Reply to I don’t understand how my neighbors are paying for their renovation

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[quote=Anonymous][quote=Anonymous]Yeah, yeah, I should mind my own business – but I still don’t get it.  They are in their mid-30s with three young kids. I obviously don’t know their exact salaries, but based on their jobs, I’d bet one earns about $90,000 and the other about $70,000.

Pre-renovation, the house was probably worth $900,000. And they’re now doing so much work that it’s almost like a new build (adding square footage, completely gutting the inside, adding a deck, etc.).  I don’t see how they’re spending any less than $500,000 on the renovation, and it’s probably more.

I don’t get how a family with three young kids making $160,000 a year can afford this. I guess the answer is family money, but is there really this much of it going around?  This is not even in Bethesda or some place like that.  I should add that it is the childhood home for one of them, so maybe they were gifted it by their parents – but still, are parents giving an extra $500,000+ cash on top of a paid-off $900,000 house (plus rent for a second place while the remodel is happening)??[/quote]

You’re correct it’s none of your business. On that note, you need to open your eyes on the various ways people make money other than their “primary jobs”. It’s called multiple income streams. It’s not necessarily family money. Perhaps they invested in a stock or stocks that went ballistic. I know a few people that made a killing buying Tesla stock a few years ago and then sold and took profits before the decline. Or perhaps they make money online with blogs, influencing, you tube videos, e-commerce, etc. If you limit your income to just your primary job then that’s on you. All that aside, it sounds like they didn’t pay for the house as it was gifted to one of them, so taking a $500K loan for a renovation doesn’t sound unreasonable regardless if they have multiple income streams or family money.[/quote]

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