Would it be less expensive to Renovate an Old home or Just build a new One that is simliar in size and feature?
I have an old house that needs major renovation (picked it up dirt cheap) the home needs a new basement, roof, windows, plumbing, etc.. its basically a solid shell (3 story, 4 bedroom farmhouse).
Typically there is some value in the structure if it is sound but the question really is – “is the existing home worth the investment”?
Are the rooms of adequate size? Are the “wet areas” (kitchen and baths adequately sized and well laid out? Is the internal traffic pattern good? If the home were totally renovated would you be happy living there?
Another question should be “Is the underlying lot in a location where you would wish to live?” If you picked up the old home “dirt cheap”. what does that say about the quality of the neighborhood?
In the current market there are some excellent deals available from builders on both new homes and renovation so the time to act is now if you can afford it.
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Farmhouse Renovation – Part 1