Major Remodel Or New Construction?
have an existing home on a 5400 sq. ft lot, 2 detached unit, 2/1 and 1/1 (smaller unit at the back).
would like to upgrade both units, I would like to upgrade the front unit and make it a 3 bd and 2 bath, the smaller unit will remain 1/1. BTW, property was probably grandfathered since records don't show the 1 unit existing, R1 zoned. Ideally, I would like a "somewhat duplex, up/down version" for this lot but can't get around the R1 zoning
loan bal. is 250k, property work 700k, woud like to keep as an income property.
does it make economic sense to do a major remodel or new construction?property in CA and hard costs are running about $100-150 per sq. ft (conservative) on a new construction. I heard that if you keep at least one wall, it's still considered a remodel and therefore cheaper way to improve property.
I'm open for suggestions. :-?
Comments(0)