the house sits in a high end location. It strattles two lots. It needs a lot of work to fix and would have to be gutted and added on to. Some say the lots are worth 150k each - the appraisal is 195k for the house and land - homes up the street are getting 695k- it seems like a tear down is logical because if we build onto the house it makes the value of the house too high to tear down for the lots - so a builder won't touch it. I guess you can tell I'm confused. Signed; help in Nashville.
2006-09-19 15:51:22 · 5 answers · asked by David C 1 in Business & Finance ➔ Personal Finance
You'll have to pay interest on any loan. If you want to sell the lots, tear down the house. If you want to build a house, you still might want to tear down the house and sell one lot and use that capital to pay off most of the original loan or to finance the building of the new house.
If you haven't already bought this property, consider very carefully the costs of building a new house. The only way I know to lower the cost is to sell the old materials in the old house. If it has hardwood floors, someone will want them.
You might also consider building a straw house rather than conventional materials. You won't need heating or air conditioning if you build it right.
2006-09-19 16:06:38 · answer #1 · answered by loryntoo 7 · 0⤊ 0⤋
Just helped an older worman with a similar problem. Find a realtor - top grade with the more letters after the name the better. They can help you with zoning restrictions on the two lots, rising falling prices, remodel upgrade recommendations, who to contact for what will/will not be grandfathered in on the remodel i.e. wiring. A realtor usually knows one or two good lenders as well who can help you calculate out your costs. The realtor may charge you, but it will be great advice. It was for us.
2006-09-19 17:23:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Go to www.NAHB.org The National Association of Homebuilders and you should be able to find a reputable builder to help you. You will have to pay interest on ANY loan that you get.
2006-09-19 15:56:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Talk to a local real estate agent and custom home builder. It has to be someone who is familiar with the local market.
2006-09-19 17:15:38 · answer #4 · answered by troythom 4 · 0⤊ 0⤋
Hi guys,
When I was going to make my dream of a own house come true I got into the exact same situation and I got questions over questions - I scanned the internet and I got just more questions about the whole process and was than happy when I found this page which helped me a lot:
http://mortgageloancheck.com/AandB-of-buying-a-house
I would be happy if they could help you as well!
Happy research!
Rosi
2014-03-24 10:35:06 · answer #5 · answered by Anonymous · 1⤊ 0⤋