Couple bought a 140-year-old home for $550,000 and spent $172,000 renovating it

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.