Originally Posted by
JRSC00LUDE
If you're looking at doing a down to the studs reno, it's just really expensive. I'm assuming you already have done this but if not......you really should fully understand what your long term goals are and evaluate the total "investment" you have into the property both now and when you're done (I'd factor in a 15% contingency on your final reno cost budget also). When you compare that investment to what houses sell for in your area you'll know if you're throwing money away (ie. does what you already paid for the house plus your reno cost make you house "worth" $350.00 a s.f. in a neighbourhood that has never sold a house for over $275.00 a s.f.?). You never want to be the most expensive house on the block*. If you're staying there for 20 years, you may say who cares. If you're moving in under 10, it may make you look at other options.
* unless you live in Aspen