Thinking about building a home.?

Question

My mom and I were talking today about home buying vs home building. My mom thinks it's a great idea to buy land now and then talk to a Contractor about the type of home I want to build (which is a good idea). Because I am undecided whether I want to buy or build, I suggested to go to a contractor first, get an estimate on how much the home plan I am interested in (assuming that I already have the land). will cost. The reason I don't want to buy land now is I am not sure if I could build a home on it because the cost of housing in my area is going up tremendously. Which one do you think is a better idea?

Answer 1

I've said this before .. as long as the property has immediate access to public utilities, water, sewer, electricity, etc., building is much cheaper. If the utilities have to be brought to the property, it's outrageously expensive. The actual structure is not usually incredibly expensive.

A contractor isn't going to be able to give you an adequate picture without the land. Excavation, utilities, zoning, etc., all play a huge part in the costs. And they're not going to spend a boat load of time for something you may or may not have done.

If you have an area in mind to build, see if you can talk to the near by land owners. Ask them if they built ( you can probably tell just by the difference of styles each house has whether it's a subdiivision builder or thei own design) and the basic costs. Being non intrusive is the key, but if you admire the house ( flattery will get you everywhere lol) they may be willing to talk.

Good luck! :)

Answer 2

No contractor that has any brains is going to bother giving you an estimate to build, much less actually start construction unless you own the land.

You had better do a lot of homework on this issue and consult local experts, get references, check building codes, zoning issues, and for God's sake, do not sign anything without an attorney reviewing the contract first.

A friend of mine lost $10K up front on a deal. He signed a contract before he visited with an attorney. I think the contractor intentionally screwed with the details of the agreed upon design until my friend decided that he could no longer accept or live with the mess ups. He walked away and lost $10K.

Answer 3

The price of the land is the part that is going up for the most part. This is why the same house on the same lot can carry widely different prices in different areas. So you've answered your own question. If the price of housing is going up rapidly, it is better to buy now.

Whether to buy or build ... here's a thought to consider. If you build, you pay for the house once. If you buy existing, you pay for the house, then you pay to have what you don't like removed, then pay to have that replaced by what you do like. So in the latter case, you pay for the house, but also 3x for what you want to change.

Answer 4

id talk to a contractor first and figure out the cost your looking to build your house... and then add the land and compare the good and bad of buying a new or used and see if the price is comparable to each other.

Answer 5

I think it depends on what you’re looking for in a home. (and your price range) I was in this same situation a few months ago and I went for a pre-existing home. I feel like now a days they just slap a home together with CHEAP material. and they want to charge you for EVERY upgrade you do ( ex bay windows, breakfast room, extra bath, ect .....the list goes on) but again this depends on what your willing to spend. I knew a friend who build a brand new home is going through a "settling" stage where the house settles and tiles crack b/c the home is getting used to its new home....and get this ...she PAID 5,000 extra just for this not to happen. She opted for some upgrade that protects a home from settling...didn’t work to good. I think u should go for buying a home due to all the money and fixing you will have to do to a new home and also TAXES are much higher on new developments. Hope this helps!!!