How 'nice' is your househacking home?

[Jesse Park]

I just bought a house in Lakewood, Colorado for $450k with 4 bd 4 ba with 5% down payment. Mortgage is going to be around $2450. The rates are $750 per room in 3 rooms, $700 per room in 2 basement room when they are finished, and I will be living in the master.

I want to add 2 more bedroom as soon as possible, but I also want to do renovations in the kitchen, put hardwood floors, remove popcorn ceiling (asbestos), put in recessed lighting, new internal/external paint, remove a load bearing wall, and etc which a contractor said will cost around $80k (I think I can go IKEA kitchen and go cheap on other things and save $30-40k. Getting quotes from 4 contractors by this Sunday 3/8). I do have $40k saved up in cash to spend if necessary and I have family who can help me.

From a business mindset, the house is definitely livable as-is with a new internal paint job, so I can just work on adding 2 basement bedrooms for good cash flow. However, since I will be living there and I don't want to attract lower quality 'tenants' to live with, I want to make the place nicer too. How much is a reasonable amount to spend on renovating the house that I will be househacking?

I am currently renting so I have 2 months to renovate before moving in. I also thought about making the above-ground nice first so that I can move-in ASAP, and finish the basement myself while living there which can take about a year.

#Denver