Aecetia, I too have known people who split up over long drawn-out remodeling projects. It’s stressful living in constant dust without the necessities of life while drawing down a HELOC and remodeling little by little in your “spare time.” Their main arguments tended to be over how much $$ was planned to have been spent on the kitchen, for example, and how much in the end it takes to finish the remodel – the disparity in these two figures. The inability to take vacations while the property is in torn-up limbo (which could be years) adds to the stress. Permits are also usually more expensive than planned for and the inspection process can also be stressful for the homeowner.
In a whole-house remodel, it’s easy to change your mind midstream and go over budget or just underbudget for a room due to forgetting to plan for everything that will be needed. I’ve seen even “very handy” homeowners make these mistakes.
It’s also easy to waste expensive materials if you don’t know what you are doing. Purchasing a “heavy fixer” is certainly not for everyone, but those who can pull it off in a timely and professional manner can reap GREAT rewards in the form of “sweat equity.” The homeowners’ must have patient and persevering personalities.
I still think it’s a better investment to get a bigger lot – for privacy purposes and property value. There’s a lot of ways to avoid using water, including concrete, gravel, asphalt and xeriscape. A bigger lot is the best way to go if you possibly can get it.
