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Figure out what the house you want would cost to buy on the market and what yours would net. Subtract the profits from the price of the new house and if you could make your house what you want for less, do that. Given the current market and you needing to sell a house to accomplish getting a new house, I would be inclined to check with an architect and see what they can do and how construction can be phased. Unless you are in a $20k shack, it is probably fair to say remodeling may be the more predictable option.
Since October 2009
It couldn't hurt to put it up as-is for a while, could it? If not with an agent, at least Craigslist and the like. Depends on the market obviously, but a cheap, smaller, less-than-perfect house in an okay neighborhood may sell better than you'd think. Perhaps to a young couple with good savings but with student loans & currently low wages putting a firm cap on their house budget by debt ratios (this is me, by the way). People who are looking for the opportunity to add their own sweat. You may not get as much as you want, but more than knock-down. And, hey, there are lots of other houses out there looking for owners if you do manage to sell it.
good answers above. In addition if you tear down you might want to consider a manufactured or modular home. It could really limit the time you had to be out of the house and then you would have brand new.
Glen
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How about building a home behind yours so you could stay in your house and do the new home build at your own pace, and as your budget allows?
If you have large property, you might be able to put a larger home in front of, to the side of, or behind your existing home. You would need to check with your town to understand the regulations and tax implications though - but just an idea!
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Remodel, knock down or sell?
aefeuerborn
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Quick question for those who have either remodeled or knocked the home down (for a new build) or just plain sell. We have a ranch, 2 bed, 1 bath (total 5 rooms) and we sit on a large lot. We have done some updates (new windows, roof, electric updated) but not much more then that until we make up our minds on what to do. For those of you who have been in this situation before, what helped you to make up your mind? Thank you in advance!
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