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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I would choose a nicely renovated 100 year old house with 10 foot ceilings near family over some generic new construction (assuming you’re not planning a custom-build?) in a totally new city far from family.

Being near family alone is invaluable. But also the house/location you describe sounds so much nicer than most of the new construction in this country. It will be way more than 200k though. We spent nearly 300k for a small addition, 3 new baths, kitchen, and siding alone. That was 2 years ago. Prices only going up since then.

But if your mortgage is almost paid off and you can afford it, do it. [/quote]

Need to keep in mind risk of overimproving for the market. There are neighborhoods in Philadelphia with lovely houses needing major upgrades but spending 300k in renovations will not get you an extra 300k in appreciation. [/quote]

Yeah, this is a good point. I’m thinking of a neighborhood like overbrook with a surplus of huge houses, poor schools, and low/no appreciation. So the question is, would you want to sink that much $ and hassle into a house purely for your own enjoyment. For how long will the grandparents live across the street?  In ten years, if they are no longer there, would you want to stay?
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Discussed over improvement, but tbh, not really concerned with that. 10 years of living in a home we love, with family close would be a net win, even $500k all in. House is likely going to be passed down to the kid. We don’t need to sell for a down payment. [/quote]

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