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Reno vs Build - Coggle Diagram
Reno vs Build
Reno
PRO
Love the neighborhood
Great access to resource amenities in the area
Convenient to Kathryn's job
Walking access to Shelly Lake
Love the lot
Like style of home
CON
Have to move twice in effect
Don't get a lot of the things that we have talked about having in a forever home
High probability to experience water damage to house during reno while garage roof is open
Bad neighbor(s)
Closer to neighbors
Not all spaces will be new or fully renovated
Still a 40 year old house
Build
PRO
Get to live in an all new home
Get to build features to our specs
Will be on a bigger lot
May be closer to Falls Lake
Opportunity to build in sweat equity with DIY bonus room / basement
Less likely to have issues with neighbors
No city taxes
Add alternative energy options
CON
May be further away from resources and amenities
Cost may be high
Internet access questionable
May be a snobby set of neighbors
May have to build bigger than we want to
Will likely be HOAs and fees
Will likely take longer to have resources restored after weather events / need generator
Further away from Kevin's job at OFM
Likely the least cost effective option
Buy Existing
PRO
Don't have to deal with as many logistics as other options (Design Decisions)
Would likely be closer to ammenities
Don't need to find a contractor
Would need to be move in ready
CON
Will have to settle on what we are buying
Will likely be paying a premium on what we buy
Will need to be able to move very fast
More pressure
New neighbors are an unknown
Getting acquainted with new area
Likely to need some post purchase modifications
Hard to find as nice of a lot as Lakepark or Falls Lake
Buy "Off Market"
PRO
Would likely be closer to ammenities
More likely to be able to have some control of pacing
Want something that needs to be updated (not neglected)
CON
New neighbors are an unknown
Getting acquainted with new area
Likely to need some post purchase modifications
Hard to find as nice of a lot as Lakepark or Falls Lake
May be hard to find someone ready to sell