Thx, folks - some good stuff to think about.
First, there's no historical value, and only slight sentimental attachment to the structure -- it's just an old house with lots of problems. :(
Second, I do have confirmation that lifiting the house up 5', or so, would be considered a "move" per our state's building code.
Finally, y'all are right -- it's an extremely difficult quandry, whether to simply bulldoze vs. rennovate. It has led to some screaming arguments, but fortunately not divorce. :)
The basic issue is if we bulldoze, we have the cost of demolishing/removal (say $12k) the existing structure plus the cost of a new house. At approx $115/sf, let's say $200k for a new, custom-built
1500-1600sf house. There would be some big benefits -- it could be relocated on our lot for a nicer view. And it would be a new, modern house. OTOH, we're now starting with 0 equity, and a substantial 2nd mortgage. We might be able to lower the cost of the new construction a little bit, by doing some of the finishing work ourselves -- we've done lots of tile work, and I've DIY'd hardwood floors, we can paint, etc -- but my understanding is most banks want new construction to be turn-key, and don't want the homeowners to do any work....
Anyway.
The other option, is fixing what we have. Right now I have ancient wiring, a bathroom in a rotting addition, warped floors from overspanning and age, and no wallboard in any room except for the bedroom/kitchen (to keep things marginally habitable). Oh, and there's no central air/heat, but just some window units, and the windows are non-functional.
So are thoughts as far as fixing it up
1) upgrade wiring
/ replace windows / remove bathroom addition, and frame in a bathroom somewhere inside the main structure
/seal & insulate siding (now that I know there's an option) from inside / sheet-rock/ paint exterior and interior. If it's not too unreasonable, also figure out how to add central air -- it would probably have to come down from the ceiling, since the house is only 1.5' off the ground or so.
2) Do all the above *plus* try to raise the house 5' off the ground onto a new foundation. This would improve the view from the house dramatically. I should probably add, while I'm typing all this, that the other issue is a semi-nice water/wilderness view is blocked by a neighbor who's built a 6' wall around his property. If we could raise the house, we'd see over it. Also, the house would now be properly supported, we could get under it to install central heat/air, etc.
The advantage to 1), is we could probably afford most of the work with a HELOC, or something, and we could also put a lot of our sweat equity into the project. We would *increase* the equity in the house. With
2), I'm worried the total expense would get up around $100k or over, and it seems kinda silly to me to spend that much, and still have an old house with problems that will never end....OTOH, there's still the "view" question, and my wife hates the idea of spending $50-60k to upgrade, and still not having a good view.
So -- we've been kinda going around in circles. We've had some reputable builders come in, but quite honestly, are having a hard time getting any firm figures, since, they too, wonder if the inspector will allow XYZ. Plus, good builders are extremely busy and have plenty of work building new houses, and the general impression I get is that this isn't an easy or desirable project. :)
That's where we are. I very much appreciate the advice, so far.