Our 2014 huge positives were the first grandchild, a new kitchen and hanging out by the ocean in Monterrey, California. The negatives were many, many trips to doctors.
The kitchen came courtesy of an inheritance from my mother. In developing the project, we considered many things. Our research led us to million dollar homes with sloppy work. Most of our ideas worked; some didn’t, demanding compromise and rethinking. Our experience may lend some insight as you contemplate such a project.
While we managed without a $10,000 stove, the project was extravagant. Fortunately we could not enlarge the kitchen because our house encircles it.
We had the cash. Obvious advice, item one, be able to pay. Call me an outlier in our consumption ethos, but I’ve never been a borrower. Only for houses, but not for cars (once, only) and definitely not now with a fixed income.
We didn’t worry about recapturing remodeling cost on sale of the house. We plan to be in the house long enough to render such an analysis moot. We did the project for us, not for the next guy.