cost and logistical question
This is my first time posting on this board. We have been planning a new build on a vacant infill lot we own, but are now trying to weigh the possibility a different project altogether.
We just found out that a house will be auctioned in an area we really like. The neighborhood is very expensive and has very large lots, which would eliminate many of the issues we face with our current lot. I imagine many people would simply tear down the very outdated ranch house that is currently there.
We are kicking around the idea of fully gutting the house to rework the current footprint to contain all the bedrooms/baths/mudroom/laundry/office--basically all the rooms we don't really mind having 8 foot ceilings, keeping the current basement as storage and mechanicals and keeping the existing 3 car garage. We would then add a modern-style kitchen, dining room, living room addition (open, lots of windows, high ceilings) with a (possibly walkout) new basement family area and workout room.
I would assume the old section of house would need basement waterproofing and a new roof. I we would also probably want to take down most of the interior walls, rewire and replumb it. It is brick and would need new windows and window configurations too.
Would there be any cost savings to using the existing structure in this way over just tearing down and starting from scratch?