03-25-2009, 07:35 AM
Thank you all for your suggestions. There is something that appeals to me about working with an existing house that has potential and is in a mature setting instead of starting from a cleared and leveled lot. Yes, more character!
The environmental costs of a new build must be much more than a renovation, even if you do a partial tear down.
John, your new build numbers are very helpful. Someone told me yesterday they heard to build a house on an ocean front lot you need around $170 sq. ft. for just the house (not clearing and lot preparation) but I don't know if he meant during the boom times or now. But that's a special location as ocean front must require higher quality building materials.
So assuming $130 sq. ft is the house only and not the clearing, septic, water tank and/or landscaping I think I can make a comparison like this
New Build 1500 sq. ft. house
Lot: 60,000
Clearing, Septic, Water Tank, etc 15,000
House: 195,000
Landscaping: 5000
Total Cost: $275,000
Now if I bought a similar sized existing house needing remodelling for $175,000 that would give me $100,000 to do the work - teardown, disposal and rebuild. And I would have more mature landscaping as Rob says which would be worth more than what I estimated above.
That seems to be plenty to work with but not if the whole house has to come down and be rebuilt! Of course if a new roof costs $100K then it really doesn't make sense.
The environmental costs of a new build must be much more than a renovation, even if you do a partial tear down.
John, your new build numbers are very helpful. Someone told me yesterday they heard to build a house on an ocean front lot you need around $170 sq. ft. for just the house (not clearing and lot preparation) but I don't know if he meant during the boom times or now. But that's a special location as ocean front must require higher quality building materials.
So assuming $130 sq. ft is the house only and not the clearing, septic, water tank and/or landscaping I think I can make a comparison like this
New Build 1500 sq. ft. house
Lot: 60,000
Clearing, Septic, Water Tank, etc 15,000
House: 195,000
Landscaping: 5000
Total Cost: $275,000
Now if I bought a similar sized existing house needing remodelling for $175,000 that would give me $100,000 to do the work - teardown, disposal and rebuild. And I would have more mature landscaping as Rob says which would be worth more than what I estimated above.
That seems to be plenty to work with but not if the whole house has to come down and be rebuilt! Of course if a new roof costs $100K then it really doesn't make sense.