Dad was asking about the budget and how we're doing so far.
Initially we had a total budget of about $350k for the house. As we negotiated the purchase price up and found more information about what the house needed that budget went to a maximum of about $415k. As of today, we anticipate spending around $400k or ~$111/sqft. As a comparison, Oakwood cost us $90/sqft and we sold for $106/sqft and the new owners are doing all kinds of neat stuff we dreamed about doing.
So far we're under budget in a couple of areas, within budget but ahead of schedule in some (which can also be read as over budget...) and just going to be way over in a couple of key areas.
Our original plan including making a temporary kitchen that we could live with, but would be massively overhauled within a year or two. Instead we decided to do it right the first time and enjoy it the entire time.
To this end, our temp budget for cabs, appliances, and counters, was initally $5,600. However, that's going to come in closer to $8,500 and won't include our range or fridge...waiting for those to be on super dramatic clearance at some point. Including those will take us right on up to $10k.
We also knew that we'd have to get a brand new oak floor in one room downstairs, but thought that room would be done in the next round of floor sanding. Whoops! It was done now. Overall we have a nice budget that we expected to have spent about 1/4 of at this point (maybe....) that we've most likely spent half of.
Of course, the biggest chunk of our budget it the total removal and replacement of the slate roof. We have fixed it so that it's no longer leaking (hoorray!) but still need to sell Lizzy to have the money to finish it. Someone should just buy Lizzy from us and solve all of our problems.
So that's where we are. Making progress day by day and will be living in all of the glorious ruin of it so very soon.
Initially we had a total budget of about $350k for the house. As we negotiated the purchase price up and found more information about what the house needed that budget went to a maximum of about $415k. As of today, we anticipate spending around $400k or ~$111/sqft. As a comparison, Oakwood cost us $90/sqft and we sold for $106/sqft and the new owners are doing all kinds of neat stuff we dreamed about doing.
So far we're under budget in a couple of areas, within budget but ahead of schedule in some (which can also be read as over budget...) and just going to be way over in a couple of key areas.
Our original plan including making a temporary kitchen that we could live with, but would be massively overhauled within a year or two. Instead we decided to do it right the first time and enjoy it the entire time.
To this end, our temp budget for cabs, appliances, and counters, was initally $5,600. However, that's going to come in closer to $8,500 and won't include our range or fridge...waiting for those to be on super dramatic clearance at some point. Including those will take us right on up to $10k.
We also knew that we'd have to get a brand new oak floor in one room downstairs, but thought that room would be done in the next round of floor sanding. Whoops! It was done now. Overall we have a nice budget that we expected to have spent about 1/4 of at this point (maybe....) that we've most likely spent half of.
Of course, the biggest chunk of our budget it the total removal and replacement of the slate roof. We have fixed it so that it's no longer leaking (hoorray!) but still need to sell Lizzy to have the money to finish it. Someone should just buy Lizzy from us and solve all of our problems.
So that's where we are. Making progress day by day and will be living in all of the glorious ruin of it so very soon.
Wow!!
ReplyDeleteI cannot even think about putting $400K into a house since I paid less than $30K for mine (of course that was back in '74)
so you're roughly at $150k in todays costs... plus the addition... plus the custom kitchen...plus the floors in the front room...
ReplyDeleteIt all adds up one way or another :)
I guess factoring in inflation it does add up.
DeleteThere is another about ~$25,000 of "additions" in the last 5 years you did not list (Rock siding on addition, custom bookcases in Addition).
But today the house is only worth about $111,000 (tax value). Zillow is $141K+ with a range $99K – $178K.
Doesn't matter what it's worth if you don't plan on moving, incumbering, or dying.
ReplyDelete