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qofmiwok

Marty and cdve Thanks for your comments. There are a lot of things we came up with to improve the house. Build on a garage bay since the existing is not big enough for modern suv's, add a mud room, make a pantry, add 2 bedroom suites with modern sized bathrooms, enlarge the kitchen/dining room. Replace all windows, roof, siding, plumbing. Unfortunately the main problems with this house cannot be improved. The number one being it is a split level and a fair amount of the space is 3 feet underground. Nothing will ever change that, and it's just something a lot of buyers don't want. We actually thought we didn't mind, but the longer we are here, the more it bothers us to spend so much time in a "basement" or put guests in a "basement." We're having troubles with radon mitigation as well because of how the basement slab was poured. Another issue is low ceilings which can't be raised. And, you have to be super efficient with your space because there are lot coverage issues that limit the footprint of the house.

Our remodel estimates came to about $1m. At that, since our house isn't valued much more than lot value, we would save money compared to building new. But we still would have a house with low ceilings that is half underground. And more importantly, everyone we have seen get into remodels like this, ends up spending significantly more than they estimated. So they have spent more than building new, and still have an old house with some of its original limitations. I would probably feel differently about proceeding with the remodel if I knew that nothing would pop up that would add a bunch of cost. But that's not too realistic with a 50 year old home in a super cold climate.

I'd like to think that someone else might buy it and keep it as is. But in reality, it's on one of the best streets in a high end resort town, has a great view of a ski mountain, and I can pretty much guarantee it will be torn down within a decade. People here are building modern, and it will most likely end up a mountain modern design.

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PRO
User

Definitely in your case, you have done your best with looking at the options and have put forth the due dilligence. Good for you! Good luck with your future on housing.

   
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cameliamit

Stay on top of your renovation costs with the Home Remodel Costs Calculator Excel Template.
This spreadsheet is a helpful tool for planning, monitoring cost and payment status during renovation process.

https://www.etsy.com/uk/listing/287413123

   

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