Would you invest £100k+ on a renovation if you knew you were never going to get it back?

[Procrastinator4]

We are moving house and have chose to move close to family for support with our children amongst many other reasons. The intention is for this to be our 'forever home' and we will not be moving again.

My family do not live in a desirable area, but it certainly isn't the worst. We are planning on spending approx £200k on purchasing the house itself, and then will spend at minimum £100k renovating. The renovation is crucial for me as I want everything new and to a very high standard (Miele appliances, CP Hart bathrooms) etc. I know we will never get this money back when it is I imagine sold by our children in the future.

I'm well aware that whilst this is the plan, things do happen and we may end up having to sell for whatever reason. My ultimate question is, would you invest all that money in your home with the knowledge there is no chance you will ever get it back?

No. It’s way beyond the value of the house. Renovations aren’t appliances and fixtures and fittings to me. Renovations are extensions or conversions, changing the layout etc. Fixtures and fittings will date, no matter how lovely now, and anyone in the future will just rip them out. Keep the spending in proportion.

I probably would to have the house I wanted to live in long term. TBH, unless you're quite elderly now, if you're putting all this stuff in sooner rather than later, it would be looking dated by the time your children come to sell anyway? This is assuming you can afford to do it.

Miele appliances are cheaper overall in the long run.

My dishwasher is over 20 years old, bought on the strength of fact my parents one was then over 20 years old and still going strong. My brother has it now, it's outlived the parents. I reckon mine has cost me £20/year so far.

Same with my washing machine, in almost 20 years my friend has had three new ones - she bought Miele last time though.

For bathroom, I'd source the pieces you like and get a highly recommended installer. The likes of CP Hart seem to spend ££££ on advertising, marketing and showrooms, I do wonder how good their installers are?

We are doing something similar, so in your situation I would do it.

We have been able to save as we don't tend to go on many holidays (we have cut back in other areas too). My husband's view is that he wants to have that 'holiday' feel every night/weekend - you know that sense of relaxation, calm and luxury that lovely hotels seem to give? Once he said it, it made perfect sense and I agree that beautiful surroundings is one of the reasons I love going on holiday! So, we're striving for that sense of 'holiday' every day. We're trying to be sensible and are shopping around, but equally we've extended and redecorated because of the difference it will make to our quality of life NOW, not because of a hypothetical return on this investment at some unknown point in the future. I do completely understand those who say that all decoration will date - but in those 10/15 years, you have to live there every single day. Make it somewhere you want to go home to.

I know it's not a guaranteed investment - our child might well sell the house for a profit in the future, but property can also crash and they might sell it for less than we paid when we first bought it, before all the work! But we're prepared to pay to have that enjoyment every day over (hopefully) many years, and recognise that we are lucky enough to afford to do so. We bought a cheap(ish) house in a cheap(ish) area, so that we could afford to make it the house we wanted - those 'ready made' luxury homes were several 100k out of our budget, so we got a bargain on a house where some viewers just couldn't look past the clutter and dated furnishings, and will make it our own.

I didn’t intentionally set out to do it but we have! It goes against the grain for me a bit but dh constantly points out that we aim to be here for 20 years and it’s a lifestyle choice we bought into. In relative terms of property value v expenditure though your stats do worry me....how many bedrooms & bathrooms does it have?!

I would do it up to a high standard but I would not spend £100k. There are ways of getting high quality fittings way cheaper and like pp above has said you can buy C P Hart quality for cheaper elsewhere.

Also even within a less desirable area, they are always nicer streets, so do choose the absolute best location. I like less naice, less desirable areas, as long as they are safe, as they usually have a more mixed demographic. You also do not then pay a premium for perceived naice that often comes with increased insurance costs and crime as nicer houses and cars attract thieves and burglaries.

Obviously there is a huge gap between 1) crime and drug ridden sink estate
2) less desirable but safe with decent amenities
3) naice attractive area and houses.

I'd spend that much, I have done recently. But not unnecessarily.
You can get things much cheaper without compromising on quality.
You don't have to pay CP Hart £30k for a bathroom( if that's how much it is, I don't know)

If you're not going to be able to make a return then you're not "investing" £100k, you're "spending" it. Absolutely nothing wrong with that though if you can afford it, and in all likelihood you will actually be "investing" a proportion of and just "spending" the rest.

Are you extending and/or doing total refurb - new plumbing, re-wire, windows, roof, floors and landscaping? You could easily burn through £100k.

If not I would make sure all of these are done before the fancy kitchen and bathroom are installed and the decorating is done,,as these need to last you the lifetime - and if anything goes wrong with the fundamentals it will wreck your fancy stuff.

So a wise investment and will save you doing all of the annual repairs and maintenance that cost ‘000’s each year.

If you can afford it I have it exactly as you want it and enjoy and savour the high quality as a return in investment. It’s no different from deciding if you want shoes from Gucci or George at ASDA. Your money your choice.

I bought my house for £60k
years later spent £100k on it
now its "worth" £300k
and I still LOVE the changes I made over ten years later

DO NOT fall for the hype of brands
a bath is a bath
a tap is a tap
an expensive appliance will break down just as fast as a mid range
invest in the reality not the bling

I buy a 300k house tbh.
The appliances will break down at some point. The kitchen will need doing again at some point.
Nothing lasts forever. It will need decorating again.

When I think of a luxury bathroom like CP Hart, I'm imagining a bit room, with a great big double walk in shower, a large bath in the middle of the room, large double vanity basins, nice storage furniture, big chandelier light, has this house you are buying got this space?

How big can a £200k be?
Therefore how much can you spend on doing one up?
If you are only comfortable with bling, and couldn't bare anything else then go for it.
Not sure why you are asking MN for permission.
If course it's not a good financial investment, but nor are a lot of things in life - if that your priority then good for it.
I personally value space over bling/being super up-to-date especially as that dates quite quickly and I prefer the more rustic/lived in/inherited look.