Should we start over?

We are considering purchasing a 20 acre parcel with a old ranch on it. The price reflects the value of the property only and there is not much value in the home. Can anyone tell us the pros and cons of tearing off the home and saving the basement and building on it vs scrapping the whole thing and starting over and digging a new basement. Also if you tear the house off can you make the basement taller on the existing foundation. This is a forclosure property and there is no info available on the condition of anything but the neighbor did tell us they know the basement leaks when it rains. Our intention is to build a 2 story colonial type home. Any thoughts, ideas, experiences would be appreciated.

 

Even though I have no direct experience with this type of thing, I live in the suburbs of Wasington DC and there is a TON of "in-building" and "tear-downs" going on. I am seeing reports of more and more cases of the old foundation (and old plumbing/sewer/electric sevices from the street to the house) not being up to the level of the new structure. There was just an article in the Wash Post about foundations not supporting the new building, because the footings didn't need to be as deep, etc. And these are $1 Million homes with walls cracking, etc.

I vote for digging a new foundation, especially if you are going to put a second story on a foundation that originally had only one.

Good luck,
Tom

 

All you are buying of any value is the land. - There are a lot of 20 acres or more parcels for sale.

The leaking basement is of no value and may cost you money if you build an the same site.

You did not mention any improvements that could be an asset if they are permitted and satisfactory and there are not assesments against them.

What makes the lot so attractive other than thinking you may get a deal?

Dick