I have a serious dilemma. I have a home that needs a new A/C, new plumbing, new windows, etc. I also suspect that there is a problem with the foundation. My question is: Would it make more sense to fix it up or just demolish it and start from scratch? I still owe about $35,000 on my mortgage. I would also love to have an eat-in-kitchen, more storage space, and a few more things on my wish list. Any advice would be appreciated.
It almost never makes sense to tear a house down and rebuild, unless there is a serious structural problem. I would have the foundation examined to determine its condition by a structural engineer or at least an ASHI certified professional home inspector. Tearing down the structure could also make it more difficult to rebuild what you had due to changes in the building code that have occurred since the original home was built.