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Real Estate
Reply to "is cheaper to tear down or renovate extensively?"
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[quote=Anonymous]I know there are many, many variables, but: I've been looking for a house in East Bethesda for a year. A house we can afford is tiny (under 1,000 square feet); has the living area and bathroom in the basement; and two teeny bedrooms and a cute, hobbit-sized kitchen on the main floor. I dream of a Cape Cod house with a porch. They all seem to cost over a million dollars in this lovely neighborhood. Question: Is it cheaper to buy the house we can afford and extensively renovate it--I can't even imagine how, except by adding a top floor and gutting what's inside now? And I still would not have my pretty Cape house. OR--buy it and tear it down and build a new house that I love? I might come into an inheritance soon...so maybe I could afford to do that, but I'd like to know which makes more sense, financially. [/quote]
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