Ignoring that the cars are getting old now (i myself think the gen2 has a classic shape that doesn't look dated)
My conversion cost me about $5k..
Mind you, I had the car already.. and i was/am attached to it lol
To everyone saying its a waste.. get something newer...
If it's something you enjoy and you want to have the experience of building your own car.. just do it!
people have spent more money on less tangible things in pursuit of enjoyment..
The best advice i can give you is dont rush!
shop the bargains, dont jump on things just because they are rare and dont let this be your only car lol..
Things will go wrong, you will need time to iron out bugs and issues in the beginning, and its these issues that end up costing the money when you are in a rush.. parts that you cant wait for so pay top dollar... ect ect.
An example was my car was near done.. but rear hub was seized on.. luckily i had a spare hub but and CV.. but if i didn't i would have been rushing to get a new part... $$$$$$
my ECU was playing up.. i was about to drop $$ on a new ECU then i found a Aftermarket plug and play one for dirt cheap! $500 (Usually 900) and i bought it.. thats more $$$ that i didn't count on.. but it wasn't a waste for me as i had planned on swapping it anyway (just not yet)
random sensors and bits that were troublesome to begin with.. luckily I have a few years worth of bits and bobs and a few mates who over the years have also accumulated bits.. so swapping sensors and testing was a cheap/free process but if this was not the case... i could have thrown Hundreds away on chasing this kind of thing..
I found the whole process to be quite rewarding and the car was my daily for near on 15 months after the conversion and It has been rock solid..
the thing to remember is rubbish in rubbish out..
If you just "Makes things work" instead of making things work the way they should.. it will bite you down the track..
My Loom i did myself and i kept everything factory.. Anything WRX related is exactly as the WRX loom would be, and everything else is RX 2.5..
I have PDF's of the wires that were changed and the colors etc so that if i ever get completely stuck i can go to an auto elec and provide the wiring diagram for MY car.
It might not be as pretty (peeling intake manifold, a few other cosmetic things) but i would say my car is near on the closest to OEM that a conversion can be.
The final and probably most important aspect you have to take into account when deciding on doing a conversion though will 100% be.. who's going to look after it?
and when i say that i mean.. the car will no longer match any parts catalogues..
YOU need to be sure that you are going to know whats going on and what your car is..
I Know myself that if i took my car to a mechanic.. they would have no idea...
I took it in to have a up pipe fitted.. they looked at me and said we dont do twin turbo's..
I tried to explain its just a WRX in a liberty body.. not 2 minutes later.. they were looking for part numbers for a 2.5RX ..
ended up i did all the work myself to swap it and order the parts.. but it can be a hassle.. I cant take it to have the brakes done unless i tell them EXACTLY what i want..
i am always cross referencing part numbers to ensure things fit..
You need to commit to doing everything yourself and really learning about the car otherwise your going to hate it and go broke lol