URGENTLY NEED SOME ADVICE! RENOVATE OR BULLDOZE AND BUILD??? Would be very interested on any feed back - i've tried to include as much info as possible so that you guys may add your 2cents to what you would recommend we do.
We were looking at renovations this year but after having plans drawn up for 1x tiny bathroom extension and DIY the 2nd bathroom then adding costs for, tiling throughout, new plumbing throughout, new gutters, new doors, large retaining walls to front and back, remove a wall here replace there, fix pool, enclose car port paint inside and out + + + + the Dollars are all becoming way too much looking at borrowing approx $100,000 just to renovate - is this over capitalizing?!
History - 4x2 house we bought the house 5yrs ago @ $250,000 (today valued at approx $390,000) in DUNCRAIG - House is 41 yrs old hence in desperate need of TLC - We LOVE our location, schools, parks, rec center, beach all within a short walk. So we decided we are NOT moving and enlisted the 5 year plan.....
The 5 year Plan was to borrow against our current mortgage borrow extra say $100,000 and RENOVATE the hella outa the old girl!! This would totally bring our current house back to livable state and modernize, add value etc etc - SELL WITHIN 5 YRS & upgrade (hence 5 yr plan) - Hubby and I are both working in constructions so have many contacts and are quite handy and willing to get our hands dirty BUT...
...Will this all be in vein? is $100,000 too much to spend on renovations to modernize a house? Most normal houses in Duncraig are all $600,000 and above ours is so less as requires all the TLC and MORE - We have started to reneg on our 5 yr plan and are thinking heck if we are spending $100,000 on renovations then why not bull doze the house and borrow a full $250,000 and build a rippa on the land and make that our 10 yr plan?
Its all alot of money - If the friendly people in the know on this forum would be so kind to give us your opinion's on what to do in this situation that would be a huge help!
Thanks in advance
