Reply to Should we spend 500k on a renovation?

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[quote=Anonymous][quote=Anonymous]These are always interesting threads to read.

I'm in Mclean in a house that would sell for $1.5mm now, and i'm considering a major renovation as well to enlarge bedrooms and living areas and improve our outdoor space. The challenge with moving is that there is nothing 'better' than my current $1.5mm house, in the same area/schools, for less than $2.5mm+. Short of spending substantially more to buy or moving to a new school, renovation seems like the best option and i have to imaging that is what is driving up contractor fees. If we had dozens of $1.8mm-$2mm houses on the market moving might work. Probably similar situation in Bethesda. [/quote]

I agree - these responses are very different than what you would hear in my neighborhood AU Park.  500k is a lot for a renovation but certainly isn't unheard of.  It's not that easy to "just move" because inventory is always very low.  Doing a new build can take a lot more time than even a gut renovation.

I think I saw OP said they are in Bethesda, so I am guessing 500k isn't that crazy and also inventory might be an issue.

OP, I would say if you like the location of your house, go for it.  Your kids have time before college and you could very likely sell and recoup any costs.  Focus on getting a contractor with a good reputation.  This might seem to cost more up front, but really can save you a lot in the end.[/quote]

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