Should I make repairs or rebuild my home?

Question

I am almost finished paying my house. I was wondering if I should make repairs on my single family home or just rebuild it. I am thinking about a two flat. My home needs to have the washroom re-done. My basement does not have a tall enough ceiling. My house also does not have central air.

Answer 1

Mary: That is pretty much an impossible question to answer in this format. There are just too many variables that only YOU can resolve. For example, in no particular order:

1) Is the house WORTH fixing.
2) Is the neighborhood still compatible with yours.
3) Estimated costs of the repairs and related work (to get that ceiling taller you either have to raise the house or lower the floor both ways require a strong foundation).
4) Related costs... will your tax base be altered on the property
5) Financing for the repairs... will that impact anything else.
6) Local zoning issues... CAN you do some of the things that you want to.

and so on...

Find a good architect or contractor and discuss the matters to see if what you want to do is even possible . He/She can also give you an idea about the costs.

Good luck and Merry Christmas

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