is it cheaper to build a new house or is it cheaper to build about1700 sf on a home?
jneely asked:
We are purchasing a farm with 23 acres. They only problem is that the home is half stick built and the other half manufactered. we are wanting to tear that part off and rebuid and add an upstairs or rent it out and build a new home. is it cheaper to build then add additions and remodel ( we are going to have contrators to estimate) but i want advise on people who dont want to take allo of my money lol
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We are purchasing a farm with 23 acres. They only problem is that the home is half stick built and the other half manufactered. we are wanting to tear that part off and rebuid and add an upstairs or rent it out and build a new home. is it cheaper to build then add additions and remodel ( we are going to have contrators to estimate) but i want advise on people who dont want to take allo of my money lol
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April 12th, 2010 at 1:22 pm
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cheaper to do the second thing i think
April 12th, 2010 at 4:58 pm
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It would be more profitable, depending on the local real estate market, to build a new home. You can start new construction projects for as little as 60K in certain markets. You want to be careful in rural areas about adding too much stuff to the house if there is not a good comparison in your area as you may put 50K into the property but only get 10K when you try to refinance or sell the home if you plan on staying there short term.
April 15th, 2010 at 2:15 am
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That manufactured part is a liability. It has got to go. It would actually prevent a future refinance and or possibly the purchase. Think of manufactured housing like a car…depreciating liability. Talk to an appraiser about this existing property. What kind of loan is on it now? An add on will be financed usually by a cashout refinance on your property against the equity or some other type loan. A construction loan requires credit scores of above 620. Contact me further if you like.
April 17th, 2010 at 4:41 pm
home remodeling
It all depends on what the county charges for a building permit for a new home or an addition. As well the cost of land in the area. You do not want to add such a large addition 1,700 feet in a so so neighborhood either. You want your investment to yield the greatest return. Cost per sq. ft in your area will determine everything.
I would build a new home before I would add such a huge addition to an existing structure; unless of course it is in an upscale neighborhood. You can pick an exact plan from many magazines and internet sources and they will even quote you the dollars per sq. ft. for the house.
Before you build or remodel go to a real estate agent and ask what the building cost per sq. ft. in your neighborhood is. Then calculate what the resale value of the remodel would be in your neighborhood. You will probably find that building a new home elsewhere is far better. When you ask remodelers to bid and quote you open an entire can of worms on the quality, integrity, and ability to finish the work. You also need to know if they are licensed and have a bond. When you build a house you hire a licensed general contractor and pay as you go following a pay schedule set up in advance. Good luck
April 20th, 2010 at 7:25 am
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Hire professionals before you hire a contractor, you will spend a little more up front and save it on the back end plus have fewer headaches.