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I have decided to do some mods to my nork 1911. I'm not sure where to start or what to expect to spend. Will it be easier/cheaper to just sell this and upgrade?
There isn't a need to sell and upgrade. There are plenty of people around this forum who have taken the plunge with a Norinco in order to build it up the way they want.
You might want to first start by reading the 1911 modification sticky up above. That will explain what other people have done and why which should give you an idea of where you would like to do to your own. Think of it as a blank canvas that is waiting for you to turn it in to your own personalized pistol. Also keep in mind that there are some site sponsors that offer tuning packages for Norinco pistols (Armco is an example). I'm sure there are people around here who can attest to their work.
Personally I find it hard to tell you what to do with your pistol cause only you know how you will use it. The way you use and what you use it for will most likely dictate the type of mods you do. My advice is to read up on what others have done to see what you like and go from there.
If you're planning on reselling your Norinco at a later date my advice would be to not spend a ton of money on modifications. You will not recover your costs especially if you pay a gunsmith for his time. Tricked up 1911s can be picked up for decent prices here on the E.E.
I'd keep it bone stock, shoot it and enjoy it. Save your money to buy more ammo.
Mods are NOT an investment. Get them for your own enjoyment. They may add some value, depending on the mod, but nowhere near the cost. Like with all things too, the more you can do yourself the cheaper it is.