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Is it worth to buy old home and dismantle it and construct a new home?
We wanted to build custom home, I approached a realtor, she says, buy
a old home and dismantle it and construct a new home. This way I can get it cheaper. The old home costs around $400K, plus the builder cost for constructing a 4-bed room is around $100K, plus around $30K for town planning. Does it makes sense?. Thanks in advance. |
In article ,
Santa wrote: We wanted to build custom home, I approached a realtor, she says, buy a old home and dismantle it and construct a new home. This way I can get it cheaper. The old home costs around $400K, plus the builder cost for constructing a 4-bed room is around $100K, plus around $30K for town planning. Does it makes sense?. Thanks in advance. You really think you can have a house built for $100K?! Send your builder my way! Dimitri |
"Santa" wrote in message
om... We wanted to build custom home, I approached a realtor, she says, buy a old home and dismantle it and construct a new home. The city or town would be helpful and whether or not there are some specific attributes of the lot you want, i.e. waterfront, view, privacy, etc. I think your cost figures are way off. Don't forget to add the cost of demolition and rubbish removal. -al sung Rapid Realm Technology, Inc. Hopkinton, MA |
Santa wrote:
We wanted to build custom home, I approached a realtor, she says, buy a old home and dismantle it and construct a new home. This way I can get it cheaper. The old home costs around $400K, plus the builder cost for constructing a 4-bed room is around $100K, plus around $30K for town planning. Does it makes sense?. Thanks in advance. Cheaper compare to what? If everything else being equal, assuming build a new house cost you $X then build a new house over an existing one will cost you $X + $Y. For $Y being the price for the existing house minus the cost for the land plus demolition of existing house associated cost. Replacing an existing house only make sense when the location of the new house is of top priority and you are willing to pay the additional $Y to get it. FC |
In article , Santa
wrote: We wanted to build custom home, I approached a realtor, she says, buy a old home and dismantle it and construct a new home. This way I can get it cheaper. The old home costs around $400K, plus the builder cost for constructing a 4-bed room is around $100K, plus around $30K for town planning. Does it makes sense?. Thanks in advance. You need to do the math. In this option, you are spending about $530,000 for a 4 bedroom house. How much will this house sell for when it is done? If that number is less than $530K, then it doesn't make sense. What is the cost of building this 4 bedroom house somewhere else? What is the cost of buying an existing 4 bedroom house that meets your needs? It is hard to answer your question without these basic facts. Please go do some research and post back again. -john- -- ================================================== ================== John A. Weeks III 952-432-2708 Newave Communications http://www.johnweeks.com ================================================== ================== |
In article , "John A. Weeks III" wrote:
In article , Santa wrote: We wanted to build custom home, I approached a realtor, she says, buy a old home and dismantle it and construct a new home. This way I can get it cheaper. The old home costs around $400K, plus the builder cost for constructing a 4-bed room is around $100K, plus around $30K for town planning. Does it makes sense?. Thanks in advance. You're asking if it makes sense to pay $530K for a $100K house. You tell me. Does it? You need to do the math. In this option, you are spending about $530,000 for a 4 bedroom house. How much will this house sell for when it is done? If that number is less than $530K, then it doesn't make sense. *Obviously* that number will be *much* less than $530K -- if the home that the builder would build is worth more than that, the builder surely isn't going to charge only $100K for it. What is the cost of building this 4 bedroom house somewhere else? What is the cost of buying an existing 4 bedroom house that meets your needs? It is hard to answer your question without these basic facts. Please go do some research and post back again. Don't be silly. All the facts needed are right there. |
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"Doug Miller" wrote in message m... In article , "John A. Weeks III" wrote: In article , Santa wrote: We wanted to build custom home, I approached a realtor, she says, buy a old home and dismantle it and construct a new home. This way I can get it cheaper. The old home costs around $400K, plus the builder cost for constructing a 4-bed room is around $100K, plus around $30K for town planning. Does it makes sense?. Thanks in advance. You're asking if it makes sense to pay $530K for a $100K house. You tell me. Does it? You need to do the math. In this option, you are spending about $530,000 for a 4 bedroom house. How much will this house sell for when it is done? If that number is less than $530K, then it doesn't make sense. yes, if the property is worth, or will be worth in a short while, a million *Obviously* that number will be *much* less than $530K -- if the home that the builder would build is worth more than that, the builder surely isn't going to charge only $100K for it. What is the cost of building this 4 bedroom house somewhere else? What is the cost of buying an existing 4 bedroom house that meets your needs? It is hard to answer your question without these basic facts. Please go do some research and post back again. Don't be silly. All the facts needed are right there. |
On 1 Nov 2004 19:08:32 -0800, someone wrote:
We wanted to build custom home, I approached a realtor, she says, buy a old home and dismantle it and construct a new home. This way I can get it cheaper. The old home costs around $400K, Only if empty lots cost more than $400k in that area. Is American English not your primary language? Because I'm afraid something is not being communicated right here. -v. |
On Tue, 02 Nov 2004 11:49:15 GMT, someone wrote:
The city or town would be helpful and whether or not there are some specific attributes of the lot you want, i.e. waterfront, view, privacy, etc. Huh???? How/why would the city or town pick a lot for him and decide if the lot had sufficient waterfront, view, privacy, etc.??? Why should he call upon the government for this, its his own decision. -v. |
On Tue, 02 Nov 2004 16:44:33 GMT, someone wrote:
Don't be silly. All the facts needed are right there. Technically, no they are not. The price of a lot in that neighborhood isn't posted. If a lot costs much more than $400k than he is ahead. Now maybe there are no empty lots, so the only way to get that location is to buy existing & demolish. And as OP states he wants a "custom" home, strictly speaking the price of existing homes isn't determinative as he doesn't want one of them. However, I too am awfully skeptical as to why one would pay $400k plus the price of demolition, to get a site for only a $100k house. Buy & demol does exist - but usually to acquire sites for much higher priced replacement homes. This thing about what the Realtor supposedly said, doesn't make too much sense to me - cheaper than WHAT??? Maybe OP made a mistake somewhere, either in what he posted, or what he understood he was being told. -v. |
On Tue, 02 Nov 2004 08:59:42 -0800, someone wrote:
what the smart people do. Is buy a house that maybe needs repair, cheap. and replace all but one quarter of it . maybe slowly. this avoids a new bldg permit BULL****. You aint as smart as you think you are. (Old, Depression era saying: "If you're so smart, why aint you rich?") |
On Tue, 02 Nov 2004 08:59:42 -0800, someone wrote:
this avoids a new bldg permit Maybe it avoids a permit for a new building, but it won't avoid a new permit for renovation work. Common Q on disclosure forms: "Has any work been done on the property for which a permit was not obtained?". Great answer: "Yeah, we replaced 75% of the house". |
On 1 Nov 2004 19:08:32 -0800, someone wrote:
We wanted to build custom home, I approached a realtor, Is this the same "santa" that has been milling around here for a long long time, all talk and hasn't bought a house yet???? |
I've seen this done where there may be *one* old falling to pieces home in
a nice area and you are basically paying the price for the lot. (Makes financial sense.) Or where two or three homes are demolished for an apartment complex or higher density housing. (Makes financial sense.) Then there is the "I want that location, but I don't want that house and I have plenty of money to spend" decision. I have seen this done in upscale areas. They will come in and demolish a perfectly good condition home with nice landscaping, then tear out all the landscaping. Then build a custom home and bring in new already grown landscaping. Were talking 75 ft. high trees brought in on a semi. After they are done, it looks like the home has been there for 30 years! Before doing this, be sure to check out the local zoning, set-backs, etc. You may not be able to build a new home as close to the property line or whatever. Things may have changed from when the home was first built. Also check with utilities to be sure you will be able to get what you will need. Water, electricity, phone (can you get DSL?), natural gas, cable TV, etc. In some situations it might be a problem getting a 200 amp electric service or perhaps enough water pressure to water a big lawn. Best to check out everything before buying. Is the old house on septic? Will you need to connect to city sewer? Does a sewer run in the street or will you need an easement? Will you have to pay $40,000 for the city to run a sewer to the front of your home, etc. |
In article ,
v wrote: On 1 Nov 2004 19:08:32 -0800, someone wrote: We wanted to build custom home, I approached a realtor, Is this the same "santa" that has been milling around here for a long long time, all talk and hasn't bought a house yet???? Looks like it, v. Dig up some of his old posts if you can and you'll find the questions he's asked seem to be similar. |
In article , D. Gerasimatos
wrote: In article , Santa wrote: We wanted to build custom home, I approached a realtor, she says, buy a old home and dismantle it and construct a new home. This way I can get it cheaper. The old home costs around $400K, plus the builder cost for constructing a 4-bed room is around $100K, plus around $30K for town planning. Does it makes sense?. Thanks in advance. You really think you can have a house built for $100K?! Send your builder my way! If you are thinking of just the house, no land, no utilities, etc, $100K can build you a small mansion. I see factory-built ranch homes available at dealers in this area for $39,000, and they meet the stage 2 energy code here in Minnesota. If you want a stick-built home package with land, utilities, driveway, etc all ready to move in, you can find those in the midwest for $100K to $150K, the lower price for a 2-bedroom 900 sq foot house, and the upper side for a 4 bedroom, 2200 sq foot, with deck and fireplace. -john- -- ================================================== ================== John A. Weeks III 952-432-2708 Newave Communications http://www.johnweeks.com ================================================== ================== |
"v" wrote in message
... On Tue, 02 Nov 2004 11:49:15 GMT, someone wrote: The city or town would be helpful and whether or not there are some specific attributes of the lot you want, i.e. waterfront, view, privacy, etc. Huh???? How/why would the city or town pick a lot for him and decide if the lot had sufficient waterfront, view, privacy, etc.??? Why should he call upon the government for this, its his own decision. -v. In order for people to answer his question, it would be useful to know where this property is and if the property he is looking for has any unique attributes. This has nothing to do with any government. -al sung |
Well, the new home costs around $700K to $850K in the area where I saw
home, that is why my realtor suggested to but old home around $400K and dismantle it and rebuid the new one. The builder fee is around $100K and town planning charges around $30K. I don't know what else could cost. |
"Santa" wrote in message
om... Well, the new home costs around $700K to $850K in the area where I saw home, that is why my realtor suggested to but old home around $400K and dismantle it and rebuid the new one. The builder fee is around $100K and town planning charges around $30K. I don't know what else could cost. Give us some more details. Where is this located? What kind of house do you intend to build? How big a house? Does it have access to public sewer or is it a private septic? Public water or private well? Would you be using the existing foundation? Additional costs: - demolition and debris removal - potential upgrade to utilities to come up to code - re-landscaping the yard after construction - all the costs associated with buying a brand new house: lighting fixtures, flooring, towel racks, toilet paper holders, appliances, plumbing fixtures, window shades/treatments, etc. -al sung Rapid Realm Technology, Inc. Hopkinton, MA |
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