Reply to How do teardowns work, and do they really 'work'?

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[quote=Anonymous][quote=Anonymous]* ratify a contract on an old house with a big lot
* during the inspection go with a home-builder you like (or architect in your case). They will OK the lot for various designs, and permit-likelihood
* close on the old house
* get designs ready, file for permits (~3 mos), line up construction fin w/builder
* builder does demolition and building (4-6 mos)
* refi if you want
* move in!
[/quote]
1st issue and probably the most difficult is finding a suitable lot, you will probably be in competition with spec builders and other people who want to do the same as you. Then you have to spend thousands up front on engineering/architect fees/permitting/disconnecting utilities/new utility hook ups, it goes on and on. Just removing the dirt once you have excavated will likely run over 15K. The builder can do all this for you but it will cost $$$$. Plus you need to pay for the property (land that you might have paid big $$$ for) while all the upfront engineering, permitting, utility, demo  work is being done. It could be 3-4 months that you are making a mortgage payment before you even break ground. Builder's timeframe is depends on lots of different factors. Constructions loans are expensive. Best thing to do is go meet with a build on your lot builder.  I have done this process three times, two times with loans, once where we paid cash for the entire house, except for the land which we has a loan for. It will take up a lot of your time and money but in the end you will have a great house.[/quote]

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