Quote:
Originally Posted by Rain Man
So you can sell your home for $850k
Or
You can tear down, rebuild, and sell for $1.5 million on a 3,000 sq. ft. house.
That means your extra revenue is $1.5m-850k = $650,000, or about $220 per square foot.
You can check this out: http://www.nahb.org/generic.aspx?sec...&channelID=311 and assume that the cost of bricks and sticks if 50% higher since it's a 2,000 sq. ft. home, and then I'd bump everything up by a cost of living factor given your location.
My other concern would be that you're building a custom house, so you may not have the cost efficiencies of a contractor who's working on a spec home. So you'd need to add some other factor to account for that, but I'm not sure what it would be. |
You're so kind, thank you! So at this point, it's pretty much a wash.