Reply to Should we spend 500k on a renovation?

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[quote=Anonymous]OP, we're in the middle of a reno/addition that started at $300k and will probably cost us $450k all in. That's what we originally paid 15 yrs ago for our house w/good schools & quick commute. The differential between the original estimate and the final tally comes with (1) remedial work to the original house that wasn't anticipated; (2) deciding to add a big screened-in porch to the project; and (3) the costs of tile, cabinets, counters, lights, etc for the new space. We're just at the tail end of the main project and I'm glad we did it. There is nothing we could have bought in our general area with the same outlay of cash - anything else we could have found at that price would have needed a lot of cosmetic work at minimum. We only added 500sf plus a 300sf porch but to have all new windows, doors, bathrooms, etc is a life changer.

I realize that the numbers are tough to stomach, but I think most of the people who insist this is crazy haven't done the math. A teardown would have cost us at least 50% more and at least 6 more months. Now arguably the final product might have been worth more, but I don't know that the ROI would be worth it. My only caution is to be realistic about how much you'll spend beyond the contractor cost. I was caught off guard by all the little things you need as well as by the temptation to upgrade everything once you see how nice the new space looks.[/quote]

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