Reply to How to convince spouse home renovations make financial sense

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We don’t know your college tuition situation. That’s the big one.

Renovations that you pay a contractor to do are not going to be a good investment, ever. They may be justified, for sure. It sounds like they are. But you are wrong if you think they’ll be a good financial investment.

Pay for them in cash as you go. Don’t borrow more money with all this tuition on the horizon.

Alternatively, since your youngest is almost out of the nest, just sell this place and move somewhere that’s turnkey in a couple years. Let a flipper, or someone who will will really need your old neighborhood and schools, take the financial hit changing the 1980s kitchen.[/quote]

We have 7 years before the youngest goes to college, so we can’t move. We love the neighborhood. New construction in our area is well north of $1M. All the resales aren’t turnkey. They are other people’s renovations from a decade or so ago precisely because people renovate so they can enjoy it.

We will get good money for our home when we sell down the road because we have the largest model with bells and whistles that other homes don’t have. Plus our lot and Street are highly desirable.

[b]Sigh. I guess I’ll continue to live in squalor.[/b] [/quote]

Sounding a bit dramatic OP. 
Regardless, I am guessing that with your husband is focused on the fact that you are already dealing with a college tuition and have TWO more to go. It does not sound like you have those tuitions fully funded or do you? If not, your husband is being way more financially responsible and I give him credit for putting your kids first. Giving your kids the incredible gift of no or little college debt vs. an updated house is a no brainer - invest in your kids.[/quote]

At some point we both have pensions and investments that will support us quite nicely in retirement. If we borrow now and downsize later, I think the math works in favor of renovations now.

Someday we will land in a 2 bedroom condo or a simple 3 bedroom SFH in a much lower cost area.

Plus, there’s a modest inheritance on the horizon in the next 5-10 years (that would likely cover college tuition for all kids).

A “modest” inheritance equal to college tuition for three kids? Please don’t count on this, OP.

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