Tear Down and Rebuild

[Tim]

Seems like too big, too drawn out, and pretty hands on is a theme from those that have done it before. These issues worry me more than the financial sense of rebuilding a house. Maybe waiting a year or two to see when labor and materials catch up after COVID is the right choice. In the meantime I can work on paying down my current mortgage to keep the size of the construction loan down as rates rise. My sister in law is our architect which saves in fees but probably has plenty of other issues associated with it.

Starting from scratch is a lot of work. Best done when it is a "fun project". I really think you need to want a new "hobby" for a year or two. Not so much the price, but the time element. You will spend a lot of time on this "hobby". Even with "cash" to pay for it, this is not a "hobby" that you can really delegate. Tons of decisions and options.

[Kamban]

My sister in law is our architect which saves in fees but probably has plenty of other issues associated with it.

This will worry me the most. When you mix family and business, the end is result is not always pretty to watch. Especially if your SIL states that she is doing it at well below market rates or even free and you want a ton of things done or altered, sometimes at the last minute.

If it is your spouse's sister, you may have to watch how it affects your marriage since your wife has to please you and her sister. Personally I would not do it, but then it is your call.

[BryanMD]

Yes, family and money don't always mix well. We have considered that. Telling the sister in law that we don't want her help even if it's free might be worse than just paying her full price. She works on projects of the extremely wealthy so we probably have an out with "We don't want to take up your time with our little project."

[childay]

Starting from scratch is a lot of work. Best done when it is a "fun project". I really think you need to want a new "hobby" for a year or two. Not so much the price, but the time element. You will spend a lot of time on this "hobby". Even with "cash" to pay for it, this is not a "hobby" that you can really delegate. Tons of decisions and options.

Sounds like a crappy hobby

[artemis]

Sounds like a crappy hobby

Well, it does beat sliding bamboo slivers under your fingernails.

Seriously, I think the OP is under-estimating the level of headache a complete tear-down and rebuild will cause. Even if it makes financial sense, it may not make sense from a sanity perspective to do this. Does he REALLY need a second full-time job?

[Tim]

Well, it does beat sliding bamboo slivers under your fingernails.

Seriously, I think the OP is under-estimating the level of headache a complete tear-down and rebuild will cause. Even if it makes financial sense, it may not make sense from a sanity perspective to do this. Does he REALLY need a second full-time job?

This. It is a full time hobby. You can get a ton of joy seeing it going up and completing. Some like gardening and doing the yard or wiring or puttering around the house. Some hire it done. It is like anything, you get out of it what you put into it. If you don't have the time, take whatever the GC gives you. You can hire it done.

[PhotonsRGR8]

Totally agree with all the comments. I would NOT attempt this in current environment with lack of labor, materials, appliances, etc. etc.
The build took us 3 years from tear down to move in and we literally took turns circling around at least 3X daily between our clinic schedules. Also my spouse is a rabid DIY who has ie. 2 sizes of tile saw, multiple chain saws, scaffolding, a track loader etc. etc. He did all the low voltage wiring in the house because it confused the electricians. He subed out the tile but completely tiled 2 previous houses in complex pattern. My point is he's expert at AC, plumbing, drywall, concrete, electrical, welding, soldering etc.
even though he's a med specialist. It's his hobby. I am proficient mostly at screwing in light bulbs and changing batteries. If this skill set does not describe you I would not attempt because you're at mercy of your GC and his "change orders". Your 3M project will morph to 4.5M. If you do have skill set I still wouldn't attempt now with todays supply chain quagmire. You're wise to take more time to accrue the cash and wait for supply chains to unkink.

[Hank]

Totally agree with all the comments. I would NOT attempt this in current environment with lack of labor, materials, appliances, etc. etc.
The build took us 3 years from tear down to move in and we literally took turns circling around at least 3X daily between our clinic schedules. Also my spouse is a rabid DIY who has ie. 2 sizes of tile saw, multiple chain saws, scaffolding, a track loader etc. etc. He did all the low voltage wiring in the house because it confused the electricians. He subed out the tile but completely tiled 2 previous houses in complex pattern. My point is he's expert at AC, plumbing, drywall, concrete, electrical, welding, soldering etc.
even though he's a med specialist. It's his hobby. I am proficient mostly at screwing in light bulbs and changing batteries. If this skill set does not describe you I would not attempt because you're at mercy of your GC and his "change orders". Your 3M project will morph to 4.5M. If you do have skill set I still wouldn't attempt now with todays supply chain quagmire. You're wise to take more time to accrue the cash and wait for supply chains to unkink.

I sorely regret that I cannot give this post more likes.