Don’t get me wrong, I like to watch Chip and Joanna too. But this isn’t the easiest way to get your dream house. One of the biggest challenges is the financing a project.
Among other things, consider:
You may need to qualify for a second or short term loan until you can move into your new house.
You need to live somewhere while your new house is being remodeled
You might have to maintain two house payments or continue paying rent while your new house is being remodeled. Can you afford double payments?
If you’re thinking about going all HGTV on a house, find yourself a good mortgage officer to help you through the numbers. Going a it on your own might get you living in a disaster. Your realtor can suggest a couple of options for you while you consider your options.