Home Renovations or New Build?
Renovation costs worth considering.
Before you consider purchasing and tearing into a "fixer-upper", you might want to ask yourself a few questions. Is your desire really to commit huge time, effort and expense in home renovations into an older home or might it be that you desire the "feel" and character of an older home but with the amenities of a newer home?
Before you answer, consider the following:
Is your dominant characteristic one of patience? Can you work well with your partner under some very close and personal renovation disruption? Is taking on a new project something that you enjoy doing? Are you creative, having the ability to "see" potential in old things while not panicking at growing renovation costs?
If the answer to these questions is a resounding YES, then make the plunge and get at it. Major home renovations can be a very satisfying process if you are prepared and enter that process with real expectations of the total renovation costs.
You will need to consider whether you will be living in the house while undergoing the home renovations. Think dust on your sandwiches-for many months. Will you be doing most of the work yourselves or hiring experts? Hiring experts may cost more initially but expertise in many cases can also be a major cost saver when factoring in the experience of a qualified contractor. Budget - as with any major purchase, get the best that you can afford. The savings you experience in the purchase of a fixer-upper will go towards the home renovations. No point in "cheaping out" at this point. Make a budget and stick to it.
Remember though, reno's typically have many more "unforeseen’ s" than a new home build. Expect the unexpected, inspect the uninspected, keep hold of your dream and love your new digs....and congrats on your survival.