Buying a rundown house and renovating it may be an ideal way to make major changes to your home that allow for a comfortable layout and attractive feel, however depending on the level of renovation this can be very costly.
Before undertaking any such project, it is advisable to determine your overall cost budget and make a plan i.e., make a list of all the renovations you want to carry out and where possible obtain cost estimates from relevant contractors or carry out your own research and estimate costs accordingly.
During the course of any renovation project there will always be unexpected surprises that haven't been budgeted for and this drives up the cost, for example on a recent renovation project it was discovered that the roof support beams where inadequate to support a change from the asphalt shingle type of roof to the concrete tiles type of roof and extra support beams had to be installed at great cost.
Having completed your renovation can be a rewarding experience if all goes well. Not only does this give your desired style of home but also adds value to the property.