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Remodel or rebuild in this situation?

Sorry if this is not the best place for this post; I know that irritates some people.
We're farmers and almost 5 years ago we bought a 40 with cropland and the farmhouse/buildings. The house, which we had been previously renting, is nothing special to look at. It was built in 1916 and I JUST found a baseboard in the garage with the Sears shipping label on it to confirm the rumor that it was a sears house. However, it has had an addition put on among other ugly things inside and we won't ever pursue getting it back to its original self. In my opinion the house is well built, sturdy, level, etc. The layout, lighting, drop ceilings, paneling and the like suck. We have gone back and forth for years as to whether we should remodel or build new. Everybody always gives us the same old line about how we'll spend so much money and still have an old house (so what? old = inferior?). But the problem is we're still PAYING for this house. The fair market value as well as the value we put on the house when we agreed on the price was around $70,000. And we would have the expense of getting rid of it! It had a new roof in about 2004. The basement is low and I think we'd want the house raised. It would almost have to be gutted to get a floorplan that would work for our family.
Should I get estimates for the work we'd want done and compare to how much it would cost to get rid of the old house and build new? Since you're tearing down (or whatever) the old house don't you kind of just add that value onto the price of your new house and consider it money down the tubes? Is this a no-brainer one way or the other? Has anyone been in this situation? I think hubby would just as soon build new. I have gone back and forth a million times about what to do. Either way it is a daunting task.

Re: Remodel or rebuild in this situation?

You might try hiring an architect to help you with this. There are advantages to each approach.

If you decide to remodel, you have to determine which walls are load bearing and which are not. If you can work the load bearing walls into your plan, then that helps the case for saving the old house. If you plan on enlarging the house significantly, then building new has advantages, but even if you build new, you can look at saving any worthwhile trimwork and incorporating it into the new plan.

If you can work with the load bearing walls and plan on not enlarging, or very little enlarging, then remodel, you'll be done faster and cheaper.

Re: Remodel or rebuild in this situation?

I'm a renovation guy at heart so I hope you can save the old Sears house you have.

It sounds like your home has good bones, so that's something. Plus, you have the roof that's not that old, so that's a plus too.

I get what Keith says about load bearing walls, but I think you should get a little more solid on what you want to do before you call an arch. For example, the basement. I'm curious whether this is a big issue or a small one because how you want/need to deal with this will have a big impact on time and cost. You want to have a good handle on this issue before you talk to an arch. or a builder. So, is the basement leaking, really small?... 'Really low' makes me think there's a water issue. Is that right? Secondly, when you talk about raising the house, are you wanting to lift the house, demo the old basement, and build a new one? What do you have in mind? In my view, these are some things you need to think through now. I'm curious, these are money issues, and you have $$ questions.

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