another home (buy and do the renovation before you move in). Cannot imagine living with more than a kitchen or single bathroom renovation. Otherwise you gotta move out. and assume it will always take much longer and cost more

[Anonymous]

OP - what region do you live in? I'm guessing not the DC area.

[Anonymous]

Sounds like you bought the wrong house.

[Anonymous]

My thoughts are that if you can afford $4mn to buy a house and $1mn for a remodel, that you can contact a professional about this to see what they think and what their options are. Why are being a cheap-o and asking on DCUM?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sure as long as your intended house budget was $5m

Oh yeah, $5m and a year in a rental. The main reasons renovations are stressful is people don’t budget enough time or money and especially that they try to live there before it’s done.

Plus all new furniture, rugs, window treatments, etc., because what you have now is going to look like crap in your brand new million dollar renovation. Then your whole family will need new wardrobes, because you’ll all be looking shabby, too.

[Anonymous]

If I liked the site/location/bones and had the money, sure.

[Anonymous]

where is the house located op?

[Anonymous]

Anonymous wrote:My thoughts are that if you can afford $4mn to buy a house and $1mn for a remodel, that you can contact a professional about this to see what they think and what their options are. Why are being a cheap-o and asking on DCUM?

But all professionals have an agenda. (Your realtor will tell you to move, your contractor will tell you to renovate, and your financial planner will tell you to do just stay put.)

I enjoyed reading the replies. Thank you, DUMs!

[Anonymous]

Anonymous wrote:

Anonymous wrote:My thoughts are that if you can afford $4mn to buy a house and $1mn for a remodel, that you can contact a professional about this to see what they think and what their options are. Why are being a cheap-o and asking on DCUM?

But all professionals have an agenda. (Your realtor will tell you to move, your contractor will tell you to renovate, and your financial planner will tell you to do just stay put.)

I enjoyed reading the replies. Thank you, DUMs!

Then you need new people (realtor, contractor, and financial planner)

[Anonymous]

Anonymous wrote:Sounds like you bought the wrong house.

+1. Why would you move into a house that "needs a lot of work" and then not want to do the work? This happened to me (at a MUCH lower price point) and I'm still bitter about it. We bought a nice but older home well under budget. Young naive me thought it was OBVIOUS the house would need updates over time (livable but just very 90's/early 2000's dated.) Spouse apparently thought he found a great sale and could just pocket the change. Talk about a breakdown of marital communication!! I am still in this house 12 years later and we have only updated paint, light fixtures and faucets. Bathrooms and kitchen are still the same as when we moved in. We can EASILY afford the remodel in cash but spouse just wants nothing to do with it. When youngest graduates in 3 years I plan to start shopping for a house that is basically already "done." I'd prefer to just remodel where we are, but that's not who I am married to. Sigh.

What does your spouse think/expect OP? What was discussed when purchasing the home?

[Anonymous]

Anonymous wrote:

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.

That will cost you more than $1m if you're going high-end. I wouldn't take it on. I'd move first.

How is it possible that this would cost more than a million??? It doesn’t sound like that much work. A million is for all of that plus adding a two story addition or something along those lines, or adding a freestanding pool house or office in the yard!

[Anonymous]

If it’s a 4M house, isn’t it likely big enough that you can avoid the renovation issues? The only thing I found really irritating with ours was the floor refinishing -/ it’s worth moving out for that. And periodically the water needing to be shut off. But they must have many bathrooms so giving up one to the remov is not a big deals. If they can do floors and windows while you are on vacation. I think you’d be fine.
I set up a mini kitchen in a different room with toaster ove, microwave: electric frying pan, Coffee maker, blender. Plus we have a nice grill outside. With that and our basement fridge we could handle most of our food and just ate out for the rest. I didn’t think it was a big deal. The decisional fatigue was way worse.