When we first considered transforming our old farmhouse into our dream forever home, we were faced with a major decision: should we remodel the existing structure or start fresh by tearing it down and rebuilding? After much thought, research, and conversations with trusted professionals, we ultimately decided that tearing down and rebuilding was the best path for us. Here’s why.
The History of Our Farmhouse
Our current farmhouse holds a lot of history. Built in 1900, it has stood the test of time for over a century. In 2000, the previous owners took on a significant remodel, making the house more “modern-ish” and livable. While we’ve enjoyed the unique character of the home, it comes with a fair share of quirks—many of which stem from that early 2000s remodel.
The Challenges of Remodeling
When we started exploring the idea of remodeling, we were excited about the possibility of preserving the original structure while updating it to suit our needs, thinking it would save us some moola. However, the more we looked into it, the more we realized that remodeling would come with significant challenges.
One of the biggest concerns was the condition of the house’s foundation. The farmhouse still stands on its original stone foundation, which, while charming, is far from ideal for a modern home. The risk of opening up a 100+ year old home and discovering extensive damage, hidden structural issues, or other costly surprises was a major factor in our decision.
We also had to consider the quirks left behind by the previous owners. They were “handy” and took on much of the remodeling themselves. While their efforts were admirable, some of the work wasn’t up to today’s standards. Issues like uneven floors, awkward layouts, and outdated wiring would have been difficult—and expensive—to fix during a remodel.
Additionally, the style of the house is just not what you’d imagine when thinking of a charming, magazine-worthy farmhouse to try to preserve. Instead of the classic, beautiful farmhouse you might see in the pages of a glossy magazine, our home is more like a blend of early-2000s style with a side of wtf? The aesthetic is dated, and there is no easy way to transform it into the warm, inviting space we dream of.
Another significant issue is the layout. Due to the existing rooflines, we would have had to keep the second floor intact, which completely defeated our goal of having a single-story home as we age. The low ceilings throughout the house added to the challenges, making the entire remodel feel like it would be a complete gut-job and then still fall short of what we want. When we crunched the numbers, we realized that the cost of such an extensive remodel would be comparable to a rebuild.
The Benefits of Rebuilding
After weighing the risks and rewards of remodeling, we decided that rebuilding was the better option. Starting from scratch gives us the opportunity to design a home that truly meets our needs and reflects our vision without being constrained by the limitations of an older structure.
Rebuilding also allows us to ensure that our home is built on a solid, modern foundation. We can incorporate energy-efficient features, sustainable materials, and the latest in home technology—things that would have been difficult or impossible to achieve with a remodel.
Peace of Mind
Ultimately, the decision to tear down and rebuild came down to peace of mind and the belief that we deserve to have exactly what we want in our forever home. We didn’t want to invest our time, energy, and resources into a remodel only to discover unforeseen issues that could derail our plans. By rebuilding, we know exactly what we’re getting and can create a home that will stand strong for generations to come.
Next Steps: Talking with Lenders
As we move forward with our plans, one of the next crucial steps will be discussing our financial options with lenders. Currently, we have a VA loan with a remaining balance of around $280K at an interest rate of 3.15%, and our home is valued at approximately $590K. We expect that when the entire project is completed, the value of our new home will be closer to $1.2M.
We’ll be exploring how we can best utilize our home equity, what a construction loan might look like, and how to navigate our current mortgage situation. Given that our VA loan has such a favorable interest rate, we’re not planning on touching and we’re hopeful that our banking BFFs can get creative with us and help us find the best financial path forward.
Looking Ahead
As we prepare to say goodbye to our old farmhouse, we do so with a sense of excitement for the future. We’re looking forward to building a new home that honors the past while embracing the possibilities of the future. This journey is just beginning, and we’re thrilled to share it with you.
Stay tuned as we document every step of the process, from demolition to design, and everything in between. We’re so glad you’re here to follow along with us!
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