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]

Yes there is. I have a friend going through a nasty divorce with her husband and her parents are banking rolling gobs and gobs of money to fight him. Her parents also bought them the house they used to share together which cost 1M and then they did a massive addition that included a weight room and a multipurpose gym. [/quote]

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