Remodel or build new, any advice O'wise ones

[zukgod]

Hello, I am new to posting on this forum but I have read it for sometime.
I own a Small 700sq ft home that was built in 1927 it is in fair to poor shape with a fair amount of rot. Our goal is to gut and remodel this house and of course add onto it. Or build new from the ground up. We are on 8 acres so we could live in this one while building.
Our end goal is to make a bit of money on this deal and move further up into the mountains about 3 hours from our current location. I can do much of the work myself and have done so before. I guess my question is what is the most cost effective way of getting to our goal? Build new or remodel? Any advise would be great. Thanks for taking the time.

Josh

[tufhelp]

As you mull over the decision, add this to the list of things to consider when remodeling. If you are subject to code administration you may (reads probably) have to bring everything up to current code when you do a major remodel. So include the cost of all the upgrades in your figuring. Electrical can be the trickiest - destroying walls to run approved wiring and upgrading power distribution devices. Just a heads up...

[zukgod]

Thanks for the heads up I did not think of that. We have however already updated the wiring. I was worried it was unsafe, so I did it all myself up to code. Any other advise would be wonderful.

[12vman]

I would totally check out the foundation before investing a bunch of money/time into it.. ;)

[desdawg]

If you remodel and are doing lots of cosmetic stuff you can probably do most of it under the radar and work at your own pace. The addition would require a permit. I am the kind of person who likes to breath new life into old stuff and find I can do that for less $$$ than building new. However it usually takes me longer going that route. Some of that is my own personality, some is available resources and some will be your self imposed time line. Just from what little I know about your project I would probably remodel.