at 11:12:54 AM
My house is 1905 built one and a half storey which need repair on roofing, electrical wiring, and I want to renovate the kitchen, washroom and the upper floor and the basement.
With this renovation I am thinking of knocking out the whole house and built a new one to the existing lot with full basement and a bi level house same with 3 bedroom 2 washroom, more or less a 1500 to 1750 sq ft.
With your house being over 100 years old, there are many factors to look at. If your municipality deems this house a Heritage home, you will have to restore it to its original condition. You may not be able to expand it but just update it. The cost of updating it to the original condition may not be feasible.
If its not a heritage home and you are able to knock it down, then you may want to look at building new. Im not sure what contractors are charging in Winnipeg now per sq foot,but I assume it will be around $150 per sq ft. You must calculate what a new house will cost you and add the current value of your property and see if its even worth it. You may get stuck with an overpriced home in an undervalued area.
Also, if you calculate the cost of building and the lot, what can you purchase with that budget??? You may be pleasantly surprised as house prices are down and you may be in a position to purchase a larger home that has all the benefits that you want for less money.
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