DH and I are thinking of buying a home that needs a lot of work. We have no experience in this and need some recommendations. It would either need a bump out on the back/addition or to be raised and built new. The street and the town warrant the work on the house, most of the homes on the block have already had substantial work done to them, and this house has not been touched in decades.

How much would a bump out cost vs. raising the house and putting a new one up? The current home is about 2000 sq. feet. We would like the new addition to be about 1000 sq feet. The property can handle all of this.