Reply to Would you spend $1m on a house remodel

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Can’t understand why you would buy a $4m house that needed work, was there nothing that was move-in ready no work needed?[/quote]

DP:

Location is often the reason.  We bought a 2nd home and had very specific requirements (water views, unimpeded by other homes, city water AND SEWER (75% of the homes are not on sewer for the place we wanted to buy), within 1-1.5 miles of the ferry and the "downtown area" so we could walk if desired. 
  When a 25 yo home that met all the other requirements came on sale, we purchased, knowing fully well that we would want to/need to renovate much of the home (the 8 year prior owner only did repairs when it was absolutely needed, which is not a good thing with a 20+ yo home).  So we knew we needed a new roof, new hot water heater, new boiler system as everything was the original.  Since we have 2 places to live, we went ahead and renovated everything as well, except the windows (which are still in good shape---will replace in 5-10 years when necessary).  But we had given up on finding the right home, so when this came up, it had everything we wanted, just not a 25 yo home that hadn't ever had any renovations.  So we purchased.

BTW, all of the "already renovated homes" in the area were not really to my liking, so I'd rather deal with renovations and get exactly what I want, not overpay for someone else's idea of how to fix a home.  Also, I already had a great trusted contractor so I knew the process would not be too painful

[b]But location, location, location.  And getting exactly what you want in a home you plan to live in for 15-20+ years.  Not someone else's half assed ideas of how to renovate
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This!

- OP[/quote]

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