should we have bought this house, 1966 remodel?

Question

2 years ago my wifes realtor friend told her she better by now, i told her we should save our money and wait, she wanted to remodel and i said i dont want to, she said she would divorce me if i didnt buy it, this house is costing us an extra 1000 a month over renting, i am 50 and will never see it paid off,,,30 years,,she said its good for the kids when we die, i told her we could get a 3 million dollar life insurance policy for about the same and the kids would be better off, we will never get that out of this house, who was right

Answer 1

You mean built in 1966, or most recently remodeled in 1966? If it was a genuinely old house that had not been remodeled since 1966, it was probably a worthy investment, even if you did your own remodeling slowly. If it was built in 1966, then a lot would depend on how comfortable you could be living in it while you remodeled. Also whether you would have to hire people to do substantial portions of the remodeling. Your kids might have helped since they would inherit.

But hindsight is 20/20, they say. I must admit that I consider a house a more significant investment in the future than an insurance policy. Cash can be frittered away so quickly, and much of it goes in taxes.

She didn't really divorce you over this, did she?