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Real Estate
Reply to "Is it cheaper to tear down our existing house and rebuild, or buy a new construction?"
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[quote=Anonymous]OP - We were in a similar scenario. We ended up tearing down. You first need to determine how you are going to finance everything. If cash, then great. If you have to get a loan, talk to some of the local banks who do a lot of construction to permanent loans to see what their terms and conditions are and what works best for you. Go to open houses (especially in the Vienna area) for new builds to get a sense of the builders and their products/craftsmanship. Check out a list of builders in the area using sources like the Norther Virginia Building Industry Association. Then, after you have seen a few builders that you like, go talk to them to see what their price would be for the size and type of home you want. The total price to teardown and rebuild an approx 5,000 sq ft home will run from a half million (on the low end) to a million (on the high). You also need to factor in rent (you will need someplace to live while your lot/home is built). [/quote]
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