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.

In McLean, Built new in 2018 for 1.6m, now worth 3m

Bought earlier this year for $3.3m. Put $600k into the reno.

Anonymous wrote:

Anonymous wrote:About $150k, we bought for $412k 17 years ago. Row house in DC. It’s probably worth right around a million now.

Wow! What did you spend the money on that increased the value so much? Or is it just the location?

Read it again. DC row house. 17 years. They probably need not have spent anything for that amount of appreciation.

we bought it 2012 for 500K- we have probably put in 200K (new driveway, new fence, new roof, new AC, 2 new bathrooms, new floors, new kitchen plus some smaller things).

it is work 1.1million now.

Oops, forgot to say the house is in western Fairfax county and is probably worth about $800k now

We bought for $450kish in 2011 - it was an house built in the late 1960s. Immediately sunk about $30k in as the whole first level needed to be renovated (IKEA kitchen, new flooring, half bath). The following year, we spent about $15k on a new roof, gutters, attic stuff. I think we had a few more $5k and under expenses (a fence section, water heater, tree trimming/removal, front door replacement). Then, during the pandemic, we decided to roll the helocs and new renos we wanted (cash out) into a new mortgage payment at low rates. So, we did about $55k for all new windows, new carpeting upstairs, a new primary bath and walk in closet, a new hall bath and a new front walkway.

So, we’ve spent over $100k over 12 years. My husband is making noise about doing the floors downstairs again and switching out the cabinet colors in the kitchen. Of course, we are about to put a kid through college, too. Sigh.

Anonymous wrote:OP, all houses are money pits. Just be sure to put aside a big chunk every year for when something goes to pot and needs fixing.

In the last 7 years we have had to get new furniture (old stuff gave up the ghost), a new roof, new HVAC, did major tree maintenance (thousands of $$), landscaping, and built a garage and new (small) addition for $200k, repaved the driveway, renovated a gross old bathroom, got new flooring, painted the whole house, added a deck....

But the list goes on and will never stop. Our kitchen needs updating now.

Oh, and we bought for $580 15 years ago, house is now worth about $900.

OP, all houses are money pits. Just be sure to put aside a big chunk every year for when something goes to pot and needs fixing.

In the last 7 years we have had to get new furniture (old stuff gave up the ghost), a new roof, new HVAC, did major tree maintenance (thousands of $$), landscaping, and built a garage and new (small) addition for $200k, repaved the driveway, renovated a gross old bathroom, got new flooring, painted the whole house, added a deck....

But the list goes on and will never stop. Our kitchen needs updating now.