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Reply to "Should we spend 500k on a renovation?"
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[quote=Anonymous]We spent that much on a reno 10 years ago. In retrospect we probably should have moved. While we will make our money back, the market for renovated Colonials in our neighborhood is lower than the market for tear downs/new builds. So the prices of Colonials has stagnated some. It was worth it from a QOL perspective, and the reno has held up 10-11 years later, but for market reasons it wasn’t the best financial decision. Our financial situation was stronger than yours at the time (higher income, higher savings, very high home equity we could tap into) so it was lower risk. In your situation I think $500k is a lot unless you have very high equity in your house. [/quote]
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