Reply to Walk me through the process of buying a tear down

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[quote=Anonymous]I'm on my second, more modest almost tear down. The key, for us, was downsizing. We were moving from a $800,000 house with only $200,000 left on our mortgage. We took out a home equity line of credit and our a loan from our TSP. We could reasonably carry the interest payments and our mortgage. Bought a place for $220,000. My husband managed the whole project, created architectural drawing for the new house, hired an engineer to check on the sizing and roof trusses, and submitted it for permitting (actually a few times, because we wanted to expand the footprint, but needed a variance, and instead decided to build up). Used the HELOC and loan to hire a framer to remove most of the old house and frame out the new. Hired out plumbing, worked with an electrician to upgrade the panel and rewire, a different contractor for siding and windows, another for roofing, one for drywall, etc. My husband handled the entire interior finish work - flooring, painting, tiling, bathroom and kitchen installation. We got it done in a year. He mostly worked on in evenings and used up some vacation time from his real job. My daughter helped for one summer pretty full-time. I managed purchasing and choosing lighting, toilets, sinks, tiling, etc. with my husbands input. Love my house, love the neighborhood. We are all-in at $435,000. Used the equity to partially offset college costs, but the no mortgage payments help us as well. Buying the house was no different from any other purchase we've made on a house, except for that we could make an all cash offer, since we were just writing a check from our HELOC. That made it go a little faster. [/quote]

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