You will want to contact a structural engineer to have him inspect the property. this is beyond the scope of a regular home inspector. Once you get the engineers report, a building contractor can give you an estimate to repair or cost to cure. good luck working things out with the house.... more
It makes sense if the mortgage payments are less than the cost to rent a comparable property. The best way to go about doing this is to buy a bigger unit 2 bedrooms or more and rent out the spare ones to college kids. That can help cover some of the mortgage. In some cases your son may be able to get 2 or 3 roommates and cover the entire mortgage payment and essentially live for free. In general property near college campuses tend to be great investments. Ultimately it comes down to the numbers and whether it makes financial sense.
The first substantial difference in building versus buying an existing dwelling is the additional time and cost of planning, design, and permits costs. You are also likely to face more scrutiny from neighbors and the local government building/zoning department if you build new versus a remodel or addition. Many of my contractor friends tell me that remodeling and adding to an existing house with good bones is a great alternative to building new. Another benefit to a remodel is you will have a better selection of fixer properties to choose from versus finding developable raw land.
Second, the cost per square foot to build a home varies based on several factors. One, building materials are available in varying grades and prices. Two, the type of home you build is a major factor. A two story home will have a smaller footing, thus it will cost less per square foot. The cost per square foot can range between $150 to over $200 or more to build new.
If you wish to speak with a contractor and get more specific answers, send me an e-mail and I will gladly forward it to some contractors for more detailed answers. Jeero@GlencrestTeam.com.... more