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Started By
Message
Am I insane for undertaking a home renovation in the current economy?
Posted on 8/1/22 at 12:01 pm
Posted on 8/1/22 at 12:01 pm
I've been promising my wife a new kitchen for a least 10 years. Lots of other stuff in the house that needs fixing/updating.
The way I see it, interest rates aren't going down for a few years. Price of building materials may drop a little, but not much.
I see no reason not to just say F it.
The way I see it, interest rates aren't going down for a few years. Price of building materials may drop a little, but not much.
I see no reason not to just say F it.
18
Posted on 8/1/22 at 12:02 pm to Slippy
Home renovations are insane regardless of economy, but everyone needs a little insanity once in a while.
Posted on 8/1/22 at 12:02 pm to Slippy
You've been here since '05 and you still don't know the rules? Shame on you
Posted on 8/1/22 at 12:03 pm to Slippy
I'm in the same boat, but much more extensive renovation / addition. Interest rates are already up so much...I am just going to wait until building materials bottom out. I'm guessing a year or so?
Posted on 8/1/22 at 12:03 pm to Slippy
I would wait a year.
Posted on 8/1/22 at 12:03 pm to Slippy
We just put new flooring down and ripped up all the carpet.
Posted on 8/1/22 at 12:03 pm to Slippy
Lumber costs have gone down recently. Most material is still excessively high though. My recommendation is to go for it.
Posted on 8/1/22 at 12:06 pm to Slippy
I would get estimates first then make a decision after.
Posted on 8/1/22 at 12:08 pm to Slippy
Sorry, here is a pic of the wife.
Posted on 8/1/22 at 12:10 pm to Slippy
Do you have the means to pay for it?
A: Yes - go for it
B: No - Stop
It’s a simple as that.
A: Yes - go for it
B: No - Stop
It’s a simple as that.
Posted on 8/1/22 at 12:10 pm to Slippy
Damn dude, who cares about the cost, keep her happy!
Posted on 8/1/22 at 12:12 pm to Slippy
Even if it doesn't make financial sense it can still be a reasonable thing to do. Improvements to your quality of life are usually worth it.
Posted on 8/1/22 at 12:13 pm to Slippy
I don't look at my home like a stock investment. Redo your kitchen and make your wife happy. That will be worth more than any return financially.
Posted on 8/1/22 at 12:18 pm to Slippy
quote:
Am I insane for undertaking a home renovation in the current economy?
yes, but it all depends on perspective.
is it worth it to you paying way more now than if you wait about 5 years for the economy to come back and inflation goes down
Posted on 8/1/22 at 12:36 pm to Slippy
Lots of people are doing this right now. Instead of buying homes people have decided to renovate or build.
Just remind yourself that the renovations won’t add the value you think it will; some, sure.
Just remind yourself that the renovations won’t add the value you think it will; some, sure.
This post was edited on 8/1/22 at 12:37 pm
Posted on 8/1/22 at 12:49 pm to Darth_Vader
quote:
Do you have the means to pay for it?
A: Yes + 50% - go for it
FIFY.
Posted on 8/1/22 at 1:14 pm to Slippy
Yeah guy quoted us a 15k Reno that turned into a 39k Reno when he looked up actual prices now.
Posted on 8/1/22 at 1:17 pm to Slippy
She looks like she doesn't even know where the kitchen is. Pass on the renovations. Use the money in the bedroom.
Posted on 8/1/22 at 1:19 pm to Slippy
Are we going to hear about this as much as you posted about your generator?
Posted on 8/1/22 at 1:23 pm to Slippy
Thought the same last year regarding the cost of a kitchen renovation, covid, etc. Ended up doing the work and glad we did.
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