Remodel or tear down and rebuild?

2 months ago

We just refi'd our mortgage. We took out some cash for a remodel but now may be looking at a cost that is in the territory of "let's tear it down and build new". The balance on the note is about half the market value right now. Has anyone been through this scenario? Our bank would likely not like us tearing down their collateral regardless of the value of the house we build. There is that period where there is no house before they start building the new one. Ideally, we need a bank willing to finance this type of "conversion". Any ideas out there in Houzz land?

Comments (10)