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Now open to the kitchen, the room is warm and bright thanks to grass cloth–lined walls, new windows, and French doors.

Jeff had a carpenter lay dark-stained oak flooring throughout the downstairs to tie the rooms together.

So to buy themselves more time to look—and maintain some order in their lives during the expected re-model—they sold their house and rented another one for $1,000 a month.

Almost immediately after selling their old house, they spotted their perfect wreck: a 1,400-square-foot 1953 Cape Cod, brimming with potential and boasting a "For Sale By Owner" sign out front.

Estimated savings: $100,000 Chose to have vinyl siding with a shingle pattern installed instead of painted cedar shingles.