Newsflash: Anyone with experience on tear-down and re-building? (Chicago, IL)

So I have a very old, small (maybe ~900-1000sqft) single family home that my parents gave to me since they were thinking that they won’t be able to take care of it anymore in the next few years. We thought about some renovation work, but I found out that the house has significant issues – it’s 130 years old and the floor joists are sagging/damaged.Frankly I’d rather just tear the whole thing down and build a whole new property. Typically it’s the land itself that’s expensive, right? So if it already own the land, does it make financial sense to blow it up (not literally) and rebuild a new home to raise a family (mine) in? It’s in a neighborhood that has been seeing steady improvements, as well.I realize that this will be in the City of Chicago, as well, so I’m assuming that there will be a whole lot of headache involving permits. Could something like this be done within a year or two or would it take way longer due to architecture planning, getting city approvals, dealing with zoning if I want to build a bigger house or even a 3-flat?

Read more at https://www.reddit.com/r/RealEstate/comments/6iwn7c/anyone_with_experience_on_teardown_and_rebuilding/?utm_source=ifttt

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