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Real Estate
Reply to "How to finance a teardown?"
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[quote=Anonymous]If new construction is going for $2, then the land is probably worth $700k. If your property is worth $1.1, then you would be losing $400k in equity when you raze your house. Your house still has value in addition to the land. You would be better off selling your house for $1.1 and buying a tear down for $700k in the neighborhood. Then you would probably spend about $900k on construction and it will be worth the target $2 million. So either way, you end up with a $2 million property, but the way you are trying to do it would cost you $2 million to get there, and the way you should do it, it would cost you $1.6 to get there. [/quote]
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