Quote:
Originally Posted by OMG!WTF!
Depending on your financial situation, one may not be possible. You have to come up with cash to pay for a renovation whereas you can essentially finance the already renovated house. So if you're putting 10% down, that's only another 3k out of pocket for the renovated house. But if you buy a house and then do a 30k reno, it's 30k out of pocket.
Whatever numbers you decide on for your reno, just double it, add 10% and triple your time line.
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You can borrow extra for renovations (I believe up to 10% of the value of the house).