Not So Secret Shame

[Peanut]

http://www.nytimes.com/2016/04/23/your- ... .html?_r=0

This article was in the same vein as the other case study. The wife has already written a book about the huge financial risks they took as well.

In general I admire historical reconstruction-type jobs. Some commenters made the point of energy (in)efficiency. But I had read that it's better to live in the old house and improve efficiency as much as possible than to tear it down to build a new one, even a green home? Financial shenanigans aside, I like what they produced. Or rather, their contractor. DIY would have gone a long way in this case.

[GandK]

To me, this article evoked no feelings or judgment whatsoever. These people did things that, on paper, were financially stupid. However, they are admittedly happy with the result. They're bright, well-employed and on their way up, unlike the "secret shame" guy who's on his way down unless he redirects. I think these guys will make it in the end, in their own eyes if not the public's. So... win.

[George the original one]

Hrrmm. Pretty much started with a good shell and then relied on contractors. The custom woodwork upgrade because opportunity knocked was unwise because that sharply deviated from their original plan.

[stoneage]

Alright, It's a nice house, but I hardly understand how a restoration would cost half the price. Yeah, there are nice bits of woodworking (see portfolio at https://builtbymaxwell.com/), but they paid a lot for this.
So almost nothing extravagant here, and DIY would have cost a fifth of the price max (including paying for a plumber or other contractor for works the average joe would be afraid of doing).

As every bet involving twice your networth, it really does not come close to a win for me.

[Dragline]

In the end, houses are just objects, too, and there is an oversupply of them in many, if not most, places in the U.S. What if you substituted the word "boat" or "RV" for "house" here? There is a reason why they call these things "money pits". Remember when Tom Hanks was known for cheesy comedies?

See https://www.youtube.com/watch?v=Yil2jWQ5Oqg

I don't see the value or attraction of what they have done, but their mileage out of it may vary and they do have something to show for it. It's not like they blew it all on champagne and jewelry. It's kind of a trite story, though.

[JamesR]

It sort of sounds like they ultimately chose to take on the debt because they didn't want to "settle" and constrain their wants. They're still young, and Amy's already written a book that perhaps will do all the better because they deliberately ended up in a situation that's worth telling a story about. Why else relocate to Detroit and end up in the hole?

[plantingourpennies]

Thanks for posting this-it was a good read.

Tough to defend those choices through the lens of FI or ERE. Kinda reminds me of what people were doing back before the great recession.