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Home Improvement, Design, and Decorating
Reply to "Basement renovation - how much should this cost?"
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[quote=Anonymous]In the current environment, $250k doesn't sound insane, at all. But you should obviously have at least 3 quotes, perhaps more, for work of this scale. BUT... knowing only what you've posted here, I'm highly skeptical that putting $250k into your basement will be anything nearing a sensible ROI. Think about what you could sell your house for as it stands now, add $250k to that, and see what you could buy. Put differently, this renovation--while costly to do--probably adds something like (very roughly) $50k of value, if that, to your house. If you have the $250k you are willing to spend, buying a new house may be a much better use of money. Doing this work will get what you want, but it will be immediately losing a large chunk of value. [/quote]
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