Rebuilding or remodeling home?

October 5th, 2008 | by admin |
Here I come asked:


I want to tear down my house and rebuild it. I heard if you leave an original structure in tact like a wall or fireplace, it is considered a remodel. Say if I bought the house 2 years ago for $400K and rebuild costs $200K (essentially a new house)… how does the city assess the new value? Also, if i have a mortgage, does the bank have to approve the rebuild?

Dana
Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • Bumpzee
  • del.icio.us
  • Facebook
  • Furl
  • Mixx
  • NewsVine
  • Reddit
  • StumbleUpon
  • YahooMyWeb
  • Google

  • Home improvement: “A house divided”?
  • Increase the Value of Your Home with Home Remodeling and Repair
  • can remodeling be claimed on taxes?
  • Remodeling software that is easy?
  • Im remodeling and need some ideas?
  • Tips to Find Good Home Remodeling Companies
  • can I deduct home remodeling costs?

    1. 2 Responses to “Rebuilding or remodeling home?”

    2. By Voice of Reason on Oct 5, 2008 | Reply

      The local codes yes the bank will be unhappy if you tear down their collateral.

    3. By tidbit on Oct 7, 2008 | Reply

      Why would you tear down a 400 thousand dollar house and build a 200 thousand dollar house? That sound nutty.

    Sorry, comments for this entry are closed at this time.