Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Has anyone in recent years demolish their old house constructed a new one?
I am in Springfield, VA and the house I live in was built in 1955 and is in pretty bad condition. Roof, HVAC unit, kitchen, bathrooms, basement, and exterior are needed to be replaced. I think renovation will cost almost same amount as new construction.
I think renovation will cost almost same amount as new construction.
Did you run the numbers? Remember demolition and haul-away!
In my experience, for an average residential neighborhood scenario, that is definitely NOT the case.
No, I haven't. I don't know where to start as I don't have any experience in remodeling. Do you know how much does it roughly cost for demolishing and new construction?
I tried Craigslist to find contractors but I think I don't know what are the right questions. The person I spoke to said for 2 bathrooms and kitchen just the labor will be $17000 -$20000. He said I have to pay for the materials and everything else.
No, I haven't. I don't know where to start as I don't have any experience in remodeling. Do you know how much does it roughly cost for demolishing and new construction?
It will depend on the house. If it's right now in the ballpark for the other house values in the neighborhood it will be better to remodel. Probably.
Let's say your house is currently valued at $500K and that's about what you owe. Tear down and rebuild will be about that much or close to it. You now have a mortgage of $1M in a neighborhood of $500K houses. It's overvalued for the neighborhood.
If the structure itself is sound then roof and HVAC replacement is way cheaper than building new after a teardown.
What is wrong with the kitchen and bathrooms? Operational or cosmetic?
It will depend on the house. If it's right now in the ballpark for the other house values in the neighborhood it will be better to remodel. Probably.
Let's say your house is currently valued at $500K and that's about what you owe. Tear down and rebuild will be about that much or close to it. You now have a mortgage of $1M in a neighborhood of $500K houses. It's overvalued for the neighborhood.
If the structure itself is sound then roof and HVAC replacement is way cheaper than building new after a teardown.
What is wrong with the kitchen and bathrooms? Operational or cosmetic?
Operation and cosmetic for bathroom and kitchen.
So currently my mortgage is for $230k and value is 430k. That's what I'm trying to figure out to not go over $600k. I think a new house will value at least $750k in Springfield, VA.
So currently my mortgage is for $230k and value is 430k. That's what I'm trying to figure out to not go over $600k. I think a new house will value at least $750k in Springfield, VA.
With that much equity you'd be better served using it for a remodel/rehab. As someone mentioned, you likely won't be allowed to demo a house which has a mortgage (unless that was originally part of the deal for it).
If should isn't falling down and it's valued appropriately for the area it's almost always wiser to remodel instead of demo.
None of the issues you mentioned are insurmountable, and some actually fall under routine maintenance (roof and, I assume, heat pump).
A neighbor of mine tore down his small home in order to build a story home. He was telling me that in order to do it he had to leave one wall intact and build from there. I forgot exactly why he said that.. something to do with 'remodel vs. rebuild'.
but that might be something you'd want to check into before you tear your house down.
Another thing you might want to consider is time. A friend of mine lost his entire house due to a fire.. my stepdaughter added a second story to her ranch and
both of those took over a year to complete.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
