My Wife and I are being given a free (just have to pay taxes on it) plot of land in a city with a 1200 sq ft house on it. The lot isn't very wide, but it's pretty long/deep. It was her grandfather's and hasn't been lived in for over 10 years. We're beyond grateful for this amazing gift! But the house is smaller than what we want so we're debating on demolishing the house and having a contractor build a new house, or possible remodeling it but only if we can add a second story somehow (question for another sub!). Our biggest question is what's the best way to finance either option? We have money saved up, but most likely only $50-70k that we can throw at a down payment. I'm military so I think the VA is an option. What kind of loans works for remodeling a home/adding to it, or building a new construction after demoing the older house?
Submitted July 29, 2021 at 08:42AM by MutesChecker https://ift.tt/3zNHIaG
