My husband and I have 3 young children and we have never owned a home before. We are young and are on a very limited budget. Everything out there with the "family yard" is out of our reach. I know I could design a 1000 sq. ft. home that would be perfect... even for my family of 5, but is it unrealistic to think we can afford to have it built? After we purchase the land, is it possible to build a house for $100,000?
2007-05-18 09:33:22 · 3 answers · asked by SJMari 1 in Business & Finance ➔ Renting & Real Estate
Don't move to Eugene. The houses are too expensive down there. Nice place to live though.
2007-05-18 10:13:23 · answer #1 · answered by kennyg64 5 · 0⤊ 0⤋
Most probably not. Many people are misled by the 'square foot costs of construction'. Even though you build a much smaller house, do remember that it still needs windows, appliances, bath fixtures, and all the rest that a larger house needs. The small savings you generate by cutting down on the cost of the structure is not going to make a huge amount of difference.
Additionally, you might want to check (if you are planning to build in a subdivision). Most these days have minimum square footage requirements, along with other minimum required amenities. This is, of course, done to avoid smallish houses such as you describe entering into a subdivision and potentially decreasing the valuation of the other homes in the area.
2007-05-18 16:40:32 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
1000 sqft w/ 5 kids? yikes.
It sounds like building your own home is a little out of your range right now, being so limited with income etc. There's quite a lot involved when building your own home.
Talk to a Real Estate Agent first, find out how much lots are in your area, also be sure to inquire about utilities, where are they? Is there water already at the site? Gas? Electric? Sewer? or will it be on Well & Septic?
Once you have an approx. price range for lots
Call a Mortg. Lender, tell them the approx. price of the lot you're interested in building on, let them run your credit check your income & then talk to you about what is called a "Construction to Perm" Loan (basically a Construction to Finished Product loan)
You will probably be required to put up a down payment to buy the land & then you will have this construction loan.
Also talk to local builders, tell them about the type of home you want to build & have them tell you about "how much per sqft will this cost"?
I hope this info helps. It should get you started out in the right direction
2007-05-18 17:07:14 · answer #3 · answered by Miss Emily1 3 · 0⤊ 0⤋