should I move, remodel, build fresh, or tear down and rebuild on current site?

Question

I know, I know ... this is a question only I can answer, but I'm looking for some things to think about as I make my decision. Here are the facts:

1. my current house is not just too small, it has all sorts of problems, most of them because the original construction was shoddy (1950s), and there has been a lot of work (including additions) done by do-it-yourselfers who couldn't do it themselves.

2. some of the problems are actually safety issues

3. I live on a highly desirable piece of property in terms of location (access to highways and walking distance to public transit)

4. I try really hard to be an environmentalist. I don't think all of these mcmansion communities are great (but secretly want one).

5. I live in a highly built-up area where tracts of land are scarce and expensive.

This question is really big for me and causing me a lot of stress at the moment. What questions should I ask myself? What is generally the most economical option (is it remodel?)?

Answer 1

As an experienced DIY, my thoughts are different than most.
You have to look at everything objectively. If you buy a brand new house, you pay top dollar and wind up with a mortgage that eats your money like a hungry bear.You are paying for someone elses labor. You can never buy a house that exactly meets your idea of perfect, so you spend time and money re-decorating.
A bird in hand is worth two in a bush. You already have a valuable plot of land. You have a roof over your head. You obviously have some funding to make some kind of improvement.
So, I say this. Have a set of blueprints made that the town will approve. tell your neighbors what your intentions are. Start by tearing down all parts of the existing structure you can. Keep the barest minimum of living space that you can to live in. De-nail and save all of the used lumber that you can. Throw a tarp over it and tie it down. Now you should have a place for a fresh start. If you are capable of DIY, get to work! Build the vital parts first, kitchen & bath, then a bedroom. As they become useable, work your way along, tearing down and rebuilding as you go.
My project is in it's third year! I have about three more to go. My reward, will be a lovely home FREE AND CLEAR OF A MORTGAGE! It'll be all mine! And, so long as I pay the property taxes, noone can take it from me!

Answer 2

it sounds like you're happy with your lot and that finding another may be difficult. you know what they say about location, location, location! so that kind of eliminates moving & building fresh. that leaves remodeling or tearing down and rebuilding on current sight. sounds like there may be a lot of existing problems with current house. just by reading your question, i'm leaning toward rebuilding on current sight. i would get a few contractor in to give you some estimates and possibly a home inspector. they may be able to help you decide whether you should remodel or rebuild there. i would ask myself 1) do you plan on staying here for a long time? if so, then why not get exactly what you want in your home. i think you could do that with either remodeling or rebuilding. 2) do you like the current layout of your home? or would you rather have significant changes made? 3) do you have children to think about? our last one goes to college this year and that changes things a lot. we are actually in the process of selling our home in town where we lived because it was convenient with children. we bought land in the country and a building a new home. this will be our 3rd home in 21 years, and we know what we want, if there are some definate things you want in your home that you can't get in your current home, i would rebuild. 4) if there are things that need to be updated like electical, plumbing, etc... ? that can be expensive. that's where a home inspector can help you to decide whether it would be more cost effective to remodel or rebuild. 5) if you decide to remodel, can you get the extra space you want by changing a few things around or will you need an addition? again, what's more cost effective. i'm still leaning toward rebuilding. one downfall to that is being "homeless" during the rebuild. remodeling can be a messy, stressful process (been there, done that), however; you can still live there while it's being done. i'm getting long winded, but there is a lot to think about. i hope i've helped a little

Answer 3

Hi-
I think you should consider what the other homes in your neighbor hood are like. For resale, it doesn't make sense to own a home which is much more valuable than the surrounding homes. However if the surrounding homes are more valuable, then you would do well to either remodel yours, to bring it up to a similar value. Or if this isn't possible then tear your down, and build a new one. Remodeling is expensive for what you get out of it. It sounds as though, from your information, that it would be wiser to build a new home.

Answer 4

It sounds like a tear down. If the basic construction is shoddy, you have no basis to work on. Just do it and don't look back.

Answer 5

in case you examine your loan settlement you won't be able to legally tear down the abode even as you nevertheless owe on the loan. If the construction is structurally sound there is not any reason to tear it down, you are able to placed on an addition.

Answer 6

Sell the junker and buy a new home complete with warranty.

Answer 7

if you can afford to tear it down and rebuild do it then you know the quality of work will be done right.

Answer 8

Fix a little, paint and sell it, then you can get what you want.