Dream House Money Pit

The couple paid $650,000 for their house, and are now spending almost half the purchase price on repairs and an expansion.

http://www.nytimes.com/2016/02/21/realestate/when-a-dream-house-becomes-a-money-pit.html

They offered the seller’s asking price of $650,000, and “she just took it,” Mr. Hicks recalled. In retrospect, he said, “That should have told us something.”

They are also adding 1,000 square feet of new space, including a large upstairs bedroom that looks out over the footbridge. They are living in a rental townhouse nearby and hope to move back in by May. They estimate the total cost of repairs and the expansion at about half the purchase price.

http://www.nytimes.com/2010/09/05/realestate/05habi.html

Renovation = expensive.  Buy something reasonable that you can live in without modernizing the heck out of it for $$$.

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