I've been thinking of the value of remodeling vs. just tear down and build new.
Remodel = $220,000 or so for our dream setup, 8 months+ of work, results in ~3100-3200 sq. ft. of nice space, 5br, 4.5bath.
Tear down and rebuild = $250,000 or so for a similar spec house, but it would have 9' ceilings, all new everything (plumbing, electrical, etc.) vs. mostly new everything, better flow, and be done in 6 months with fewer surprises...
We could keep our kitchen cabinets, sink, granite counters, appliances, light fixtures, new windows/doors, electrical boxes, HVAC system, etc. that we just put in the remodeled space, and the education we got in the process. I figure we'd only lose about $10k vs. having just done the tear-down to start with.
Seems like a no-brainer, but I'm not 100% certain of what it would cost to build a new 3100 sq. ft. house, subtracting maybe $20-40k worth of stuff by re-using some salvaged parts from the current house. I'm guessing $85-95 per sq. ft., which should be $260-300k roughly, and that variation is just enough to be a problem. Gotta go across the street tomorrow and see what the new house cost to build...