to spend money on the house that we won't get back

[73Sunglasslover]

We are thinking of extending our house to get a new and much larger kitchen. The work will add some value but as much as we can tell, not as much as we will spend (maybe up to 20 grand less). We can't afford to move as the extension work will cost about as much as the moving costs and to get what we want in our area (where we want to stay for kids school etc) would take much more than we can actually borrow. We can easily afford the repayments and the new kitchen would be great, but there will also be some compromises in it. One day we may inherit money but there's no banking on that and although my OH's dad is elderly, his dad's mum lived till 99 (so he might be more likely to himself). Plus, I don't like to base big decisions on such morbid and grabby thinking. Would it be unreasonable to spend so much knowing we can't ever re-coop it?

if it'll make a big difference to your life do it. it's the same as choosing to work part time or not take a job with a long commute. can you look at it as say a £x a year for y years pay cut for a fab kitchen. does it feel worth it or are there other things you'd spend that money on?

we could easily do £100k work on house. would love to - add ensuite, extra loo, convert garage, widen kitchen... but had to decide what priorities were as need to recoup most of costs as otherwise would prefer to spend the money other ways.

long commute for more money that should say.

If you are spending on your house as your home, I’d say do it.
If you are spending as your house as an investment then think again.
Sounds like the 1st option to me - I’d go for it

You spend money already regularly on something you won’t recoup value from.. clothes, shoes, pretty much every consumable item. I got weird looks for decorating rentals, I like to make it home and how I wanted it.

Unless the whole house is massively unsuitable why not? You’re living there happily but just need a bigger kitchen/dining space go for it.

For all you know in 10 years time something could happen that lowers the value of the house to less than what you’d paid for it. Obviously it’s different if it’s a one bed and there’s 5 of you, unless the dc’s could go in the cupboard

Is the house to live in OP, or just to make money out of.

The other week I had to spend 200 quid out of my minuscule savings on a new shower because my shit landlord wouldn’t replace the useless one that was in when I moved in. Oh and I’ve had to spen a fortune on other stuff as well, cos of shit landlord. That’s spending money on a house you won’t get back.

These are all good points and very helpful ways to look at it. Thank.

Let’s say you spend £5k carpeting the house then walk on it for 20 years. Would you expect to sell the house for £5k more because it has a knackered 20yo carpet in it that originally cost £5k? Of course not. Home improvements have a certain lifetime, if you’ll get your use out of it then it’s worth the money.

Totally agree Luna I don’t understand this mentality of not spending money on a house in case you don’t get it back, no one ever says the same about cars, holidays, the latest mobile phones which are not one off purchases but things people spend on multiple times. The fact is a kitchen extension is a one off, it will make a massive difference to your home and your enjoyment of it, it’s where you spend your life, it should be the place you are happiest in and has the bonus of probably adding some value at the same time. My only caveat to that is if it a short term house or you are developing it for profit obviously.

If you are spending the money to enjoy your house for a good few years then it's worth it. Some improvements that make daily life easier or better should be viewed as separate from improvements to add value.
We spent 25% of our bathroom budget on one item. Nobody buying the house would guess that but it was the right thing to do to make it work and we appreciated it every time we used it.

Would it put you in negative equity for the house overall? If not, go for it!

It depends when you plan to move. If it’s in a year, then no, if it’s in 10 years, you’ve had a good 10 years of enjoyment out of it

We need a bathroom, kitchen and a patio roof (and probably house roof done soon) but as we don’t know how long we are here we haven’t done any of it....6 years later, still waiting. Not that we have money for it either of course.

Thanks guys. It wouldn't put us into negative equity, which is a good point to make. We think we will stay here for another 6 years at least (as we're so well placed for the schools) but I guess there is always a bit of doubt in that as no-one can predict the future. In the past when we've spent larger sums of money on the house it's always added at least as much as we've spent which makes us worry less about 'what if we move?' so this is a different equation to get our heads round.

I suppose another way to look at it is that even if it doesn’t add massive value it should make the house easier to sell in the future which is always a bonus...

'One day we may inherit money but there's no banking on that and although my OH's dad is elderly, his dad's mum lived till 99 (so he might be more likely to himself).'

I was on your other AIBU Op where you spoke about your kitchen extension costs....

Hhhhmmmm🤔

Dunno, if you pay more than the ceiling price of the street would give you in equity, then I’d say don’t do it. However, if you intend to stay long term, then do it. We’re mid kitchen renovations, it’s so fucking stressful! I just want it over and the plumber to work MIRACLES tomorrow! We probably won’t ever move, tho, so it’s worth it.