Unless you have boundless energy, a specific vision, and know what you’re doing, the most efficient thing to do in the current market is to shop for a home that someone else has done all the work on.

It is easier to obtain financing for an existing home than for a vacant lot. When there is a home on the lot, it can be appraised, and the bank has a better idea of the risk it is taking on. With a vacant lot, the buyer could default after not getting any farther than pouring footings, leaving the bank with something harder to sell than a vacant lot.

The older house will have electrical, water (or well) and phone service in place and readily upgradeable. In any urban or suburban area, the older home will also have sewer hook ups.

If you buy an exisiting home planning to remodel, it is very important that you identify any limitations. The community may have regulations in place that limit your ability to modify historic homes, or deviate too far from the size and style of the neighborhood.

Good luck!

In your case buy what you see, seems you do not have any experience with the house so, do not get in to the pit falls and the hassles.

You can get new home this way from builder’s inventory.

You asked,” What does it take to purchase a lot and update and remodel an old house”?

Depends on so many things. Have to shop around. Must find good bargain.

Some times you can find some thing that is worth the efforts.

Hi it all about saving money if you good with your hands and willing to spend some money and time if not go for building a new for you as some repairs to lod houses can cost lots of money good luck.

I just bought for 300,000, restored for 245,000 more. Appraised at 675,000.

Only you can figure that one out.

Probably the second. “They don’t build them like they used to” is true. You have to do a lot of tearing out to replace things like electrical and plumbing.
If you are only doing cosmetic changes, an older home may provide a less expensive shell.

depends on how handy you are if you are a do
it yourselfer I say #1

in the long run you will spend close to the same some will depend on the workers and taxes.

money

I’d guess the former if it was in decent repairable shape.