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RE: What's the worst that could happen?
"Last night my wife was saying that we have the option of staying where we are and saving so that we can buy and do the renovations later"
I would follow the advice of your wife.
There is an old saying: If in doubt, don't! And from what you have written here, you most certainly do have some doubts about the decision you would like to make. Therefore I would postpone making the renovations until you can save up some money to make them. And remember this: If you are not able to save up the money to make the renovations, then thank God that you waited, because if you could not save the money to make the renovations, then you would not have had the money to make the loan payments either.
I didn't say I don't have doubts, I said I am not scared. Massive difference. Doubts drive for due diligence to be done, like an investor knowing what they are investing themselves into and what the conditions and risks are .
This will be the 4th property I will be buying, the first when I was 18 and a student. I am not scared from experience as I lost my first house due to costs associated with my mother's death from cancer just after I moved to the other side of the world. The financial recovery took a few years time before I could buy again and renovate, then I sold that for a profit so to buy again and renovate and we will sell this for a profit too.
Doubts are good. Doesn't mean they should freeze you in fear.
I'm not sure why you are asking for advice in a public forum when you seem to have already made up your mind. Are you just looking for people who will agree with you? I do not! As I said earlier, I would take your wife's advice, and wait.
In the title of this post, you asked: "What's the worst that could happen?"
My answer: You could lose everything, including your wife and your health.
Good luck!
The question was rhetorical.
That can happen in a thousand other ways too and the health part is halfway there.
You too!
Forgot to address this. I am not asking for anyone's advice, this is my process and I often share it with people. Perhaps one day, it will pay off my house ;D