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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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Bulldozing and rebuilding..
Has anyone ever done this in LI? DH found a house that is really really old..it's on a nice, big plot of land though and it's pretty cheap. We think that if we get it for the right price, bulldoze and re-built we are just a little bit over what we wanted to spend (but we get a brand new house). I can only imagine what a PITA this is to do. Has anyone ever done this? I know you have to let the mortage lender know since their collateral is in the house. I would also assume you get building permits before doing this right? TIA
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Posted 10/3/11 12:45 PM  |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Bulldozing and rebuilding..
i have only heard that its better to keep the basement and some studs in tact because its cheaper then a complete tear and rebuild.
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| Posted 10/3/11 12:50 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Bulldozing and rebuilding..
I've heard that if you keep the foundation and at least 1 wall of the original structure, then it is not considered a new dwelling.
I think a new dwelling would be recalculated with higher taxes right off the bat, whereas, if you kept he same foundation/footprint, the taxes wouldn't go up nearly as much.
I had a family member who basically did what you want to do, but kept the footprint (although added a little more to it) and kept 1 wall up. Now, whether or not he took down that wall when the outside structure was up, I have no idea. But I do remember him telling me he had to do it this way so his taxes didn't skyrocket.
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| Posted 10/3/11 1:05 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Bulldozing and rebuilding..
Posted by Nifheim
i have only heard that its better to keep the basement and some studs in tact because its cheaper then a complete tear and rebuild.
This is exactly what my next door neighbor did. The new house is really nice, but the old one was in really bad shape.
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| Posted 10/3/11 1:18 PM |
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Re: Bulldozing and rebuilding..
they best thing to do would be to look into a FHA 203K loan
this will give you the money to purchase the house and renovate
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| Posted 10/3/11 11:22 PM |
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sunnyflies
LIF Adult
Member since 9/09 1757 total posts
Name:
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Re: Bulldozing and rebuilding..
First, check that it's not historic, if it's truly old, as it may be protected by an historic designation or be in an historic district. And, yes, you will definitely need permits to do extensive exterior work on any house.
I've seen and heard of many tear down and rebuilds. There's one next to me now, but I think they ran out of money as nothing is happening, its windows are not in and it's going grey.
Tear downs are becoming increasingly common as Long Island reaches "build out".
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| Posted 10/4/11 1:59 AM |
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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Re: Bulldozing and rebuilding..
Posted by Beth EXIT Realty
they best thing to do would be to look into a FHA 203K loan
this will give you the money to purchase the house and renovate
Thanks Beth..do you know if the lender normally does due diligence to ensure that the construction complies with zoning laws? I would go to the town first to find out even before I put in a bid but I'm just curious if the lender does their own research...
Also, do you know of any lenders who specialize in FHA 203k loans?
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| Posted 10/4/11 9:21 AM |
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Re: Bulldozing and rebuilding..
Posted by marianne13
Posted by Beth EXIT Realty
they best thing to do would be to look into a FHA 203K loan
this will give you the money to purchase the house and renovate
Thanks Beth..do you know if the lender normally does due diligence to ensure that the construction complies with zoning laws? I would go to the town first to find out even before I put in a bid but I'm just curious if the lender does their own research...
Also, do you know of any lenders who specialize in FHA 203k loans?
yes- everyone you use MUST be approved by the bank
proper permits etc
the bank doesn't just let their money be wasted
I would only use continental home loans for a 203K they are the best
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| Posted 10/4/11 5:41 PM |
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