Reply to Should we spend 500k on a renovation?

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[quote=Anonymous][quote=Anonymous]That's a really high price. We are about to begin a 500K renovation. We will double the size of our house above ground. We will go from 3 to 5 bathrooms (4 brand new/redone).  We will have a new kitchen. Go from 2-4 bedrooms upstairs. This seems very high for what you are doing. We are close in, inside the beltway too.

There is extremely low inventory in our neighborhood, we love our neighbors, and want to stay in our location.  We've bid on multiple nearby houses and were outbid every time. We just got our appraisal back and judging by it, will come out well over $100K ahead based on today's prices after spending the $500K. So we are moving forward.

However, we are in a much better financial situation than you with our net worth, college savings, and HHI.[/quote]

As someone who was in the same situation ( we did a $600k renovation/expansion), I would say be prepared to pay more than $500k in the end. And expect your property tax to be increased  once you finish. [/quote]

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