If you did a major renovation (complete re-wiring, replace all plumbing) . . .

[Anonymous]

Anonymous wrote:So hypothetically, I can buy a shack in Bethesda for 550K, tear down and rebuild for 300? So I can have a brand new house in Bethesda for 850?

if you can find one for 550k...

[Anonymous]

Anonymous wrote:So hypothetically, I can buy a shack in Bethesda for 550K, tear down and rebuild for 300? So I can have a brand new house in Bethesda for 850?

I don't think so. My current house/lot could sell for at least $1.1 million and the 2 quotes I received from builders for a new build on my lot were $700K and $900K.

[Anonymous]

Anonymous wrote:So hypothetically, I can buy a shack in Bethesda for 550K, tear down and rebuild for 300? So I can have a brand new house in Bethesda for 850?

yes. A lot of custom builders charge out the nose for building in Bethesda because they know people will pay it. I had a quote to build a modular at 1 million. I immediately hung up the phone and found a mid size builder that would do a stick built with high end finishing for half that.

Honestly the quality between NDI and a high end builder is not that much different in terms of the appraised value of the same size home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm a builder; my opinions is that it depends on the quality of the original house; nice older home with good bones, renovate. Tract house - knock it down and start over. I realize that is a generalization but unless the original house has something going for it, it will actually be cheaper to knock it down in terms of cost per sq. ft. Watch your real estate taxes and make sure you do not price yourself out of your own home when the tax man comes knocking. The other thing to keep in mind is ceiling heights. If original is less than 8 ft. do not renovate it.

I live in an antique that I did a reno/restoration; and I have built multi-million dollar manor homes; to me I like the feel of an older home but I am probably in the minority. And what most builders wont tell you is that again unless you have a really nice parcel you are probably better off just upgrading by moving to a different house.
Best of luck.

A

I like the feel of an older home too. I need a renovation\addition but the two builders I spoke to suggest tearing down and building to the setback. I like a yard and want to keep the existing house. Would love a recommendation for a builder/remodeler who has experience with older homes. Thanks!

Sorry not from your area; monitor this forum as a ways to understand what my customers (upper end suburban) want...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:if you are getting quotes for over 200k it would make sense to tear down and rebuild.

I think OP said she can't afford to tear down. We're in the same situation. Would love to teardown but only have $350,000 to $400,000 mex to spend. A teardwon would cost closer to $750,000+.

Not really. a tear down would cost 300-330k if you already owned the land. (accounting for 70-100k for tear down, ground prep, utilities and permits)

http://www.newdimensionsinc.com/ProductsGrid.asp?ProductSeriesID=EST&FormProducts_Sorting=3&FormProducts_Sorted=&
http://www.newdimensionsinc.com/ProductsGrid.asp?ProductSeriesID=LEG&FormProducts_Sorting=3&FormProducts_Sorted=&

I think I threw up in my mouth by looking at these hideous houses...

additions on homes built in the 40s-60s... like trying to bolt on fake boobs and blonde hair on an old ugly wench

Seriously with this? Check yourself?

[Anonymous]

Anonymous wrote:

Anonymous wrote:So hypothetically, I can buy a shack in Bethesda for 550K, tear down and rebuild for 300? So I can have a brand new house in Bethesda for 850?

yes. A lot of custom builders charge out the nose for building in Bethesda because they know people will pay it. I had a quote to build a modular at 1 million. I immediately hung up the phone and found a mid size builder that would do a stick built with high end finishing for half that.

Honestly the quality between NDI and a high end builder is not that much different in terms of the appraised value of the same size home.

Would love to hear who you used. We got a quote to build a modular on our 6,000 sq. ft. Lot for $900k in Bethesda.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So hypothetically, I can buy a shack in Bethesda for 550K, tear down and rebuild for 300? So I can have a brand new house in Bethesda for 850?

yes. A lot of custom builders charge out the nose for building in Bethesda because they know people will pay it. I had a quote to build a modular at 1 million. I immediately hung up the phone and found a mid size builder that would do a stick built with high end finishing for half that.

Honestly the quality between NDI and a high end builder is not that much different in terms of the appraised value of the same size home.

Would love to hear who you used. We got a quote to build a modular on our 6,000 sq. ft. Lot for $900k in Bethesda.

We were in a similiar situation in VA with trying to save with a modular but one modular builder http://www.sandyspringbuilders.com quoted us like 1 million (I think this might be the same person).

Here's a list of our alternatives that are half the cost and we were very hapy with these options

http://elbuilders.com (modular builder that was 1/2 the price and would do all work including site, permits, tear down etc...)

NDI Manor series (maryland may not have that but NDI VA does)
http://www.ndimd.com/home-floor-plans

http://www.foxhallhomes.com/
http://district-properties.com/
http://www.anvgroup.com

here is a good thread on NDI, ANV and some others
http://www.city-data.com/forum/northern-virginia/834215-building-home-lot-site-work-costs.html

[Anonymous]

Watch your real estate taxes and make sure you do not price yourself out of your own home when the tax man comes knocking.

Good advice. Also, don't overbuild for your neighborhood. If you build a 1.25m home in a neighborhood that is still mostly 625K ramblers, that can be a problem for buyers and appraisers when you sell.

[Anonymous]

If most of you neighborhood is new - you would be far better off going new. Not to mention, it is far more economical. If you are good with money, you rebuild. Nothing offends a knockdown neighborhood more than the few piecemeal add-ons that are so obviously left behind.

[Anonymous]

Anonymous wrote:If most of you neighborhood is new - you would be far better off going new. Not to mention, it is far more economical. If you are good with money, you rebuild. Nothing offends a knockdown neighborhood more than the few piecemeal add-ons that are so obviously left behind.

But if most of the neighborhood is new with $1 million+ custom homes wouldn't a $450,000 NDI home be just as offensive as an addition?

[Anonymous]

Anonymous wrote:I'm a builder; my opinions is that it depends on the quality of the original house; nice older home with good bones, renovate. Tract house - knock it down and start over. I realize that is a generalization but unless the original house has something going for it, it will actually be cheaper to knock it down in terms of cost per sq. ft. Watch your real estate taxes and make sure you do not price yourself out of your own home when the tax man comes knocking. The other thing to keep in mind is ceiling heights. If original is less than 8 ft. do not renovate it.

I live in an antique that I did a reno/restoration; and I have built multi-million dollar manor homes; to me I like the feel of an older home but I am probably in the minority. And what most builders wont tell you is that again unless you have a really nice parcel you are probably better off just upgrading by moving to a different house.
Best of luck.

A

Agree with this. We live in an older home that was completely rebuilt, in terms of plumbing, systems, bathrooms, kitchen, etc. However, it was a very pretty house before the renovation. Now we have a great combination of an effectively new house, with tons of charm. I Iike our house much more than the high-end tear down next door. However, we had a really nice house to start with. The maintenance problems aren't any worse than any other house, as the original house was very sturdily built. Our neighbors have had more issues with their "new" house.

[Anonymous]

A

Agree with this. We live in an older home that was completely rebuilt, in terms of plumbing, systems, bathrooms, kitchen, etc. However, it was a very pretty house before the renovation. Now we have a great combination of an effectively new house, with tons of charm. I Iike our house much more than the high-end tear down next door. However, we had a really nice house to start with. The maintenance problems aren't any worse than any other house, as the original house was very sturdily built. Our neighbors have had more issues with their "new" house.

Would you mind telling what your rebuild cost? We're considering doing the same thing. Thanks.

[Anonymous]

Anonymous wrote:

A

Agree with this. We live in an older home that was completely rebuilt, in terms of plumbing, systems, bathrooms, kitchen, etc. However, it was a very pretty house before the renovation. Now we have a great combination of an effectively new house, with tons of charm. I Iike our house much more than the high-end tear down next door. However, we had a really nice house to start with. The maintenance problems aren't any worse than any other house, as the original house was very sturdily built. Our neighbors have had more issues with their "new" house.

Would you mind telling what your rebuild cost? We're considering doing the same thing. Thanks.

The work had just been done by the previous owner, who then unexpectedly had to move (icky us!). We think they spent 300-400 thousand. It's a good-sized house, and they used top of the line everything (sub-zero, tankless water heaters, etc).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

A

Agree with this. We live in an older home that was completely rebuilt, in terms of plumbing, systems, bathrooms, kitchen, etc. However, it was a very pretty house before the renovation. Now we have a great combination of an effectively new house, with tons of charm. I Iike our house much more than the high-end tear down next door. However, we had a really nice house to start with. The maintenance problems aren't any worse than any other house, as the original house was very sturdily built. Our neighbors have had more issues with their "new" house.

Would you mind telling what your rebuild cost? We're considering doing the same thing. Thanks.

The work had just been done by the previous owner, who then unexpectedly had to move (icky us!). We think they spent 300-400 thousand. It's a good-sized house, and they used top of the line everything (sub-zero, tankless water heaters, etc).

Meant to say "(lucky us!)".

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:if you are getting quotes for over 200k it would make sense to tear down and rebuild.

I think OP said she can't afford to tear down. We're in the same situation. Would love to teardown but only have $350,000 to $400,000 mex to spend. A teardwon would cost closer to $750,000+.

Not really. a tear down would cost 300-330k if you already owned the land. (accounting for 70-100k for tear down, ground prep, utilities and permits)

http://www.newdimensionsinc.com/ProductsGrid.asp?ProductSeriesID=EST&FormProducts_Sorting=3&FormProducts_Sorted=&
http://www.newdimensionsinc.com/ProductsGrid.asp?ProductSeriesID=LEG&FormProducts_Sorting=3&FormProducts_Sorted=&

I think I threw up in my mouth by looking at these hideous houses...

Well, aren't you just full of grace. Please save those comments for the monthly meeting of the 1% club instead of a public forum.