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My wife and I love our block and neighbors but are running out of space and now have an elderly parent to take care of. We've looked on the market, but we're now considering a total teardown of our current house in RVC. I know no one can answer how much that would cost with any certainty, but I'm looking for an estimate per sq ft. I know I'll need a contractor, architect, etc., but we haven't gotten serious about it yet and just want to get ballpark figures.
Are you going to wait for construction materials to come back down or pay the at least 30 percent so increase. Your out of space but where would you live during the construction for the entire time? If your out of space and an addition won’t work why would building on the same lot work with the same land space ? Just some things to consider.
If you can’t build up or out and make it work I don’t think a new built house will solve your space issues.
why a total teardown? You can go out and up with existing home. For a 2500 square feet home, total gut of 1st floor and a 2nd floor addition, you are looking at $350k -$400K if construction material prices goes back to normal.
Good luck with those taxes. Will be at LEAST $30k a year.
You need to get with an architect. You haven't even provided how big you would expect the new house to be. They can guide you on setbacks, variances, costs of construction.
You don't say if you have kids....they will be gone before you know it.
200-250/sqft maybe more now. The prob is you will have a tough time finding a good honest contractor. Most won't quote you a fixed price in this market, so price risk is on YOU.
I think you should move to a different house in the area that fits your needs rather than go through this onerous and expensive teardown idea. Your current neighbors can be friends that are easily visited.
My impression is that you're considering the most difficult way to deal with your parent problem. Maybe this question belongs in the r.e. forum, as it's not really a LI question (yes, I know it's in Rockville Centre).
A bunch of people expanded the square footage of their homes on my friends block in Plainview. They were shocked to realize their taxes doubled. Now a few of them are selling as they weren't prepared for enormous tax increase. Just be prepared to pay a premium to update your house as finding a competent contractor is nearly impossible at this time, price of materials have gone up 30% and your taxes will go up signifi.
A bunch of people expanded the square footage of their homes on my friends block in Plainview. They were shocked to realize their taxes doubled. Now a few of them are selling as they weren't prepared for enormous tax increase. Just be prepared to pay a premium to update your house as finding a competent contractor is nearly impossible at this time, price of materials have gone up 30% and your taxes will go up signifi.
This is going back to 2017. I looked into expanding my plainview house. It was hands down cheaper to sell and move. Those homes in plainview will see a reduction as they are being taxed as new construction. Reassessment fixed the insane taxes on new builds. Those homes are paying 30-40k will settle in around 25-28k, still insane.
OP - it’s going to be 75k-90k just to tear down excavate and pour a new foundation assuming you will have a basement. Your probably looking 600-700k to build 3k sq ft all in.
Here are some of my costs in 2018
Electric - 25k
Plumbing 22k not counting toilets sinks faucets etc
Hvac 24k
Lumber 45k (now probably 75k) that’s materials only
Insulation 14k (spray foam, could save 5k using diff material)
Architect Plans 8k
Permits town BS 4-5k
Last edited by gx89; 06-26-2021 at 08:05 AM..
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