When Alec and Jennifer Harmes spent $264,900 for their first home in 2011—a 1,500-square-foot ranch fixer-upper in Austin, Texas—they assumed they would be living there for many years. So the couple, millennials in their early 30s, embarked on a series of home improvements to make it suit their tastes and needs. They refinished the kitchen cabinets, and installed new stainless-steel...
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