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Money and Finances
Reply to "Financing a teardown - who to use?"
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[quote=Anonymous]After looking into renovating our small house and being completely shocked by the prices, we are considering tearing down and starting fresh. It's a small older home with low ceilings, small windows and outdated systems. Several contractors who visited suggested that we were probably better off tearing down and building new. We like the neighborhood. We owe 400K on a house that's worth 1.1 as is; new construction in our area is going for just under 2M. Our lot alone is assessed around 700K. Seeking recommendations for construction lenders, especially if you've had a good experience with one. We would probably want to use our lot as equity and minimize cash out of pocket to the best of our ability. Also is there any way to keep our existing 2% loan for the 400K? [/quote]
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