Tear down and rebuild OR second floor addition
My family is growing so I am trying to decide if I should add a second floor or rebuild completely.
Current spec of the home is
67X130 frontage. House is set at the back of the lot.
Current market value of the house is $720,000
It's 50 year old brick house so insulation is terrible and very damp basement.
I had meeting with both custom home builder and second story addition people.
-Second story addition by Modular home
Total cost is about $350,000 for 1800 Sq/foot second floor
Plus side is we can live in the home while construction is being done.
We will have to renovate so we open up the fist floor bedrooms.
We will also have to re-insulate first floor and re-seal the basement from outside.
We will also have to landscape the whole yard to make it look up-to-date with the house.
After addition, home will be worth about 1 Mil (It will be about 3500 sq ft house)
- Custom Build
4000 sq/ft house + finished basement will cost $640,000 but will cost a lot more with upgrades + landscaping.
It will be worth about 1.5Mil
We will have to find a place to live for about a year which will cost another $15000+
I am not sure what the best way would be.
Does anyone have experience in adding second story or building new custom house?