Folks, I live in a 1950 Eichler and am planning a remodel that
will touch most of the house except for the existing foundation
and a couple of walls. I've been told its much better to just
knock the whole thing down and go for new construction. In this
regard I have a few issues that others here might have wisdom
they would like to share before we plunge into the project.
1. What would new construction cost these days?
I know it varies but I have been told that with so many people
out of work, the bones (foundation, framing, roof, electrical,
plumbing and labour for a 2500 square foot house can be done for
around $275K plus another say $120k for finishes, cabinets,
appliances, paint light fixtures, plumbing fixtures etc.) making
a total of around $400k. I know this is low for palo alto but
with many people out of work I have been told this is realistic.
p.s. I'm looking for quality not fancy finishes.
Any opinions? experiences?
2. The process of reassessment by the county seems like black
magic. No one seems to know how a remodel or a new house is
reassessed for property taxes. The best info I have is that
the land assessment will stay as is while the new building
will be assessed at market value based on comparable sales.
Has this been your experience?