Remodels typically are considerably more dollar wose per sq ft than new construction. That being said dollars per sq ft realistically mean absolutely nothing. From what I have read and been told, figure what the house should have sold for (this assumes you got a smoking deal) and figure 1.5 to 2 times the value for a full remodel. Of course this is really only a guess as no one knows the type of finish you are going to spec.

From the outside that's a nice looking four square. What does the inside look like? Any original woodwork?

Basement is good. $15k to open up basement and put in beam. Otherwise wood floors in second story are there. Not sure about main floor hardwood. Trim is there but kinda rough on main floor. If you go to realtor.com zip code 51450

I love to renovate and bring life back into old houses but honestly it is a labour of love not money. Maybe try to sell this one and have it moved so someone else can enjoy. IMO if you mostly love the house and where it is and you can live in it while you do the work get some quotes in your area.Where I live a new build is $ 200 /sq ft for a pretty average home.

We’re planning on updating all hvac, plumbing and electrical. Would tear off both pitches and garage shanty. Add on main floor bedroom/ laundry. Breezeway to hidden garage. Basement is good. $15-20k estimate to repair basement where needed, put in egress window and open up the basement for possibly finishing later.

No one here can give you any cost figures. Why? Because no one here knows the actual condition of the house and all its components.

In general, old houses need lots more upgrading than first recognized or estimated. Why? Because there's lots of problems and deterioriation not visible on the surface. In the trade these are called "Ooops"! Ooops, we just opened up a wall...and found termites...that the floor sill plate is rotted out and the studs aren't connected...the HVAC system doesn't work...the electrical service is all knob and tube with aluminum wiring...the foundation is cracked and crumbling...yada yada.

Demolition and building new makes the work much more likely to be estimated correctly and completely.

Good luck on your decisions!

I am in the tail end of a full remodel and addition to an old farmhouse. It is definitely a labor of love. (hate?) We have spent more than double on remodeling than we paid for the house. We could have built a new house for cheaper...

Just depends what you want. We did it to save on taxes and because we could do most of the work ourselves. That said, I think I would prefer to live in a new house. Old ones come with a lot of character... and problems/quirks. Ours will be beautiful when it is done, and I'm glad we saved it. But yikes it is a lot of work.

Also born and raised in small town Iowa (about as far NW in Iowa as you can get) and this house reminds me of “home” :-).

I no longer live there, and haven’t for some time, so I can’t comment on cost. I will say that I have 2 different family members who owned farms with houses similar to this, and they both eventually sold the houses separately, moving them off the farm(s) and into town, and built new. They are both pretty frugal and sensible when it comes to spending money, so this tells me that building new is what made the most sense financially.

Is this a cold money decision? Or are there other factors that come into play? Money will say new will win. Money being only one factor will have tossup results.

Do you love the land, and the house is just a convenience in that it’s already built? If you had your choice of building site, would that be it? Or is there a better location with a better view or road access or more screening from neighbors?

Do you love the house? Do you care if it cists you double to have it remodeled rather than building new? Are you a purist who would want to do more restoration than remuddle?

Thanks all! I think we’ve come to conclusion to build. We just purchased this acreage off foreclosure. The house is there, I love big square houses but would need to totally remodel and add on. Another person in the area did the same and tried telling us he saved $80-100k. Our initial plans were to build, but then when we heard this $$$ we thought we should ask around more! No ties to the house except the wood floors would refinishing gorgeously. But I can use those in the new house if I saved them!

I wasn't talking about wood floor details but molding details and any original built ins that some of those old homes have.

@cpartist none really. The crown mounding in some rooms is not in good shape- has been repainted and would take more work to bring back than its worth. We definitely aren’t purists, we’d remodel to all new except floors.

If you build new you will have a sturdier, safer, and much more energy efficient home.

I cannot imagine always having to work around something that is existing in the house at every turn. And anything not new looks like it. And lead paint, termite damage, rooms of the wrong size for today's needs, insulation, inefficient windows, etc. With new you can make everything just how you want it!! So I guess I'd go for new!

Our family is renovating our 1800s farmhouse in southern MN. We are also trying to save a barn so it’s a money suck but we also aren’t trying to renovate it as a full tile residence... it will be for family vacations so it’s ok that the kitchen layout is clunky, there’s only one bathroom, and things are creaky! But if I didn’t have an emotional attachment, yes... I would probably build new.

I cannot imagine always having to work around something that is existing in the house at every turn. And anything not new looks like it. And lead paint, termite damage, rooms of the wrong size for today's needs, insulation, inefficient windows, etc. With new you can make everything just how you want it!! So I guess I'd go for new!

And that's why you shouldn't own an old home. You obviously don't understand the pull of an old home.

To the OP, if there's nothing redeeming with the house, then I don't see a reason to keep it. I agree it would probably be better to build new.

Nothing redeeming except the floors are gorgeous and it’s a big house. But honestly it was built pretty close to the highway and that always kind of bothered us. Which is why we talked about moving the front door. But nothing special inside of here besides that it was solid. New roof and windows- but we were going to replace them anyway so it matched new addition. Will be better to set the house where we want it! Thanks everyone!