As some of you know, we’re in the middle of a big home improvement project. We’ve had a bunch of ups and down. Last week, there were many ups. We passed our framing and electrical inspections. The inspector was happy with all of the work and went out of his way to tell us so. Woo!
However, things took a downturn over the weekend. On Saturday, the garage door opener broke (I know, first world problem). On Sunday, I woke up and checked the temperature. It was 4 outside (without the wind chill). I also noticed it was a chilly 64 degrees in the house. Uh oh. The furnace had gone out. *&^%! The good news is that we were quickly able to figure out what the issue was (burned out blower motor). The bad news was that parts for Lennox furnaces are a huge pain to get. We had to have it shipped from Kansas City. Late on Tuesday, we finally had heat again. That’s not all though.
On Wednesday, we had a big rainstorm. I was reading the paper and started hearing dripping. Uh oh (again). We discovered that rain was coming in through the top of a window. The water was getting in through an unfinished part of the roof and making its way through the wall to the window. Fine, put a towel on the sill and be done. A couple minutes later, more drips. Same thing was happening with another part of the window in a different part of the house. Grrrrrrrrrrrrr.
Despite all of this crap, I do enjoy owning a home. I enjoy the projects that make the home look great and turn it into my own. However, it really sucks when the problems pile up on you like a ton of bricks. Not. fun. at. all.
However, there is light at the end of the tunnel. I’ll have the plumbing inspection next week. After that, we’re ready for insulation and drywall. Also, Uglyhouse isn’t quite so ugly anymore. The new addition is all framed out. The roof guy just needs to put shingles on it. When the weather warms up, I’ll paint it and things will look peachy, from the outside at least. I still have plenty of work to do inside.
This finally brings me to my point. Someone close to me is going through counseling. She has high anxiety, worrying about everything. One piece of advice that the psychologist gave to her was this:
If you have anxiety over something, ask yourself if the issue will matter in 6 months. If it won’t, let it go as you’re wasting your time.
This is directly applicable to me. My cold wet house will all be a memory in just a month or so. It’s just dumb to waste more than 10 seconds worrying about it. Or writing about it.
2 million dollar tear down
In a past life, I lived in a fancy lake house. My wife and I would marvel as other lake homes on our street were bought for prices of $500,000+ and promptly torn down. Six months later, a mini mansion would spring up. However, tonight I read about the most ridiculous tear down ever.
In a ritzy suburb of Chicago called Hinsdale, someone bought a 10,000 square foot home for $2,400,000 and is going to, you guessed it, tear it down. Here is a quote from the real estate agent:
He said he is not surprised the new owners are choosing to demolish the house and build a new one in its place because completely renovating such a large house would be costly.
“The house is big, but it’s not particularly suited to today’s lifestyle,” he said.
Really, are you *#&^ing serious? It will be cheaper to rip it down than to renovate it? At 40, the home isn’t even that old. Our home was built in the same year as this one actually and ours was OK to renovate. Come on now people!
And it’s not suited to today’s lifestyle?’ What kind of lifestyle do these people have? Do they need 50 foot ceilings to fly toy helicopters*? Rooms for the dogs**? No clue. I can’t relate. Talk about first world problems.
I don’t have a bajillion dollars like these people do. However, I do have enough of a nest-egg to afford just about any home in our ‘hood. Instead, we chose to buy a $176,000 fixer upper that no-one else wanted, despite our red-hot local real estate market. It was really nasty looking.
I’ve done some thinking on it tonight and the conclusion I’ve come to is this: Even if my nest-egg was 10x what it is now, I’d stay put. I like the people I live around. The school is good and the children are happy. We enjoy our evening walks. I can bike to several good microbreweries in minutes. I can see mountains. I just don’t need or want anymore***.
*Actually, this sounds cool. If I had high ceilings, I’d have a fleet of remote control helicopters, no doubt about it.
**A rich acquaintance actually has dog rooms in their home: “This bathroom is for the dogs! They get washed here.” At least they wash them themselves.
***Except an Acura NSX. I’d definitely have one of those. It would be an early one though with high mileage. I’d give you rides too when you came to visit. If you knew how to drive stick, I may even let you drive it.
Looking good, Mr. 1500! I’ll say a prayer for a clean plumbing inspection, so you can seal that bad boy up. All the best!
Done by Forty recently posted…Rent to Own
Thanks DB40. Update next week!
Hah hah! I used to love reading about these when l lived in L.A!!! People buying properties for like 5, 10 million and then tearing them down to build their own garish dream houses. Insanity!!!! Your house is looking good! Good luck with the next inspection ..
Kemkem recently posted…A traditional West African Engagement !
It astounds me what people pay for a tear down. I hope that companies try to salvage some of the materials at least.
There is a perfectly fine mall near us that is being torn down. I want to cry when I walk though it, looking at all of the beautiful materials that will soon be in a landfill.
Nice work Mr 1500. I really like your front elevation……it has a current and clean look. I hear you on the unfortunate housing surprises. I realized last week that water had gotten behind the wall in our tub area and made it soft. With a baby due in two week and my mother-in-law on the way, we decided to just use the other bathroom for a few months. It looks like I’ll get to rehab a bathroom in May. Oh joy!
-Bryan
Income Surfer recently posted…Learn YOUR Strengths/Weaknesses and Get Better Returns
Thanks! It will eventually look like a craftsman style home with the fancy posts out front. It will be a while though.
Congratulations on the upcoming addition!
I think the house was cute before and will be super adorable after =) And if it’s any consolation, it’s looking like 2015 might be the year that the inside of our house gets ripped apart. We’re debating going full cookie (and then some) on the tile, the kitchen, will likely be adding windows, moving a wall, and are considering vaulting part of the ceiling (need to get an architect’s opinion on that one).
Put a pillow under your jaw before you read this, though. Naples had a $30MM tear down last year. Sure, they were actually buying 200 linear feet of beach front property in one of the most exclusive parts of the city, but that still comes down to $150K/linear foot of beachfront. INSANE.
Mrs. Pop @ Planting Our Pennies recently posted…PoP Balance Sheet – February 2014
http://www.gulfshorelife.com/December-2013/Top-of-the-Line/
In case you were doubting the $30MM tear down. =)
Mrs. Pop @ Planting Our Pennies recently posted…PoP Balance Sheet – February 2014
Holy COW! Mind blown. I have no further comment.
Very cool about your improvements. Coincidentally, I’ve been discussing trusses with a structural engineer all week. If you send me a picture of the inside, I could tell you whether it will be a big deal or not. If it is, you just have to get a structural engineer to come take a look and then add some reinforcements. Not really that big of a deal either.
150K/foot! !!!!!!!!!!!! Our lake frontage was about $5000/foot and I thought that was a lot. Yikes.
I’ll try and get some good pictures and email you this weekend! Totally curious what you guys would do. =)
Mrs. Pop @ Planting Our Pennies recently posted…PoP Balance Sheet – February 2014
I agree w/ Mrs. Pop, the pre-version wasn’t too bad–I actually like the front porch. But I’m not the one who bought it and will be living there. Congratulations on getting so much hard work done. You all should be rightly proud of what you’ve accomplished.
OK, I gotta say it: Your heat DROPPED to 64 overnight? We set the thermostat at 59 at bedtime and make the kids use extra blankets. Heat kicks on and gets up to 64 by breakfast.
We like the front porch too. The new home will have a front and side porch that will be bigger than what we started with.
“OK, I gotta say it: Your heat DROPPED to 64 overnight? We set the thermostat at 59 at bedtime and make the kids use extra blankets. Heat kicks on and gets up to 64 by breakfast.”
OK, you got me! I do turn the heat way down at night, but I turn it up to 67 during the day. Guilty. As. Charged.
Best of luck with the inspections! Enjoy your home and make it everything you want it to be! On the side of those who want to tear a house down, whether it be big or small, they want to make it their home as well. I would be on the side of renovating, but if starting anew is what will make them happy, props to them!
Thanks! I admit that I’m a little nervous about the plumbing inspection. This is the first time I’ve ever done it. Wish me luck!
Your home is your castle!
What other people do not care!
When you are satisfied and happy in your home – then you have achieved everything!
Best regards
D-S
Dividenden-Sammler recently posted…Branche ist nicht gleich Branche
Thanks DS! It is a run down castle at the moment. Soon though…
As a chronic worrier, that’s really good advice. I remember I went to counseling while I was in college, and my therapist told me that to stop worrying, “breathe, and be fully present.” That’s been really helpful to me. It’s hard to enjoy what’s happening around you if you’re stuck in what might happen! But sorry about all the house problems, those suck.
Allie recently posted…Some Stuff I Did
“It’s hard to enjoy what’s happening around you if you’re stuck in what might happen!”
Yes, exactly! The thing I’ve come to realize too is that most of the stuff I spend time worry about never comes to pass. So, all of that worrying was pointless.
The house is looking great! I love the new siding. The addition is really helping the garage to fit in — I can see how it looked a little odd before.
I tend to worry about my house, too. We have so much to do, and I want to pay cash, so it will take quite a while. I keep having to remind myself that it’s not going to fall down in the mean time.
Jen @ Jen Spends recently posted…How We’re Using our 2013 Tax Refund
“The addition is really helping the garage to fit in — I can see how it looked a little odd before.”
Yes, you nailed it! The garage was an addition that seemed haphazardly slapped on. Tying the two together was part of my goal with this work.
“I tend to worry about my house, too. We have so much to do, and I want to pay cash, so it will take quite a while. I keep having to remind myself that it’s not going to fall down in the mean time.”
Yep, exactly. Take care of the urgent stuff now and get to the other stuff whenever. I have to tell myself that all of the time too.
Just to get this out of the way… LOVE the NSX. Guy I worked with a few years ago had one (it was his daily driver and baby all at once). He bought it used and boy was it amazing to ride in and drive around. Going 25 felt like 45 since you sit so low. I could wax on for quite a while… but I digress.
I think the important thing here is that no matter your financial situation, one’s values shouldn’t change, regardless of what they are. Meaning, if you have a cool $1M now and stumble into an extra $10M, there is no reason to change one’s lifestyle or spending habits. For me, I’d probably only change my location and head to a more tax friendly state.
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Oh damn, you’re making me want one even more now! Must. resist. Ahhhhhhhhhhhhh!!!
“For me, I’d probably only change my location and head to a more tax friendly state.”
Yep, that makes a huge difference. We loved Wisconsin, but wow, they nail you on taxes. Moving from there alone allows me to retire years sooner.
I think the house is super cute. And I think it’s extremely cool, you’re doing most of the work. Ever since I started working, I have an inkling to get my hands dirty and create with my hands. Never had this feeling before! But working in the services industry after so long, gets old. What do we actually create?
SavvyFinancialLatina recently posted…What is Your Next Career Move?
Thanks SFL! Do go ahead and get your hands dirty! You won’t regret it!
Haha….Oddly enough I live in Hinsdale and it is ridiculous to say the least (don’t worry I do not follow the madness. In fact, I live here cause I work with students.) I will say though that while the money is absurd, the people truly care about their families, and are very welcoming and caring. From the outside it might appear that they are consumed by themselves, of course some are, but most are quite charitable and spend a lot of time/money/resources giving to charities.
That is great to hear about your neighbors! I used to work in the area man oh man, its beautiful there. Good to know that the people there are good as well.
I think the worst kind of neighborhoods are the upper middle class ones actually. My last neighborhood was an upscale, cookie cutter subdivision and it seemed like a big competition.
Who says you can’t buff a turd?! I’m kidding of course…but really dig the “curb appeal” of the upgraded joint. Coupling your handyman skills with your already established financial prowess has made you unstoppable! Looking forward to progress reports…
Ha ha, no offense taken! It was a huge stinky turn before we laid hands on it! Literally in some cases (sewer issues).
However, I can take a turd and turn it into something special. Wait and you shall see.
I have complete faith in you, Mr. 1500…..much improved/looks great already!
I legitimately don’t get it. Fine, let’s say a person is super wealthy and wants to build their own, personalized, crazy mcmansion – not what I would do, but I comprehend it. Why would they need to purchase a multi-million dollar home in order to tear it down and build it. They would get the exact same house by purchasing a cheaper home and tearing it down, would they not?
In other news, your uglyhouse is looking pretty great so far! Congrats!
Dave @ The New York Budget recently posted…If You Can’t Give Money, Give Time
At the tear down point, the buyer is basically viewing it as a land purchase. Perhaps a cheaper home to tear down wouldn’t have as nice a location… Just playing devil’s advocate here.
Mrs. Pop @ Planting Our Pennies recently posted…PoP Balance Sheet – February 2014
Yep, and I can actually see where it may be justified in that Napes home. I looked at the picture and that home looked tiny compared to the others. In the case of the one outside of Chicago, I think that something could have been done with the existing home though.
Have you looked at metal roofs? Ours is a light gray/silver, is Energy Star rated, and immediately started saving us at least $50 a month in heating/cooling costs and our kids’ bedrooms on the second floor were noticeably cooler that summer.
We would have loved to do metal. The problem is that most of the existing roof was in really good shape, so it would have cost a lot more to have that torn off and go all metal. If/when I need to replace the existing, I’ll consider metal.
I am someone like your friend who can have severe anxiety and I appreciate advice like that! It’s so hard in life not to put the cart before the horse but there’s no point in getting so anxious you get sick over something you don’t know how it will turn out! And like you say, if in a few months it’ll be long finished, don’t worry about it.
The house looks great so far! Hope you can later show a few before and afters.
Tara @ Streets Ahead Living recently posted…Why I don’t do monthly budgets
I have anxiety too at time. It isn’t debilitating though and it actually motivates me: I’m worried about the plumbing inspection. OK, go get your ass out there and finish it up so you can put it behind you.
I really like the additions to your ugly house – it’s really coming along.
I know that house is in Chicago, but come on… How many people could retire on that tear down purchase price?
Thanks! It is looking better than I ever thought it would. Can’t wait to see it completely finished, but that won’t be for at least another year.
I was kind of chuckling under my breath as I read this post. Nothing gets me temporarily down more than things breaking, one after the other. It’s like they conspire against you. That was our January. Almost a month and a half later and virtually nothing else has gone wrong. Can’t complain. Some months are rougher than other months.
I love that advice from the counselor. Will this matter in six months? Almost always the answer is no. I’ll have to adopt that little thought experiment the next time some piddling issue arises in my house.
Justin @ Root of Good recently posted…February 2014 Financial Update
“It’s like they conspire against you.”
Exactly.
On top of it all, I’m trying to finish up construction on the home. So, 3 hours spent fixing the furnace is 3 hours that I’m not running water lines or building walls. Drives me nuts.
I recommend your friend with anxiety read “The Monk who sold his Ferrari”. It’s an excellent read and helps to put life in perspective.
Regards,
Tuba North
Thank you for the recommendation!
Great work man! From the outside, the renovations look great! The outlook of not worrying about those things that won’t matter in 6 months could ease many a worry, that is for sure.
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