Finally, take a long, hard look at the numbers. Of course, buying a new home that's being constructed can run into problems as well. But at least you know there's an end number that doesn't move around a whole lot. The emotional and financial toll of renovation has tanked more than one relationship. Don't take this on if either you or your spouse or partner is wavering.
Renovation requires a strong commitment and an even stronger stomach.
Renovating your home can be more labor intensive, uncertain, logistically challenging, dragged out and aggravating than building. And, it can cost more on a square foot basis. Make sure you have a complete set of plans, a budget, and a written contract before you start tearing out walls. Tastes have a funny way of changing in the middle of a project, but by then, it may be too expensive to rip out a bathroom to change the color of the tile.