master bedroom, bedroom for his wife when he needs some alone time, 1 bedroom for each kid, the nanny, the housekeeper. I mean that’s 6 rooms, and every self respecting BSD needs one room just to watch porn in. Oh and a guest bedroom. That’s 8. Easy to get to!
Inital quote was from some Eastern European dude too…
But, i’m gonna get a couple of my pals to do it. They are proper painter/decorators and have quoted me £4k; but I supply the paint. Maybe spend another £800 on reasonable quality paint (not farrow and ball or benjamin moore). £4.8k I can live with.
I’ve painted a few walls in my time. But I hate painting!! the most boring and tedious of all the DIY jobs…
Realistically though, let’s say the house costs $3 million (and is in some suburb of Westchester or something). This would create a property tax burden of about $60k per year. Who said houses were an investment?
What I mean is, when you choose to “upsize” from a $1 million house to a $2 million house, unless you can rely on unsustainable growth assumptions, you must think of this choice in terms of consumption, since you must pay higher taxes, interest, and opportunity costs on a more valuable property. You are not actually “saving” more money by living in a big house - you are just consuming more house. This is comparable to upgrading from renting a house that would cost $1 million to buy, to renting a house that would cost $2 million to buy.
As a direct comparison, imagine living in a $1 million house and owning-to-rent another $1 million house, compared to living in a $2 million house yourself. In the first scenario, you are renting out the excess capacity for money. In the second scenario, the excess capacity is “lost” to your own consumption.
Over a long time, buying the same house would be more economical than renting, but think of that as a long term subscriber discount to the big house - you would still probably make more money by living in a smaller house in the first place.