Couple bought a 140-year-old home for $550,000 and spent $172,000 renovating it
A couple purchased a 140-year-old home in Atlantic Highlands, New Jersey for $550,000 and have spent approximately $175,000 on renovations. They walk through the home's key spaces, highlighting restoration efforts and structural changes. The video also covers their financing details, including a 15% down payment and a 7.125% mortgage rate.
Summary
The couple provides a tour of their 140-year-old home in Atlantic Highlands, New Jersey, which they purchased for $550,000. Starting in the living room, which they describe as the space they use most, they emphasize their desire to preserve the home's original charm, including keeping trim that matches the original detailing.
Moving through the dining room, they note that much of the furniture was left behind by previous owners. The kitchen is identified as a space that still needs updating, though the owners are intentional about not modernizing it too much — they want to retain the character of an older home. A small room off the kitchen, previously used for storage, is also mentioned as part of the renovation scope.
On the second floor, the couple undertook significant structural work, taking the space down to the studs. Four originally small bedrooms were reconfigured by removing walls to create a larger master bedroom. The third floor serves as a home office with ocean views.
Regarding finances, the couple put down $82,500 (15%) on a 30-year fixed-rate mortgage at 7.125% interest, resulting in a monthly payment of just under $4,000. They describe the interest rate as a tough pill to swallow but felt compelled to close on the property. Renovation costs have reached approximately $175,000, funded through a combination of personal savings, a 401K loan, equity from a former employer, ongoing personal income, and the flexibility of contractors willing to work with their financial timeline.
Key Insights
- The owner explicitly wants to avoid making the kitchen feel modern, stating a preference for preserving the charm of an older home rather than updating it with a contemporary aesthetic.
- The entire second floor was taken down to the studs, and four originally tiny bedrooms were reconfigured into a larger master bedroom by removing walls.
- The couple secured a 30-year fixed-rate mortgage at 7.125% interest with a 15% down payment of $82,500, resulting in a monthly mortgage payment of just under $4,000.
- The owners describe the 7.125% interest rate as 'a tough pill to swallow' but felt the need to close on the home outweighed the unfavorable rate.
- The $175,000 in renovation costs was financed through a diverse mix of sources including personal savings, a 401K loan, equity from a former employer, personal income over time, and flexible payment arrangements with contractors.
Topics
Transcript
[0:00] Welcome to our home in Atlantic Highlands, New Jersey. So, this is the living room. I would say we spend most of our time in this room. I wanted to make sure that the trim looked like the original. Here we have our dining room table. We eat every meal here. A lot of the furniture that you see in this room was left by previous owners. So, this room definitely needs some updating. I don't want to make it feel like [music] a modern kitchen. I definitely want to keep the charm of like an older home. This is a room right off the kitchen. When we first moved in, [0:30] I think it was just being used…
Full transcript available for MurmurCast members
Sign Up to AccessMore from CNBC Make It
Is buying a home still a cornerstone of the American Dream?
Homeownership, traditionally a cornerstone of the American Dream, is becoming increasingly unattainable due to rising prices, borrowing costs, and ownership expenses. More Americans are now viewing renting as a viable long-term option, with rents declining and younger generations particularly valuing the flexibility and financial predictability it offers.
This couple quit their film and PR careers to take over family's cemetery business
A couple transitioned from film and PR careers to take over their family's cemetery business, which generates over $6 million annually across four locations. Despite widespread advice to sell, they decided to keep and modernize the business by focusing on making cemeteries relevant to future generations and positioning them as spaces for the living to honor their loved ones.
Are Stablecoins The Future Of Money
Stablecoins are cryptocurrencies pegged to the US dollar designed to enable fast, low-cost payments as an alternative to traditional financial systems. While major companies like Visa and Mastercard are backing them and analysts project significant market growth, significant risks remain including lack of FDIC insurance, the inability to maintain price pegs, and regulatory uncertainties.
This father-daughter duo brought in $428K last year making fidget toys
A father-daughter team generates $428K annually by designing and manufacturing fidget toys from their home-based operation. They use 3D printers and UV printing technology to produce approximately 1,500 orders monthly, with assembly processes that can take 45 minutes to an hour for 100 units.
A Self-Made Millionaire And An Investing CEO Discuss Money, Power And Success
Financial educator Vivian Tu and Ellevest CEO Sylvia Kwan discuss women's economic empowerment, defining the American Dream as financial independence and agency rather than material wealth. They address the realistic challenges young people face today while advocating for better financial literacy education and policy solutions to address the growing wealth gap.