Demolition Of A Property?
I have found a home in a great location that is appraised at 162k. The foundation needs 50-60k in repair and then another 25-30k to finish the rest of the house. I know I can get the house for around40-45k, but alot of people have told me it would almost be better to tear down the house and rebuild. This is obviously due to the large amount of money it will take to rehab this home.
Does anybody know how much (roughly) it would cost to demolish and carry away a 1700 square foot house?
This question (demolition cost) came up not long ago in another topic (size of structure wasn't given), and one poster said that he believed the cost would be less than $10K. Maybe some excavators can give you rough estimates. I would also check with the municipality on any restrictions/requirements on demo and rebuilding (in addition to permitting). Also if there are any toxic/regulated substances (tanks, asbestos), talk with an environmental contractor.
your figures here are substantially different than the ones you used in your other post (15-20K and 50K. Do the math. If you can buy it for 40K and invest 75K that is 115K. Carrying and holding costs say another 7-8K. now up to 122K. If the appraised value is 162K then there is lots of room to move the price up on a project that will only take 2 months.
Hi Richyrich,
The cost to raze the bldg usually is influenced by the size...how many dumpsters you will need. A contractor was able to estimate the cost to tear down a house I was looking at. He quoted me ~$5k for this particluar house. It was an Antique that needed probably $100-125k fix up. However I needed to factor in the time to get approval for this, because it was built prior to a certain date (I think prior to 1920?? don't remember) I needed to get approval to tear it down by the Historical Society which was a minimum process of 6 months and they could try to block it. If the particluar building you are looking at is old this may be something you need to look into. Also what are the lot lines... can you rebuild from foundation up? Is it grandfathered? Check the zoning to make sure you can rebuild what you have in mind. Good luck!