Anonymous wrote:Would you buy an already completely redone house for more money OR would you buy a house that is less money and renovate it the way you want? Either way cost of the house would end up the same. Pay $1.5 million for new already done house OR buy house for $1.25 million and put in $250,000 in renovations. House size is comparable (around 4000 sq ft) with similar amount of bedrooms/bathrooms.

Depends on if $250K can get me the things I want that the other house has already.

We have renovated two houses. It is a royal PIA, but things are how we want them when it is done. Unless the pre-removated house has what you want, the color tiles and granite in the kitchen etc, then you may not be as happy with it.

Also with a house that someone else renovated, you are never sure about the quality behind it. I know in our current neighborhood, a lot of the overnight developer renovations are really crappy.

I've done both. Truthfully I'm tired of contractors and their BS. I want one that is new and to my liking.

It depends whether or not I like the already renovated updates. Sometimes I like the renovations that a prior homeowner did for themselves, but I generally don't like the flipped updates.

Anonymous wrote:Are you sure of the price for the renovations? Everything I’ve done has ended up costing more than estimated. Plus, additional issues always popped up - either by living there or during the renovation. That being said, when you renovate with a good contractor, you know it is being done the right way.

+1. We are in the middle of this now. Bought a house and assumed we'd spend $200K on renovations. But once we moved in we realized all the hidden stuff we'd have to do: wood rot on the exterior trim that had been painted over. Replacing blinds that just don't work correctly. Replacing something in the attic that I don't even understand.

If you're going this route, take your assumed budget and add 1/3.

I have always renovated, and then wished we had bought new(er). Renovations are hard and expensive.

Given unlimited money, I'd custom build, sure. But the money is never unlimited.

renovations have gone up dramatically in the last two years so I would buy a already redone house.

We had a bathroom remodel in 2022 and it cost $19K. We just got quoted for an identical bathroom and finishes $65k by three different companies.

Are you sure of the price for the renovations? Everything I’ve done has ended up costing more than estimated. Plus, additional issues always popped up - either by living there or during the renovation. That being said, when you renovate with a good contractor, you know it is being done the right way.

OP - if we go with option B we would move to a family home while the majority of renovations are done over the summer. Then come back and probably live in the house while contractors do the finishing items.

We would be paying cash for renovations - probably around $250-$300K.

Already redone 1000%. Unless you know exactly what you are doing and have the money and bandwidth to complete a large scale reno. Most people don’t.

We bought an already redone house. We have young kids and busy jobs — I knew we would never have the time and energy to put a lot of thought into renovations.

Dealing with renovations can be difficult. Do you have another place to stay while the renovations are happening? If you would have to do a short term rental/hotel, you need to consider those costs. If you have kids or pets, it can be especially difficult for them.

I did the former because I know myself. I'm also very adaptable. So even if a house isn't exactly my style- like it's done up in Tuscan earth tones and I'm more of a cool white greige? It's still done beautifully and by a designer (thus the higher price tag), I don't have to make decisions, and I pretend I live in a hotel.

We did the latter. No regrets---the finished product was worth the time and inconvenience of remodeling.

Would you buy an already completely redone house for more money OR would you buy a house that is less money and renovate it the way you want? Either way cost of the house would end up the same. Pay $1.5 million for new already done house OR buy house for $1.25 million and put in $250,000 in renovations. House size is comparable (around 4000 sq ft) with similar amount of bedrooms/bathrooms.