what do you know about buying house (property)?

Question

im thinking about building my own house but a friend reckon that buying is cheaper than building a brand new house. i need to know more before i do it

Answer 1

I don't know where these folks that are answering live, but here in the southern USA, it has always been less expensive to buy a resale house than to buy new. A resale house is built for less cost per square foot than new because the cost of labor and materials continue to increase given that all factors are equal. The cost of materials, in particular steel and concrete, have skyrocketed in recent years because the Chinese are taking so much of the raw materials off of the world market for their three gorges dam and other captial projects. The only possible exception to this comparision is if you plan to put in a substantial amount of sweat equity doing much of the labor yourself.

With building a new house, and I just did one, there are a multitude of decisions to make that you will not have with a resale house. However, unless a thorough inspection of the house is made, you could be inheriting some significant problems.

Answer 2

Building is genereally cheaper, BUT, buying existing homes generally are cheaper in the long run, given what is included in the home. Our home, for example, included wrought iron fencing,pool, hot tub, pond with waterfall, extensive landscaping, patios and outdoor lighting. This would have cost us about $600k to install in a new home, and you don't get anywhere near the cost of that addition when you sell your home. Our home also included all window coverings, upgraded light fixtures and cabinets, granite counter tops, stainless steel industrial appliances, a finished basement, thew home is wired for sound and internet throughout, there is a high efficiency furnace and air conditioner , and extensive use of stamped concrete, cobblestone and slate used in the drive and walk ways... probably another 500k to install in a new build. Add that up, and add the fact we were not going to have to live in a mud filled construction zone fo more than a year, and it was a no brainer.

oh, yes, we also inherited brand new, top of the line windows, doors, and roof, all of which are much better quality than a builder's product. We won't have to replace any of them for the duration of our time as homeowners, whereas we would eventually have to do so if we were to build new.

My advice is to look for an existing home in an established neighborhood that is within your price range, and that has most of the features you want. You can change things on the way after you have lived in your home a while, but you won't have to do everything right away, because the home is still liveable.

find a good realtor and take your time. Do not rush into anything.

Answer 3

Your problem isn't with buying or building, it's with getting the money. New construction loans are very hard to come by. That's why all the new subdivisions are built by contractors and then sold to the public through a mortgage company. Sit down with the mortgage person at your bank or credit union and you'll see what I mean.

Your best bet is to buy an inexpensive house with some property and add on so it is exactly what you want. To add a huge bedroom, walk in closet and full bath won't cost that much and you can roll a lot of other things into it like a new roof. Good luck!

Answer 4

building is cheaper than buying in australia. not sure where you come from. if you are going to buy a property, MAKE SURE you get a building inspection and a pest inspection on the place before you even consider buying it! that is very important. any illegal or faulty work done by a faulty tradesman or by the previous owner wont pass the inspection therefore you find the problems out before you buy the place hence its then not your responsibility. also, its important to know that structure of the house is good quality and that the plumbing work passes as well, then you shouldn't have too many problems. you will have to pay to have the inspections done though. but better safe than sorry.

Answer 5

No it is not more expensive unless you choose all the options they offer. We have built 3 homes in 13 yrs. and spent no more than we would to buy a used home. The difference is I got everything that I wanted, not what someone else chose and it was all new. So when we relocate, I don't even bother looking at used homes, we head straight for the new home communities and we always make money on the sale.

Answer 6

If you have the skils & or the correct contacts, it will be far far cheaper to build your own house, plus with planning approval you will end up with exactly what you want instead of someone elses idea of what they think a house should look like.

The very best of luck to you.

Answer 7

This signifies that your pipes are going to leak someplace. This would be as useful as an open tap or this would be very highly-priced relying upon the leak position.. If the field is discipline to freeze and the water used to be no longer tired from a vacant residence the pipe would be burst in lots of places. You must make it a situation of sale that the plumbing be repaired and the approach go a retest. .