Reply to How much $ have you put into your house

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[quote=Anonymous]Bought for 375 in 2016, probably worth 550-600k now, but neighbors with similarly sized old bungalows (with fewer bedrooms actually) but more updated homes have sold recently for 750K.

Since buying we’ve spent/committed to spend 95K, but will likely put in 300k to tackle the projects we know we want to do:
- tackled the punch list identified on our inspection (3k)
- Removed the oil heat and replaced boiler and water heater with a combi boiler (13.5k)
- installed a/c (24K - very high end system with separate systems on first and second floors - we need a very good system for medical reasons and I didn’t want to lose any closet space)
- patched roof after storm damage and a longstanding leak went unnoticed and rotted out a porch beam that was also replaced and also installed porch fans while we were at it (5K)
- replaced the roof (12K)
- various little electrical projects (2K)
- We just signed a contract to terrace our steep front slope with multiple levels of retaining walls and replace our steep and crumbling front stairs (35k)

We’re also going to start a renovation next spring that includes replacing our radiators which are improperly sized for our rooms, shifting walls on our second floor to take advantage of unfinished attic space on the second floor, adding more/bigger closets, adding windows, adding cathedral ceilings on our second floor, doing a rough in for a hall bath on the second floor, doing some work with the kitchen to be able to add a dishwasher. We expect to spend (80-100K), but the exact number is still a little up in the air. This last round of spending will be on a HELOC whereas everything else has been cash over time. We hope to pay it off within 5 years, and then we plan to do our kitchen, which will cost probably 80-100K (would include a bumpout). Down the road we’d also like to finish our basement, add a deck, and redo our backyard shed, but those don’t have numbers and aren’t included in my 300K estimate above.

We spent a lot of time hemming and hawing about whether to move or put more money into our house, and with interest rates being what they are, renovating makes more sense. Plus we love our house, our neighbors, and our specific location, and we can’t find something comparable that doesn’t need work for 700k, which is what we’d have invested in our house after all these projects are done. I remind myself that we saved 90K over the life our loan when we refinanced, and that helps a little.[/quote]

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