Fix 'er up or build new?

Ronald1973

8-trackin', Hank, Sr. man
I'm not in a financial state to do either one at this very moment, but here's my scenario, gents and ladies.

I own my home. Little small 3 bedroom with 1 1/2 baths out in the middle of the country. It's paid for, and it's actually my childhood home I acquired from my parents; lived here pretty much since '75. Obviously there is a ton of sentimental value attached, but I also know there are times that sentimentality can get in the way of common sense.

The house was well built for its time. No particle board anywhere to be found. Good solid lumber. Time has taken its toll. I need new sheet rock in both bedrooms, and I also need it in the utility room. The foundation is sinking. The floors need to be resanded or carpet laid (the floors are gorgeous when they're done and I could do them myself). It also needs new windows. At this point, the septic system is well past needing an upgrade as well.

Again, it's paid for. I know there isn't anything so terribly wrong that it isn't fixable, but at what cost? The land is mine, a whole acre. Am I going to be cheaper to build new or repair?
 
Do have a contractor you trust? You could have them give you an estimate on both. And a realtor should be able to give an idea of resale value for new vs a remodel.
 
Here in California, cost of the permits and property tax, plus all of the hoops you have to jump through for a new construction, are substantially higher than a remodel.

We're in the process of selling this place and moving closer to the kids. We're hoping to find a piece of property that already has some sort of house on it. As long as you keep one wall, you can virtually build a new home out of the old one.

Check with a local contractor to find the ins and outs of remodel vs new build.
 
The only thing you need to concern yourself with right now is that foundation. If it's beyond repair, the rest don't matter. Get a qualified contractor in to take a look. Maybe three. Good luck.
 
My 2 cents having spent the past 25 years working on a damned old house. Unless you're young and very ambitious don't do it. From your description there's some pretty serious issues there. Serious issues means you're going to be poor and busy for a looong time if you're a diy guy. If you're not a diy guy you'll only be poor for an even longer time:)
There's a lot to be said for starting fresh and having things the way you would like them as well and not making your living quarters fit into someone else's ideas.
 
I really enjoy watching the renovation shows on TV. They make it look easy. Mike Holmes is AMAZING! Fixer Upper is a good show. There is a new one with a couple that do this in some small town in Mississippi. It looks like fun to purchase an old home with "Character" and refurbish it. But...I built my home in 2001. There's ALOT to be said for NEW Wiring and NEW Plumbing!!!!
 
stay put. spend minimal bux to repair and maintain. find remodelers and offer finders fees for
any things you need. measure and put on business card. hand these out to anyone in the
business. 10-year-old-windows-swapouts beats 40 year olds.

sweat it out. learn and do everything yourself. follow above advice esp age and foundation check.
regrade or fix foundation. only big issue is the septic tank. and don't forget the roof.

you get minimal bux on selling if its not remodeled or rebuilt for one simple reason - new buyers
will subtract out the cost of a remodel or rebuild.

the obvious goal is to sell one house, move-into-lower-cost house, use difference to fund eventual
retirement. time-honored traditions like the folks who sell their expensive NYC homes and move
to florida.

I've lived in old and new. Nowadays changing a light bulb is a BIG deal.
 
stay put. spend minimal bux to repair and maintain. find remodelers and offer finders fees for
any things you need. measure and put on business card. hand these out to anyone in the
business. 10-year-old-windows-swapouts beats 40 year olds.

sweat it out. learn and do everything yourself. follow above advice esp age and foundation check.
regrade or fix foundation. only big issue is the septic tank. and don't forget the roof.

you get minimal bux on selling if its not remodeled or rebuilt for one simple reason - new buyers
will subtract out the cost of a remodel or rebuild.

the obvious goal is to sell one house, move-into-lower-cost house, use difference to fund eventual
retirement. time-honored traditions like the folks who sell their expensive NYC homes and move
to florida.

I've lived in old and new. Nowadays changing a light bulb is a BIG deal.
I actually had a new roof put on about 5 years ago. I would eventually like to go with a metal roof if I keep the house. I can do a lot of things DIY actually; I tore out the kitchen floor and went right back in with a new floor. I've always did my own electrical, switching out old outlets and switches. I'm pretty adept at plumbing as well. I had new doors put on the front and back a few years ago as well.
Fix it. Foundation first, because if you do it last the sheetrock will crack and the windows will get stuck.
Ha! I already have enough cracked sheetrock! Things started going downhill with the foundation when the nice friendly farmers decided to butt rice right up against the property. They drain water out of the ground for the rice patties, leaving the foundation to sink and parts of my yard to sink in. If we get a good rain, you can tell a huge difference because the utility room door that can be a pain will shut without an issue.
 
you get minimal bux on selling if its not remodeled or rebuilt for one simple reason - new buyers
will subtract out the cost of a remodel or rebuild.

This is certainly true--but there is a bigger issue. If a home is not sufficiently repaired/brought up to code, you are limited to cash-only buyers or seller-financing. Banks won't touch a house that is run-down or needs major repairs. If the buyer has to obtain financing for the purchase, at minimum, the "major issues" have to be addressed--like the foundation and septic system.

I live in the middle of nowhere in a very old farmhouse (talking 150+ years old) and have done a total renovation and added two major additions--BUT--I am a contractor and own my own construction company--so I have access to a lot of help--from both my own crew, and other professionals that I deal with, and we trade services amongst the "pool" of various expertise/trades.

I am not a fan of new construction--it is generally poor quality using cheap materials. It make look pretty and be "brand new", but unless it is a well-spec'd custom build (which can get very expensive), the chances are slim to none that it will still be there at the century mark. I have had to repair foundations and tear off roofs (including the decking) on homes that were only 5-7 years old.

OTOH--never expect a "simple" project on an old home to be all that simple. Window and door sizes are often "non-standard", so custom work is involved, and the minute you tear out a wall, you find something else to deal with--wiring, plumbing, previous water damage, etc.--so it is no "cakewalk" either. All I can say is that my home was standing 100 years before I was, so I guess it will still be standing well after I am gone.
 
I would get estimates for the foundation before making any decisions. We lifted an old house and replaced a failed foundation and now we have a very cool old house on a solid foundation. Isn't cheap, but way less than new build. Also, new build can be just as big a pita. Tons of decisions and time and money. I suppose if you could find an existing house that was fine as is and in your price range, that might work. If it was me, I'd fix the foundation and stay in the family home.
 
One of my friends was a home builder before he retired. Anyway, he always said he'd rather build a new house than to screw around with rebuilding an older house.

Another thing you might look at is manufactured housing. Supposedly, it's come a long way. Pick out what you want and they'll deliver it in sections to your location. All you need is a contractor for the foundation and septic and a contractor to put it all together.
 
This is certainly true--but there is a bigger issue. If a home is not sufficiently repaired/brought up to code, you are limited to cash-only buyers or seller-financing. Banks won't touch a house that is run-down or needs major repairs. If the buyer has to obtain financing for the purchase, at minimum, the "major issues" have to be addressed--like the foundation and septic system.

I live in the middle of nowhere in a very old farmhouse (talking 150+ years old) and have done a total renovation and added two major additions--BUT--I am a contractor and own my own construction company--so I have access to a lot of help--from both my own crew, and other professionals that I deal with, and we trade services amongst the "pool" of various expertise/trades.

I am not a fan of new construction--it is generally poor quality using cheap materials. It make look pretty and be "brand new", but unless it is a well-spec'd custom build (which can get very expensive), the chances are slim to none that it will still be there at the century mark. I have had to repair foundations and tear off roofs (including the decking) on homes that were only 5-7 years old.

OTOH--never expect a "simple" project on an old home to be all that simple. Window and door sizes are often "non-standard", so custom work is involved, and the minute you tear out a wall, you find something else to deal with--wiring, plumbing, previous water damage, etc.--so it is no "cakewalk" either. All I can say is that my home was standing 100 years before I was, so I guess it will still be standing well after I am gone.
There is my thing. I see a lot of new homes going up, even "expensive" ones, that look thrown together. Very thin lumber is being used, and in a lot of cases, OSB board is used for the outer walls. It may be a-okay, but I just do not want that stuff being used.
 
There is my thing. I see a lot of new homes going up, even "expensive" ones, that look thrown together. Very thin lumber is being used, and in a lot of cases, OSB board is used for the outer walls. It may be a-okay, but I just do not want that stuff being used.

I'm sure if you got together with the right builder, you could specify whatever type material you wanted. They don't care, so long as they're not paying for it.
 
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