Should we remodel or rebuild?
We have an early 1970's split level home in Vermont. 2500 sq.ft., original windows, 2x4 construction/insulation. 4 bedrooms (small), two baths (small), small closets. The house is fine for OUR family, but is definitely not what most people look for in a house plan these days (i.e. no master bedroom/bath, not a lot of storage closets, etc.) We are talking to an architect and builders about doing a lot of work on the house. The list includes, adding an envelope of insulation around the house, new windows, new interior doors, new kitchen, 2 new baths, some new some refinishing of floors, adding some decks, a screened-in porch, and landscaping after all is done.
The high/rough estimate is for $330,000. This builder has a history of excellent work and typically comes in, at or below estimated costs. The house and property (6.3 acres) is assessed for property taxes at $300,000. We love the property and plan on spending the rest of our lives here (hopefully 30+ years).
Our question is, does it make sense to spend that much money on remodeling a house that ultimately will not have all the amenities that people look for in a home, NOW (let alone 30 years from now) or should we look at minimal upgrades now and possibly razing and rebuilding with an updated home design in the future?
I know there are a lot of variables to this question, but we're just not sure of what the best approach should be. I keep thinking of the TOH people looking at our house. Would they say "Sure do this and this, and it will be great!" or would they say "if money's no object, just knock it down and start over!
Thanks in advance for any input that anyone may have!