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rpamelacoates

Remodeling or building a new house.

7 years ago

We live in South Park and our land is very valuable (.8 acres). Our house was built in the 60s and we remodeled about 18 years ago. However now we have situations like roof damage, plumbing and air duct, heating issues, and space that doesnt work for us.


We are committed to staying on our land and not sure whether an intense remodel is more cost effective than knocking the house down and building a new one. However we live in about 2400 sq ft now and do not want a larger house. In our neighborhood houses like ours are being knocked down with new 4000 sq ft homes going up and selling at a high price point.


The choice we have to make to make is:

1. Do a total remodel/ renovation that will be costly but probably half as much as a new house. Since we are empty nesters and at retirement age we might sell in 10 years. Probably means that all of our renovation investment goes down the drain because the buyer will knock down the house.


2. Do we spend twice as much on a new but small and relatively modest house and if we sell in 10 years will the value of that house also go out the window. or will the buyer be interested in a smaller house that can be extended/ added on to.


Thoughts?

Thanks so much

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