Should we spend 500k on a renovation?
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Anonymous
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Question in title. Details- two working parents, HHI of 330, (DW 220, DH 120). Family saving of $800k, retirement saving of $900k. College saving of 60k over 3 kids with 10 years till college for the oldest. Supposedly we will inherit money but who knows.
Kitchen is on its last leg, we would gain square footage in the kitchen, living room, and upstairs bedroom. Should we do minor renovations now and wait till college is funded in 6-7 years, or heloc and renovate now? |
Anonymous
| No. |
Anonymous
| Your timing is terrible. Everyone & their brother is renovating right now. There are huge delays on construction materials. Contractor prices are sky high. Wait until the next recession, then do your reno. |
Anonymous
| At that cost... sell and buy a newer house |
Anonymous
+1 |
Anonymous
| A 100k reno is one thing, but 500k? Agree with everyone else, just buy a new house at that point. |
Anonymous
| How much is your house worth that sinking $500k into it makes sense? |
Anonymous
| Lol no |
Anonymous
| Get a new kitchen but half a mil on a reno seems excessive, not to mention the scope and impact on QoL for you and your kids. (All under 10???) |
Anonymous
| How much has your house appreciated? And do you plan on moving anytime? Guessing no or you wouldn’t be contemplating such a huge renovation. I wouldn’t want to live through a renovation like that. Would you nice out? Just get a new house. |
Anonymous
| At that price, tear down... |
Anonymous
| Guess your three kids are not the priority. |
Anonymous
| No. |
Anonymous
| No. Your college savings are a joke. $500k is an insane amount to spend on a renovation. You won’t find a good contractor now in any case. |
Anonymous
| 500k is absurd for a renovation. Sell and move. |