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Any reason why you wouldn't? A lot of the old timber houses were built quite well. They are fairly simple and cheap to repair or beautify. It doesn't matter your construction type - if a property has good maintenance then it will last a long time.

I'm not really into this spending % of property value on X. Every property and every property owner will have a different situation. It all comes down to what existing assets the property has, what you want the finished product to be, and how much personal time you're willing to put into the...