Is this where I want to be?
Consider your location before you decide to renovate. Are you in the right location? Should you be across the street? You cannot move the mountain, but you could move to the other side of the mountain to get better sun, be closer to the school your kids go to, perhaps even closer to your favourite cafe so you do not have get in the car in the weekend to go for brunch. It may seem like trivial things but what we are trying to successfully create is an overall enjoyment of your whole life. To that end your home and ultimately the location of it is a huge factor in achieving this.
You hear about life coaches, and I believe having the right home is very important for creating the life you desire and want. It is well worth your money to have a property evaluated by an architect prior to purchasing it to confirm its renovation or development potential.
A lot of older homes have the best locations, the most established gardens, lets face it, they were there first, and despite maybe being completely run down and looking the worse for wear they could have all the qualities that can be hard to buy or build new.
A hundred year old tree is very hard to achieve over a two-year period, whereas a beautifully renovation over a two-year period is very realistic.