Reality Check, please.

[Rukh O'Rorke]

ok, I'm going to come clean with you all about where I am at and where I am going. I've been a little bit cagey about some of this because it was hard for me to adjust to these changes.

Income
My salary at my day job is 165k. My gross for RI in 2021 was 36k, and I paid an analyst 10k to do at about half the work because I don't have the time for it. So - looking at gross income of 191k. Taxes are a lot, though! And I am single now, no longer HOH. Oh - usually get 2k bonus at day job. So 193k

The money seems like a lot to me. It isn't super rich, I know, but it's a lot and I've kind of hedged about it here because I couldn't emotionally deal with it. But maybe it isn't that much, especially with inflation and getting a 2% COL (!) it is really not what it used to be. Maybe I am just old and not seeing that this isn't that rich?

Expenses
I am maxing all tax advantaged accounts I can. Aiming for 60k in total savings for the year and pretty much on track to do so. My take home pay is 3250 every other week. About 1k of that is auto to investment account. But the money is not piling up, and sometimes I have to take back from those brokerages to pay off bills. for example, had vet bills of about 2k the past 6-8 weeks, so need to take back those savings. I spend a lot on organic food, and gardening, but almost nothing on clothes/hair/makeup. RI income goes to funding any monthly shortfall or into investment accounts. Most of these are in cash as I am planning on spending soon. I feel like money should be piling up, but it just isn't so I spending at least 6k month just living a very nondescript life. Seems odd. oh - I also have 150/paycheck extra to fed taxes to cover RI income. So day job checks are lower than they would be, and RI income is sporadic, but more than it should be.

Income Security
I only have 2 RI clients, I'd take more if they came to me, but every time a project comes in I nearly cry so I am not looking to add/trolling for clients. Love getting the checks though!! Day job: After all these years of working like a maniac, I am burnt to a crisp. I can hardly pay attention in meetings. I'm in a minor leadership roll now and I should be paying attention to everything, but I'm not. I am slacking off and getting worse month to month. I hardly care if I get fired. No one has noticed, had my best review to date at this employer in May. But it could catch up to me. Or they could eliminate my department or any of the usual/non performance related job loss situations. I think I'd get notified, get a PIP at least, before being let go, but you never know.

Where I am going
I'm about to sign on with an architectural firm that specializes in renovations to redo my house. I was thinking 100-250k depending on how fancy pants I got. It's going to more like 340-600k. They are green, can maybe get the house to net zero, close to completely energy self sufficient including heat in the midwest. I can pull back and just get the structual stuff and kitchen/bath upgraded and that would be a lot less, this is for down to studs reno. I plan to start with my 100k and just get basement, roofing, and structural stuff in place, and then tackle the room upgrades later as I earn more money, over a 3-5 year period. May need to get a short term loan to get the first piece done, won't consider room-level upgrade till that is paid off.

So - how crazy am I to consider this? It will make my "purchase price" on the house 750k-1m, and worth considerable more. Maybe 1.5 million. Taxes will go up! I would never in a million years think of purchasing in that range. What is up with me? Am I being normal (stopping being a tattered raggedy ann/single mother/poor/struggling mindset) and this isn't as much money in 2022 as it sounds for someone born in 1964 and remember getting large candy bars for a nickle. Or am being straight up crazy on squandering my chance to be upper middle class by taking a road to perdition/poverty that could all go wrong at a moments notice - job loss, etc.

And then I'm going to buy a tesla. Just a model 3, but still! It will be solely powered by my tesla roof!

Where I am
Could likely retire today and be ok. But the house does need a lot of work, whether I go for the gold, or just peicemeal new basement slab, new siding, new proch/decks, new roofing. Yes - all of that is currently on it's last legs and listing it out it would like be well over 100k, maybe even 150 or more just to upgrade those to current without upgrading the level at all. Oh - and the electric an plumbing needs a lot of work too, and no central AC, and - yes the house is 100 years old and has never had a gut upgrade. Garage needs a lot work, a really great garage and well worth saving. I might be very unhappy if I try to do all this work on a piece by piece basis and find I got a lot less value for a good percentage of the gut redo package over the next 3-5 years.

I know you are mostly all oldsters to jr oldsters like myself. I feel like I don't have a good intuitive feel of what a dollar is worth anymore!

So TL/DR plus more details:

• gross income of ~190k
•     burnt out at work
• current spend of about 75k/year
• considering outlay of ~4-500k for home upgrades/total rehab/energy self sufficient
•     cost of plan is ~5k
  
•     will complete over several years
  
• 100k banked for project
• current savings for retirement, et al of 60k/year
•     current retirement assets 1.5m
•     could stop savings to fund project over next 3-5 years
  
•     but as above, burnt out at work 
  
  

Interested to hear your thoughts on financial and mental! health. I know this is YM, and I am signing up for a lot of abuse here, but hoping to get some good nuggets to think about.

[minnesotapaintlady]

Personally, I would just sell the house or just stick to the "have-to's.  That's a huge risk sticking a half million into a place when you want to retire and when the housing market is in a weird spot.  Where is all the money above the 100K you have saved going to come from?  Does that mean you're stuck not being able to retire until it's paid off?

[Rukh O'Rorke]

Aug 12, 2022 11:28:42 GMT -5 minnesotapaintlady said:

Personally, I would just sell the house or just stick to the "have-to's.  That's a huge risk sticking a half million into a place when you want to retire and when the housing market is in a weird spot.  Where is all the money above the 100K you have saved going to come from?  Does that mean you're stuck not being able to retire until it's paid off?

good point about the housing market.

Some additional info: currently my house is valued at 609k on redfin. A recent house that was falling apart with years of leaking roof damage had a cheapish gut rehab and is valued at 782k, my lot is at least 50% larger, with side drive. The neighborhood has recently taken on an additional glow with a lot of new shops opening nearby and gut rehabs and while the housing market will of course ebb and flow, I think the neighborhood has entered a different tier that will be maintained. Major intersection less than 1/2 mile away is undergoing extensive building development, both residential (condos) and retail on lower levels. And ebb and flow of RE market unimportant if I don't sell.

So after getting the archtectural plans, doing some major work with the 100k to set the stage, will do individual projects over the next 3-5 years. Both micro and macro economic forces will determine when I retire with/without this major upgrade. But thinking if I stop saving, I could have about 40-50k to work with each year. Would consider financial options that may come up. Current mortgage is about ~350k at ~2.75% so loathe to refinancing, but it would be that I could refi to get a lot of the projected value to cash out for the project? Or refi after doing some of the major work and pull money out to get a large second wave done/finish? It's something that is fluid in my thinking right now.

As I mentioned, a great worry is not getting the architecture firm and going peicemeal and spending a less but with far less ROI in both enjoyment and property value.

Another issue is that I have had piss poor luck engaging anyone with anything. I give off strong walk-all-over-me, cheat-me radar. Having a general contractor overseeing all this I think is a major consideration that I need.

During the planning process I also hope to be able to control prices. This was just "general costs are about 200-300/sf" guesstimate, and has very little to do with my actual plan, but I won't know what is possible in terms of cost containment until I get going.

Everything needs replacing right now. Roof, basement slab, porches, deck, siding, driveway, electric, plumbing, HVAC. Peicemealing that with individual contractors on my own seems like a nightmare that I will get at least two headaches off of if not more. 

[Rukh O'Rorke]

Aug 12, 2022 11:28:42 GMT -5 minnesotapaintlady said:

Personally, I would just sell the house or just stick to the "have-to's.  That's a huge risk sticking a half million into a place when you want to retire and when the housing market is in a weird spot.  Where is all the money above the 100K you have saved going to come from?  Does that mean you're stuck not being able to retire until it's paid off?

also - am I rich or am I poor?

Am I sane or crazy? 

maybe in between on both of those

[jerseygirl]

Personally I would sell that house very soon. Remodeling would be a major aggravation and costs. Plus you’re left with a big expensive house to maintain. Would this be among the most expensive in the neighborhood?

Beyond expenses to maintain would be all the time and aggravation resulting from maintenance. You’re thinking of retirement- do you really want to replace the work with work on the house?
Suggest to spend some time looking at communities you would like and reasonably sized well maintained houses

[jerseygirl]

Rukh do you have a dedicated home office for RI? You can deduct a proportion of house expenses, electric gas etc, from taxes. Eg if home office is 10% of the house size you can deduct 10% for home office.
I’m hoping you don’t have a mortgage but if so think that’s also deductible along with property taxes

Repeat!! Suggest to sell that big white elephant and simplify your life!!

[jerseygirl]

Rukh, a Tesla will really simplify your life! I’ve had an S for 4 years and love it!!! No maintenance, just charge . We put in a home charger for about $250 and mostly use this. But also use Tesla superchargers when traveling and some weeks will use for charging. Our supermarket has Tesla superchargers and very convenient. Just put in plug and all charged when shopping is done.

I have free supercharging for life from when I bought the car. Thought I saw something about Tesla reinstating free supercharging again for some models.

[minnesotapaintlady]

Aug 12, 2022 12:00:41 GMT -5 Rukh O'Rorke said:

Aug 12, 2022 11:28:42 GMT -5 minnesotapaintlady said:

Personally, I would just sell the house or just stick to the "have-to's.  That's a huge risk sticking a half million into a place when you want to retire and when the housing market is in a weird spot.  Where is all the money above the 100K you have saved going to come from?  Does that mean you're stuck not being able to retire until it's paid off?

also - am I rich or am I poor?

Am I sane or crazy? 

maybe in between on both of those

Well I need to know in relation to who on both of those! 

[Rukh O'Rorke]

Aug 12, 2022 12:17:40 GMT -5 jerseygirl said:

Rukh do you have a dedicated home office for RI? You can deduct a proportion of house expenses, electric gas etc, from taxes. Eg if home office is 10% of the house size you can deduct 10% for home office.
I’m hoping you don’t have a mortgage but if so think that’s also deductible along with property taxes

Repeat!! Suggest to sell that big white elephant and simplify your life!!

yes, I did that for 2021 for first time.

I know! but I have a lot of pets now, and they are young, and outdoor cats I care for, so here for likely 10 years minimum. Will not abandon ferals.

The other consideration is if any of the offspring want the house whenever they have their own families. I would like that and then I would take off.....and they could keep the cats....for a bit anyway. Or not. Selling is always an option in the future. The market will go up and down, but this will definitely make this place a very easy sell.

[minnesotapaintlady]

IMO (and it's worth not much), you want to be simplifying your life now, not complicating it...and this seems so huge to me.  Do you want to stay in this house forever.  COULD you stay in this house forever if you couldn't get around well anymore?   I have no idea how large your house is, but are there newer, more suitable housing around now that you're an empty nester rather than gutting your current place?  My parents just "downsized" to a townhouse, but in reality it's much larger square footage-wise and cost almost 100K more than what they hope to get for their current house.  However, no more half acre yard or sidewalks to shovel, and if they get where stairs are no longer do-able, everything they need is on the main floor and it is all handicap accessible or easily converted to such.  It's bigger, but built more for entertaining than raising a family.  It's also 50 years newer than their old house and all newly upgraded.  Plus all exterior stuff is taken care of by the HOA.

[Rukh O'Rorke]

Aug 12, 2022 12:26:13 GMT -5 jerseygirl said:

Rukh, a Tesla will really simplify your life! I’ve had an S for 4 years and love it!!! No maintenance, just charge . We put in a home charger for about $250 and mostly use this. But also use Tesla superchargers when traveling and some weeks will use for charging. Our supermarket has Tesla superchargers and very convenient. Just put in plug and all charged when shopping is done.

I have free supercharging for life from when I bought the car. Thought I saw something about Tesla reinstating free supercharging again for some models.

awesome to have that. I would be buying the cheapest, so if they did reinstate selectively, likely not for me!

[countrygirl2]

We have remodeled many an old house. Take our and others advice don't do it. I would buy new or newer.

I told hubs when we moved here, I did not want another fixer upper and I hate to tell you but all you are talking about doing is going to cost more than that. Better get some real prices for that.

We bought a 2003 and have even on this newer one put on a new roof, new water heater, replaced flooring, and hubs redid all the screening on the back porch. Here we redid the drive for the motorhome, which you are not doing. Hubs has done electrical here and work in the basement finishing it out. No labor in that stuff and still costs.

We spent $28k on the roof, did have it done. $1k on water heater, hubs did it. Wiring in the basement so just materials, building out 2 rooms $1k for just materials. Drive way $10k. One garage $60k, second garage and add $30k. Hubs did increase the size of the sump drain, said it was too small and added a backup sump. $400? not sure, again just materials.

Solar $58k, if we need a new geo thermal possibly $20k, they said a complete new system would be about $30k.

If you bought new maybe even less for solar??  Just my suggestion.

Materials and labor now for rehab are out of sight. I don't know if that is considered a historic house or not in your area where you have to meet certain codes?? If so could even add more.

As far as money, not bad, we retired with about $1.3 M and have spent down a lot, but some of ours went into rentals so hope to get that back at least. It bothers me you still owe money on your house. Lot of plans for future money and will still have payments. You are comfortable money wise. If you paid the house off then about a million. Do you have a pension, SS, and other income if so ok. but a million does not go as far as it used to remember that. 

[Rukh O'Rorke]

Aug 12, 2022 12:38:38 GMT -5 minnesotapaintlady said:

IMO (and it's worth not much), you want to be simplifying your life now, not complicating it...and this seems so huge to me.  Do you want to stay in this house forever.  COULD you stay in this house forever if you couldn't get around well anymore?   I have no idea how large your house is, but are there newer, more suitable housing around now that you're an empty nester rather than gutting your current place?  My parents just "downsized" to a townhouse, but in reality it's much larger square footage-wise and cost almost 100K more than what they hope to get for their current house.  However, no more half acre yard or sidewalks to shovel, and if they get where stairs are no longer do-able, everything they need is on the main floor and it is all handicap accessible or easily converted to such.  It's bigger, but built more for entertaining than raising a family.  It's also 50 years newer than their old house and all newly upgraded.  Plus all exterior stuff is taken care of by the HOA.

My mom didn't give up on the stairs until she was 96/7. She can still do them, but we don't let her unless someone is there JIC. She will be 99 in Oct. Does need to go to 2nd floor to shower but only when someone is with her. My father died at 96 and after a short 2-week decline. Planning around immobility isn't something I'm going to put a lot of planning around. Sure - it could happen but since it seems I'm genetically blessed to be pretty ok until mid-90's, I'd rather just go with that and adjust if need be when it occurs. I actually find it chilling that people are always planning around not being able to climb a flight of stairs after retirement. Because you know what - if you aren't doing the stairs daily yep you are going to lose it that much quicker. My dad was taking a 4 mile walk daily until nearly the end. and up and down the stairs all day. Use it or lose is true.

It is a bit big for just me. Could rent out rooms/golden girls style. We are urban people. Living in larger metro areas for at least 4 generations. Metro areas are now really expensive, and that is just the way it is. I don't think I could go suburbs or rural, don't think I'd adapt or be content there. But I do like a large garden, which I have here. Only 1 lot equal and 1 lot larger that I am familiar with in the neighborhood. I like to think I could accomodate people for long visits. Ok - if 3 years go by with out someone staying at least a week at xmas I will sell it and take my 9 cats to a condo.....if I can find one that will take us . yes, I am coming clean in this thread. I have 9 cats now, and up to 3 outdoor cats I am also feeding.....one wants to come in but I said no, sorry, house is full   

[jerseygirl]

Rukh will the update include a large master BR and bath on first floor? Washer dryer on first floor? If you plan to stay there as you age, stairs might become difficult if not possible. If you need a live in health aid need a BR and bath solely for that person also
Handicap accessible kitchen? Bathroom ?
Few or better yet only one stair to get in/out of house?

My DS and mom were physically challenged and needed all of that. When my mom passed snd eventually DS needed a live in, she had a separate BR and bath. I was able to find a condo that had these, difficult since most were 2 stories with BR upstairs

We renovated our house by updating bathrooms and adding washer dryer on first floor.
We already had 2BR 2baths on first floor. Only one stair into house in front. If stairs become difficult will leave the upstairs BRs baths for company

If both DH and I live there the house is fine even if we move downstairs. Keeping up with getting people for cleaning, lawn, snow removal, outside repairs, routine plumbing electrical etc etc might eventually cause us to downsize

I’m also climbing steps a lot and agree it helps with health. Also walk and swim
DH had health issues which we didn’t expect, both parents lived into 90s . He no longer can climb stairs so uses downstairs BR bath

[bookkeeper]

You need to look at your question from another angle:

You have around $250,000 equity in your home. 

You can put $400,000 of deferred maintenance and upgrades into your home and end up with a 100 year old house with new shiny things worth 1 M, maybe more. Your mortgage would be in the $700 to $750,000 range.  That is a big mortgage to service.

You can sell your home, take the equity of $250,000 which would be tax free, and purchase your retirement home.   Preferably a home with modern wiring, plumbing and HVAC on a single level.

Personally, having lived in several remodels, I would look for a different house. The kind of major overhaul you are describing would take at least a year, maybe two.  Have you ever lived in a house undergoing renovations?  Would you move into a rental while the work is being done?

I would suggest shopping the real estate listings for homes in the $650 to $700,000 range to see how they compare.  

If you decide to renovate, remember this:  it always costs more to do it later.  Construction costs are way up, but you can add 20% to the estimates for each year that goes by.  We did a lot of work on our last house piecemeal as we could afford it. I didn't like the way it looked, half done and half waiting to be done.

Old houses can be money pits.  You would have to have a contingency plan for overages.

[Rukh O'Rorke]

Aug 12, 2022 12:28:15 GMT -5 minnesotapaintlady said:

Aug 12, 2022 12:00:41 GMT -5 Rukh O'Rorke said:

also - am I rich or am I poor?

Am I sane or crazy? 

maybe in between on both of those

Well I need to know in relation to who on both of those! 

You choose!

[Tiny]

Aug 12, 2022 11:57:08 GMT -5 Rukh O'Rorke said:

Everything needs replacing right now. Roof, basement slab, porches, deck, siding, driveway, electric, plumbing, HVAC.

I am NOT being funny or sarcastic or being mean... but have you made sure the work on the house is something you should be doing? What is so special about this house? What intangibles/tangibles do you get from turning it into something "new"?    Is the "dream" of how wonderful it will all be  nothing like the reality of after it's all done??   (I'm not talking the headaches of getting it done... I'm talking when the dust settles - will the reality of what is have been worth it?  Will the house still fulfill whatever needs (or lifestyle changes) you will have at that time? 

I ask this because there is often a lot of emotion or "I ought to do" or "I always dreamed of doing this (but never really considered what was on the "other side" of having done it.)  

And I'm not trying to talk you out of it.  Just make sure you know your "why" and that that "why" is reasonable and has a good chance of being satisfying when all is said and done. 

I had the opportunity to purchase the family home after my mom passed. It was in a place I wanted to live, it was a nice area, a short commute distance, I was VERY familiar with all the "weirdness" and drawbacks that made up the house, I like to do "fix up" stuff - the house needed LOTS of fix up stuff. I'd be buying the house and then putting ALOT of money into it (about 1/2 the purchase price maybe more.) I thought long and hard about it. I ran numbers. Tried to outline what needed to happen to the house to remove some of the weirdness and drawbacks. And I decided that even fixed up and "de-weirded/drawbacks accommodated or removed" the house wouldn't be what I needed or wanted.   I purchased a different fixer upper in the same suburb instead and am very happy with the house (and all the head aches and expense.  ) 

Sometimes I think about how I should have kept the family home and "made it right" as per my "dream of fixing it up." The thing about "dream anything" is that sometimes it is ultimately better when it stays a "dream". (Kind of like the muscle car I often imagine myself driving around in... it's better as a dream than a reality.)

[raeoflyte]

Can you get the contractor to do the required $100k that is already saved up for and then re-evaluate? I would think that would take a while, so you're not walking away from your other plans. But then your not committing to that entire expense. I don't think I'd want to take on significant debt when planning for retirement.

Maybe get a roommate or 2 to see how livable that really is.

How much longer do you have on student loan payments?

[minnesotapaintlady]

Aug 12, 2022 13:06:41 GMT -5 Rukh O'Rorke said:

Aug 12, 2022 12:38:38 GMT -5 minnesotapaintlady said:

IMO (and it's worth not much), you want to be simplifying your life now, not complicating it...and this seems so huge to me.  Do you want to stay in this house forever.  COULD you stay in this house forever if you couldn't get around well anymore?   I have no idea how large your house is, but are there newer, more suitable housing around now that you're an empty nester rather than gutting your current place?  My parents just "downsized" to a townhouse, but in reality it's much larger square footage-wise and cost almost 100K more than what they hope to get for their current house.  However, no more half acre yard or sidewalks to shovel, and if they get where stairs are no longer do-able, everything they need is on the main floor and it is all handicap accessible or easily converted to such.  It's bigger, but built more for entertaining than raising a family.  It's also 50 years newer than their old house and all newly upgraded.  Plus all exterior stuff is taken care of by the HOA.

My mom didn't give up on the stairs until she was 96/7. She can still do them, but we don't let her unless someone is there JIC. She will be 99 in Oct. Does need to go to 2nd floor to shower but only when someone is with her. My father died at 96 and after a short 2-week decline. Planning around immobility isn't something I'm going to put a lot of planning around. Sure - it could happen but since it seems I'm genetically blessed to be pretty ok until mid-90's, I'd rather just go with that and adjust if need be when it occurs. I actually find it chilling that people are always planning around not being able to climb a flight of stairs after retirement. Because you know what - if you aren't doing the stairs daily yep you are going to lose it that much quicker. My dad was taking a 4 mile walk daily until nearly the end. and up and down the stairs all day. Use it or lose is true.

It is a bit big for just me. Could rent out rooms/golden girls style. We are urban people. Living in larger metro areas for at least 4 generations. Metro areas are now really expensive, and that is just the way it is. I don't think I could go suburbs or rural, don't think I'd adapt or be content there. But I do like a large garden, which I have here. Only 1 lot equal and 1 lot larger that I am familiar with in the neighborhood. I like to think I could accomodate people for long visits. Ok - if 3 years go by with out someone staying at least a week at xmas I will sell it and take my 9 cats to a condo.....if I can find one that will take us . yes, I am coming clean in this thread. I have 9 cats now, and up to 3 outdoor cats I am also feeding.....one wants to come in but I said no, sorry, house is full   

I think it's more about being prepared in case it does happen than planning that it will.  Many mobility issues are sudden onset not a slow loss of ability.  Think fall, or stroke.  If the only bathroom is on the second floor I don't want to find out at 2am at 80 years old I can't get up there anymore and adjust.

[Tiny]

Aug 12, 2022 12:00:41 GMT -5 Rukh O'Rorke said:

Aug 12, 2022 11:28:42 GMT -5 minnesotapaintlady said:

Personally, I would just sell the house or just stick to the "have-to's.  That's a huge risk sticking a half million into a place when you want to retire and when the housing market is in a weird spot.  Where is all the money above the 100K you have saved going to come from?  Does that mean you're stuck not being able to retire until it's paid off?

also - am I rich or am I poor?

Am I sane or crazy? 

maybe in between on both of those

you are "rich" - you are contemplating 300K or more of IMPROVEMENTS to a house you already "own".     

Most homeowners moan and groan and worry about their finances when they realize they have to replace their roof or HVAC....   as in how that expense effects their future spending ability to save. 

[bean29]

Have you considered tearing down the existing house and building a new house? Maybe a town house?  My husband's friends have done that with a few properties they own.  Skokie, Glenview and one in an older area of Chicago.  For the kind of $$ you are talking, maybe you should start from scratch.

[laterbloomer]

I've been reading you for years. you love this house. Do the renos. Worst case scenario you have to sell but you will pretty much get your money back. You are rich. Maybe not wealthy. but you are rich.

[Rukh O'Rorke]

Thanks all for the sobering thoughts. A lot to digest and think about. 

It seems a bit crazy to do it, then again, a bit crazy not to, too! This is what I've been thinking and planning for for about 15 years, and I'm finally in position to pull the trigger. Or at least find the trigger.

Maybe it just means a lot less doing it now than it would have 15 year ago? And if so, how should I assess?

calling swamp if a lawyer should look over the inital agreement for doing a design plan? Sent out a message to the empolyee assistance program to see if their legal help would include something like this. It seems pretty standard, as if I would know!, on page 5 of 6. Just a few things struck me as what does that mean? or why would that be? example, liability for the design is limited to 150k, but it goes both ways. How could I as a client damage the designer? Just now sure what that would mean....if I trashed them online, or what?

[Rukh O'Rorke]

Aug 12, 2022 13:24:03 GMT -5 Tiny said:

Aug 12, 2022 11:57:08 GMT -5 Rukh O'Rorke said:

Everything needs replacing right now. Roof, basement slab, porches, deck, siding, driveway, electric, plumbing, HVAC.

I am NOT being funny or sarcastic or being mean... but have you made sure the work on the house is something you should be doing? What is so special about this house? What intangibles/tangibles do you get from turning it into something "new"?    Is the "dream" of how wonderful it will all be  nothing like the reality of after it's all done??   (I'm not talking the headaches of getting it done... I'm talking when the dust settles - will the reality of what is have been worth it?  Will the house still fulfill whatever needs (or lifestyle changes) you will have at that time? 

I ask this because there is often a lot of emotion or "I ought to do" or "I always dreamed of doing this (but never really considered what was on the "other side" of having done it.)  

And I'm not trying to talk you out of it.  Just make sure you know your "why" and that that "why" is reasonable and has a good chance of being satisfying when all is said and done. 

I had the opportunity to purchase the family home after my mom passed. It was in a place I wanted to live, it was a nice area, a short commute distance, I was VERY familiar with all the "weirdness" and drawbacks that made up the house, I like to do "fix up" stuff - the house needed LOTS of fix up stuff. I'd be buying the house and then putting ALOT of money into it (about 1/2 the purchase price maybe more.) I thought long and hard about it. I ran numbers. Tried to outline what needed to happen to the house to remove some of the weirdness and drawbacks. And I decided that even fixed up and "de-weirded/drawbacks accommodated or removed" the house wouldn't be what I needed or wanted.   I purchased a different fixer upper in the same suburb instead and am very happy with the house (and all the head aches and expense.  ) 

Sometimes I think about how I should have kept the family home and "made it right" as per my "dream of fixing it up." The thing about "dream anything" is that sometimes it is ultimately better when it stays a "dream". (Kind of like the muscle car I often imagine myself driving around in... it's better as a dream than a reality.)

great questions Tiny. Thank you. A lot to ponder this weekend!

[Rukh O'Rorke]

Aug 12, 2022 14:02:03 GMT -5 laterbloomer said:

I've been reading you for years. you love this house. Do the renos. Worst case scenario you have to sell but you will pretty much get your money back. You are rich. Maybe not wealthy. but you are rich.

Thank you. This literally brought tears to my eyes.

It can always be sold. I have resources to work with. YOLO!

[jerseygirl]

Reality check - your plans seem posited on everything going right. Life rarely does this

Cats?? If you move could you hire someone to feed water the ferals? To me seems cats are a major reason for all of this disruption

[Rukh O'Rorke]

Aug 12, 2022 13:25:43 GMT -5 raeoflyte said:

Can you get the contractor to do the required $100k that is already saved up for and then re-evaluate? I would think that would take a while, so you're not walking away from your other plans. But then your not committing to that entire expense. I don't think I'd want to take on significant debt when planning for retirement.

Maybe get a roommate or 2 to see how livable that really is.

How much longer do you have on student loan payments?

Good points Rae, and yes, I've already clarified that I can do this over a series of years, and I'll work on making the different phases their own upgrade/finished project so that each one adds value, doen't leave an "undone" hole, and the place can be sold easily throughout.

so I'll save up chunks/borrow minimally to do different things. And during the planning stages will get some clarity on options and costs.

sucks that 100k isn't going to buy a lot, but it'll buy something.

[raeoflyte]

If you don't already have them- I highly recommend the litter robot. 1 for every 2-3 cats.

[Rukh O'Rorke]

spoke with an attorney via EAP and she thought that the language was pretty standard. Will send me some names in my zip code if I want them to read through contract. 

[Rukh O'Rorke]

Aug 12, 2022 15:10:12 GMT -5 raeoflyte said:

If you don't already have them- I highly recommend the litter robot. 1 for every 2-3 cats.

I do have one! Was considering another. They take up a lot of space though and not all my cats will use it. And they really impose a "look" on the room too, I think. And when they need cleaning, it is a bit more work wiping it down, places diarhea gets I can't easily get to in the system from litter to basket


The younger ones are fine with it, older ones, not buying into these new fangled contraptions....

Also, some of my cats are huge. 14-15 pounds. I think a bit of main coon in them. The litter robot is pretty tiny in there. Was thinking to explore other robotic litter boxes....