Reply to Would you spend $1m on a house remodel

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[quote=Anonymous][quote=Anonymous]We moved, and our house needs a lot of work. It's worth around $4m. The $1m that a full remodel would cost represents about 13% of our total invested assets, but it's about 1/3 of what we have outside the retirement assets. We are in our 50s. Spouse does not work. 
On the one hand, you only live once and the sooner we remodel, the sooner we can enjoy the remodeled house. On the other hand, I can probably retire a few years earlier if we dial back on the renovation.

Thoughts?[/quote]

Is this your forever home? Do you care about ROI? If it’s no to the former and/or yes to the latter then you will do yourself a disservice by not speaking to a realtor about the ROI from these improvements and looking at current $5-6M comps in the area to ensure that you won’t end up losing money if you sell down the road.

The only other question is whether you want to retire early and whether this expenditure could backfire if you ended up needing to retire before you planned.

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