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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It depends. How much value is in your house to other buyers if you were to sell or is it a teardown for pretty much any buyer? Then how much is your mortgage, i.e. how much would you walk away with after a sale? And how much would it cost to buy a new build where you want? You don't necessarily have to answer all that but it's tough to determine with the limited info you have given, I'd need much more than what you have outlined.

To teardown and rebuild, you are probably looking at anywhere from $250,000 to $375,000.  I know that's a huge range, but it depends on how much house you want to build and how nice the finishes are, etc.[/quote]

Our house is not a tear down - it would probably go for about $815.  (Our current mortgage is $650k).  The house we would want to move to would probably be around 2 million (new construction).  So if it really is only 375k to build, then that would definitely be cheaper!  I really have no idea how much it would cost to build - that's the variable I am unaware of.  But I guess my question is, if a house down the street is on the market for 2 million, how much would it cost us to build that same house on our property, aka, what is the mark up?

We are in Bethesda, FWIW.  [/quote]

The mark-up is whatever the seller can get.  It's not like tomatoes at whole foods.   You might net at the most 100,000 out of selling your house.  New on teardown site:
http://www.realtor.com/realestateandhomes-detail/5505-Northfield-Rd_Bethesda_MD_20817_M57251-55841?source=web

If a builder buys for 720,000 and sells for 1.8m thats 1.1 m roughly.   I doubt that house was built for 375.  Call a builder who has done a teardown.  Notice the time frame is at least 8 months for a tear down and rebuild.  [/quote]

This house in under contract and is almost 5,000 square feet.  Since the lot sold for $719,000 and this was listed at $1.8,  the new build was clearly not $1.5 million.  The $1.5 million for 5,000 sq. ft. Excluding the land sounds very high.[/quote]

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