Reply to Should we spend 500K on a renovation?

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[quote=Anonymous][quote=Anonymous]We did a $450k renovation 5 years ago with one kid in HS and one in MS. TLDR: timing is fine, but your budget is probably insufficient for what you want (and will inevitably spend.)

We're very very very glad we did it, although if we were as comfortable as the OP I might have gone for the full tear down. We plan to stay here for the long run and I'm glad we have more space but also maintained enough financial flexibility to pay full freight for college. As we approach retirement, we're also thinking about options for travel/second residence, which would have been much harder had we built an entire brand-new home. I'm also glad that I didn't have to deal with a massive reno (including 7 months move-out) with small children.

We added on and renovated much of the existing house for what we spent; I'm VERY skeptical that the OP is going to get an entire floor and "general upgrades" to the existing house for $500k today. And as some PPs have noted there's tons of expenses outside of the construction fees themselves - all the fixtures and fittings, new furniture, landscaping. [/quote]

This and any foundation or roof work will be costly. And adding another floor will require both. [/quote]

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