A lot of people call "updating" remodeling. You say you want to completely rebuild. There are some cost and time advantages to maintaining valuable parts of the structure. Also, building "green" helps you recycle and re-use valuable materials. A knowledgeable contractor can give you guidance.
The cost per square foot of remodeling, or re-building, is the same as new construction and then you have to add the tear out and tear down costs. It is wisest to use a professional. In my years in real estate, I have seen far too many homes that were "remodeled" and they way the rooms were sized or the material and color choices, only created a property that needed re-doing or was laid out wrong for resale. It is always important to build for resale no matter how long you plan to be in the property.
In these cases, money is spent, and then the seller has to eat that cost because the new buyer wants to re-do the house because structure or design is not to the current market standards.
I can recommend an outstanding remodeling contractor who can fulfill all the requirements I mention above. If your are interested, call me at 206-264-5600.
This totally depends upon the materials and finishes. If you are looking at a house with a construction value (not including land value) average to good finishes you are probably looking at $150/ft, low to average
finishes about $100 and very good $200-$250 and mansion quality apx $250-300. Site development, utility hook-ups, sewer connections, additional foundation work and architectural plans as well as land cost are additional.
Until recently I would tell you that the price per sq ft ranges between $175 and $200 per sq ft assuming you use typical finishes that are current tastes. Rooms like bedrooms and dens are less expensive to Kitchens and baths of course. There are many ways you can reduce your expenses by doing demolition yourself and self-contracting though it may be a case of penny-wise and pound foolish as the saying goes. You also have to consider what degree of demolition is involved. Are you razing the home to the foundation or is it a 'gut job' with a complete remodel. Sometimes the remodel approach is more expensive than the rebuild. One key factor is the location of the home and how the finished product will compare with nearby homes. Certainly a lake front lot is worth 'preserving'. But if the location is not the most desirable spot then it is often times less expensive to purchase ready built then it would be to build. When you build you pay top dollar. Often times and especially in this bueyrs market you can find great values on properties with all the bells and whistles you need for much less than building it yourself. Good luck with the project.