Rebuild an old house to New Home Spec

[Rommel Pascual]

I've been entertaining the idea that it might be more cost effective to build a new home out of my already existing home than trying to buy a new home. I'm curious if anyone has had this experience and what would the first steps be? How can one estimate the cost? I have floor plans from all the new home in the area and would like to duplicate one of them. Any advice would be greatly appreciated.