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[quote=Anonymous]Not in DMV.

Current house is fully paid for, 3000 sq ft of living space, with an additional 1500 sq ft walk up attic, 1500 sq ft basement partially finished but needs egress windows. On a half acre inside a major city, neighborhood is not great, but gentrifying. There’s a new $20M community center/rec/pool going in 10 minute walk. We can afford private school, so not a concern. Family support from grand parents is directly across the street. Other set of grand parents is 15 minutes away. 6 bedrooms, and 2.5 bathrooms. 10ft ceilings. Roof is new, 2021, and has 25 year warranty. New triple pane windows throughout, lifetime warranty. Full electric service upgrade in 2022, new panel, new AC run. Half of house was fully rewired.

House still needs full reconstruction of two story stone porch, refinishing or replacement of all hardwood floors. Replacement of a couple external doors. All of the bathrooms need to be gutted and updated due to cracked tile and water damage. The kitchen is TINY and we need to knock down a wall or two to make functional. Rooms are boxy and tiny closets. No separate master bath. House has no insulation, walls are plaster. Needs all new HVAC including ducting. House is 100 years old, so a big old grand dame, that has a ton of delayed maintenance and has seen better days. Old collapsed 3 car garage and 2 carport that needs to be torn down and rebuilt. Whole property needs to be fenced. Best guess, all in? $200k.

The other option is to move and buy something else…but giving up the family support and taking on a mortgage seem…daunting. If we buy elsewhere, we won’t stay in current city, because we couldn’t afford to buy comprable here, and would move about 45 minutes away from family support. DD is 4, and would have before and after school care costs. We would likely go private school. Would cut down work commute time for one, increasing commute time for other.

Right now, we’re about 3 years out from being debt free…and that is so tempting. But quality of living through a never ending renovation isn’t great. We’d do a new build, and take on about $800k. [/quote]

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