Remodel or tear down and start over?
We have a house that was build around 1941. I've been told it's a half cap. It's very small, about 650 square feet.
The house was very run down when we bought it 10 years ago. We did have to do some remodeling to make the house livable before we could move in.
As of now it's in need of some major repairs like; new roof, gutters, insulation under the floors, new kitchen including tearing out the old sheetrock and insulating walls, installing kitchen stove ventilation (has none now), exterior siding to just to name a few. House has some mold in the kitchen and feels damp during the winter. A addition so we could have more room would be nice too. The house does not have much character like some old houses.
My question is, at what point does a person figure that it's a waste of money to repair something in this condition and is wiser just to start all over new?