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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, but OP doesn't seem worried about appreciation or future sales. They seem worried about having a mortgage, so the immediate question is how much monthly payment can you afford, and is that going to be more or less than the costs of a renovation. [/quote]

Because we don’t carry a mortgage, if we dropped down to one income, or someone wanted to work on a low paid passion project for a while, that’s possible, someone always an option to SAH.

We can “afford” $5000 a month, factoring in private school, expanded childcare costs,  savings and maintaining current quality of life….but that does require either a dual income or one person to go back into a lucrative but intense field. [/quote]

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