Reply to Is it cheaper to tear down our existing house and rebuild, or buy a new construction?

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Reply to "Is it cheaper to tear down our existing house and rebuild, or buy a new construction?"

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[quote=Anonymous]There are lots of factors for you to consider:

Tear Down costs - cost to knock down your exiting home and haul everything away 20-50K (size, etc)
Build-up Costs:  Many home builders out there in the area that you can choose from - if your lot size can accommodate, and you like a home that is already a builders 'designed' you can get a very nice home built for 100-125 dollars per square foot.  If you need custom designing and architecture, the price can go up quick - 150-200 per square foot.
If you go with a lesser known builder (some are really good) you can knock down costs by 10-20%.

A good real estate agent in your area can help you evaluate what would work best for your:

Remember when considering building a new home on your lot - you can't tear down a home if you have a mortgage on it. You will have to own the home/land outright then get a construction loan for building the home, or use cash to build the home also.  After the home is built, you can look into getting a mortgage on home is you want to take some equity out.
 
Another thing to consider - from start to finish you should be done within a year - will you be renting for this time period?

If you need a recommendation for a Realtor in your area let me know!

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