My wife and I might have the chance to choose one or the other of these options in the next few months. Both are on adjacent pieces of property, each with plenty of room to do whatever we wanted.
Option A: buy and remodel a 40 year old home. It's well built, spacious, but very dated and would eventually require a complete overhaul. I will not be living near this property until next summer, so I could not even really start the remodeling until then. Even then, due to personal reasons, the remodel may be delayed by a year or two or three.
Option B: build a new home. We would be able to start this summer, and would be close to being ready by the time we move next June. We would be able to build what we want, the first time around. However, I have to wonder if it would be more pricey to build a new home (I've heard nightmare stories about remodels too, though).
The main variables at play seem to be:
1. Length of time till the home is complete
3. The layout and features of the end product
We have a nice architect in the family, and are great friends with a really wonderful interior designer who would help us out. We do need to make a decision in the next month or two.
This will be the last home I ever live in, hopefully. We want to do it right. We swing back and forth between the two options because of sentimental attachment to the existing house.
Anyone have any insight? TIA.