I know a few people have done this so I am looking for some advice. First the background story - About 15yrs ago, we purchased a small home on a large chunk of land that borders 350+ acres of conservation land and we got it pretty cheap. This house was next to my inlaw's house. They were looking to downsize, so we bought that small house and their home, moved in and renovated both homes. It was good while they were alive, especially for the kids, but my mil died last year and my fil died in September, so now we have this vacant property that we need to make a decision on because it is costing us money just sitting there (insurance, property tax, and it has oil heat that I have about 1/4 tank left and do not want to fill it) We don't want to rent it - we do not want to deal with being a landlord and the house would need about $20,000 worth of renovations before we could rent. So we could sell both properties and move someplace else, but the kids are really attatched to grammy and pepe's place and I think that would break their hearts. We could sell our home and tear down the smaller house (very small - one bedroom) and build our dream house - and walk out of if with a really nice home and about the same mortgage - maybe a little less, or we could just sell the property the inlaws house was on - even changing the property lines so we get a bigger yard on my property - that would leave us with no mortgage at all - or along the same lines we could put up a condex and sell each side for roughly 300k - but then we are stuck paying that loan while we wait for it to sell. We keep going around and around with this. So I thought I would try and get some more opinions/advice. TIA

also - if you did build your own home - do you know what you paid per square foot for construction costs? I am getting quotes ranging from $100-200 per.

By Crystal915 on Sunday, February 10, 2008 - 04:16 pm:

I would lean towards build, because the market is so bad. I'd imagine you'd spend a lot carrying the house before it could sell. Good luck, hope this bumps it up so you get more replies!!

By Trina~moderator on Sunday, February 10, 2008 - 04:35 pm:

Location, location, location! Sounds as if you have a very nice "chunk of land". As long as you are happy there and like the area, I think I would lean towards keeping your current property and either building or renovating.

By Dandjmom on Monday, February 11, 2008 - 11:30 am:

i second location. i would build adn you would still be able to have a mortgage similir to what you have or less.

By Debbie on Monday, February 11, 2008 - 11:42 am:

Since you like the property that you have, I would build new, or renovate what you have. As far as the cost per square footage to build, it would depend on your area.

My parents built their current home. They met with three builders before the selected one. They were each recommeded, two by a realtor friend, and one by a friend that used them to build their home. My parents actually went to an architect, and designed their home themselves. Then, they took the plans to all 3 builders, got bids, and asked lots of questions. They ended up going with the builder that came in at the middle as far as cost. They just liked him better, and his ideas, etc. They are very happy with their home. But, it was a lot of work. They went out to the property at least 3-4 times a week, and really had to stay on top of things. But, they love their home, and our happy they did it.

By Colette on Monday, February 11, 2008 - 12:24 pm:

We are leaning towards building, but the thing that's going to be weird is that we will then sell our current home and move over there. So coming down the street and havign someone else living in my current home will be really weird. The other day, I ran into my neighbor at an open house and she kept saying she would love to buy our house or the in-law's property. I don't know if she is serious or not but that would be a perfect solution. My in-laws loved them so I wouldn't be weirded out by them living here.

These are the homes we are looking at - not sure if I will go through this builder or have someone else do it, but this is the style. I want a brand new house, that looks like an old house.

http://www.connorbuilding.com/GroupView.aspx?ViewTypeID=1

By Dandjmom on Monday, February 11, 2008 - 01:45 pm:

Totally love the Austin Roberts.

By Reds9298 on Monday, February 11, 2008 - 04:29 pm:

Exactly our style of home - looks old but is new! All are beautiful but I love the first one and the Austin Roberts the best from the outside. If you choose to build, it will be beautiful!

By Trina~moderator on Monday, February 11, 2008 - 05:06 pm:

Nice houses. A lot of houses here are similar, but I do live in New England.

Elizabeth Burgess was my Grandmother's name. LOL! (Betty Burgess)

By Conni on Monday, February 11, 2008 - 06:13 pm:

ewww, i didn't get to look at all of them. but i like the kate banneker house inside and out.

By Colette on Monday, February 11, 2008 - 06:17 pm:

I totally loved all of them, but my favorite is the oliver haines house. I love the fireplace in the kitchen.

By Colette on Tuesday, February 19, 2008 - 08:26 pm:

After much discussion with a very impartial friend who is in "the business" of renovation/building and he brought some of his friends - realtors, etc. into the picture, we looked at all of the options and ultimately the best option right now is to fix my inlaw's house up and rent it. Thankfully the renovations are not as bad as I thought and they are tax deductible for the most part. So..it looks like dh and I are about to become landlords. I am both nervous and excited. When I step back and look at the big picture this is also the best for my kids, the house is gradually changing from being Grammie and Pepe's house, instead of a quick change.

but someday...I am getting that Oliver Haines house, right out back by the apple trees in our backyard. Only change I would make would be adding a farmers porch.