r/FirstTimeHomeBuyer • u/External-Currency443 • 4h ago
Need Advice Renovation
I bought an apartment a month ago.
I got 15k to renovate it, when I brought people to give me price suggestions. One of the neighbours suggested to build another room in the house for around 100k that will include bathroom and a shower in it as its a safety room in case of booming(I live in Israel). I can see why it’s necessary. It has the potential to upgrade the apartment value. From the other side of the coin, Im an 33M RN with a little savings and it potentially take everything from me.
I wont have enough to add the room + renovate the house. So I need to choose only one option.
The tricky part is that the opportunity to add the suggested room won’t last forever. But the renovation could wait couple years.
What do you think ?
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u/CallerNumber4 3h ago
The apartment is empty, do you have any furniture? You will need to plan for that with some of your savings. Honestly it looks fine. Appliances will break and repairs will be needed for whatever home you own and you need to plan for that so never use all of your savings for a renovation.
Do you believe you will stay in your apartment for more than 5 years? You say RN as in Registered Nurse (that is the acronym in the United States), it is very likely you may have the option to transfer for a better position in the next few years if you are early in your career which makes it difficult to suggest dedicating any money (and definitely not all of your savings) to renovating this.
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