I may be barking up the wrong tree here (sorry mods,if that's the case) but a lot of you seem pretty well experienced and finance savvy enough to help me out.
Essentially there's a 7,200 sq ft lot and and mostly burned out 4 bed/3bath 2,400 sq ft split-level home for sale for about $58,000. The lot is totally fine, backyard looks great and even has a pool.
Foundation and underground plumbing are said to have no damage (I want to get an inspector to double check though), so I was thinking of demolition, or deconstruction if possible to get a good tax break to offset the price. I know this can cost somewhere between $5,000-$25,000 to do.
If the foundation and underground plumbing is fine, I want to build off of that to make a 4 bed, 2/3 bath home (2000+ sq ft). I'm wanting to go with steel framing to make it cheaper to insure, and to expedite the building process, among a few other benefits. I get mixed reviews whether it's cheaper or more expensive than lumber, only estimate I've seen is $45-$65/sq. ft, but don't know the accuracy in this.
Essentially I want to know if there's a process available here in AZ that would allow me to buy this lot and build a new home (would prefer to customize as much as possible to make our ideal home for raising kids).
I'm 25 and make $30k/year, my fiancée is 23 and makes 30k/year as well. This place is a lucrative location and will likely go for $350,000-$400,000 (homes in this area are already going for $350k) in the future if not more if I'm able to snag it and deconstruct/build something for about $250k or less.
TL;DR: Is there a good or preferable home loan/down payment assistance program I can use to buy a mostly burned out home to demolish and build a new home? Tips and strategies welcomed.
Submitted June 05, 2018 at 11:28PM by mbecile https://ift.tt/2JvY9Sk
