Do I tear down existing structure and re-build or continue rehab

[Cheryl Moore]

I own an existing property that I hired a contractor to re-hab. After almost 3 years and 43 k plus, property was still not completed. I got estimates from 3 other contractors who notified me that house is not structurally sound. Seal plates are rotted, the south wall of the house is leaning out and separating from the house. The foundation is bad. They estimated 60-80k to make it livable. I have already paid the other contractor 43k plus other expenses. I have never built a home, but I am wondering if I should just tear current house down and build new on the lot. Any opinions, suggestions?

[Ashley Undercuffler]

Quote from @Cheryl Moore:

I own an existing property that I hired a contractor to re-hab. After almost 3 years and 43 k plus, property was still not completed. I got estimates from 3 other contractors who notified me that house is not structurally sound. Seal plates are rotted, the south wall of the house is leaning out and separating from the house. The foundation is bad. They estimated 60-80k to make it livable. I have already paid the other contractor 43k plus other expenses. I have never built a home, but I am wondering if I should just tear current house down and build new on the lot. Any opinions, suggestions?

Oh my! I am so sorry this happened to you. I would recommend reaching out to a couple property managers. Ask them if what they think about your house and the area it's in. Depending on the class of the neighborhood and your projected ROI, those would make a big difference on what you should do. And also maybe consult a lawyer if your contractor did not complete the work and you already paid them $43,000. Something is very wrong.

 I hope this helps, and I hope things get better for you! Happy new year :-)