Build vs Buy a home - Ford Mustang Forums : Corral.net Mustang Forum
 1Likes
  • 1 Post By toddturbo
 
LinkBack Thread Tools Display Modes
post #1 of 15 Old 05-05-2019, 07:31 PM Thread Starter
Registered User
 
hellbound911's Avatar
 
Trader Feedback: (0)
Join Date: Aug 2003
Location: Georgia
Posts: 2,190
Build vs Buy a home

Pros and cons from anyone who has built one before.

mark
“I am the King of Rome, and above grammar”
hellbound911 is online now  
Sponsored Links
Advertisement
 
post #2 of 15 Old 05-05-2019, 08:24 PM
Registered User
 
jamessr23's Avatar
 
Trader Feedback: (1)
Join Date: Oct 2017
Posts: 108
I wouldnt do anything until the recession hits...then either option will be cheaper
jamessr23 is offline  
post #3 of 15 Old 05-05-2019, 09:21 PM Thread Starter
Registered User
 
hellbound911's Avatar
 
Trader Feedback: (0)
Join Date: Aug 2003
Location: Georgia
Posts: 2,190
Quote:
Originally Posted by jamessr23 View Post
I wouldnt do anything until the recession hits...then either option will be cheaper
We are a ways off of that. At least another year.

mark
“I am the King of Rome, and above grammar”
hellbound911 is online now  
post #4 of 15 Old 05-05-2019, 11:01 PM
Registered User
 
jamessr23's Avatar
 
Trader Feedback: (1)
Join Date: Oct 2017
Posts: 108
post 2020 election...but you may get it 30-50% cheaper if you can wait
jamessr23 is offline  
post #5 of 15 Old 05-09-2019, 08:25 PM
Registered User
 
Trader Feedback: (0)
Join Date: Nov 2008
Location: St. Louis
Posts: 1,325
We built in 2015, prices were just coming off the bottom a bit/stable and rates were still super low (even now they are low historically).

The problem we had/saw is that in the area we wanted to be in (newer growing area with a population of 3k in 2000 that by 2010 was 30,000) many of the homes were built 01-07. Meaning that in 2015 many of these homes were getting to be 10yrs old and there was some big code changes in the area too. That and the home styles started moving to 3 car garage (what we wanted) so homes closer to the 01 - 05 mark that was limited in availability. At 10yrs old you are looking at 10 old appliances and such like water heater and HVAC and updates if not done already. The price for existing was right at or higher than building in my opinion for the right now vs wait 6mo reason. Houses were selling in days so it was competitive to even get into an existing.

Since we were in a situation to wait for house to be built it made more sense to have one built. Ours is not a custom build but we got to pick and upgrade many options and if we wanted to could move walls around (we did not) so although it was a builder it was not a spec home. It was nice to pick out things and know what things you wanted to do but not pay the builder to do.

Prices have been rising but not at a super fast rate outside of the higher priced coastal areas.
blksn955.o is offline  
post #6 of 15 Old 05-12-2019, 09:12 AM
Registered User
 
Trader Feedback: (11)
Join Date: Jun 2009
Location: south, us
Posts: 2,908
Depends.

You may find an existing that you LOVE, and in that case, building may not be the best option. That's exactly what happened to me. This place came up for sale, I knew of it, knew the owner quite well...he's a little OCD, keeps his stuff squeaky clean, takes VERY good care of things. Well when it came up for sale I had no choice but to jump on it. In 5 years, some improvements to the neighborhood were made and the appraisals have significantly changed (increased) for everyone in the neighborhood. Many took advantage and moved; however I haven't. It's really perfect for me OTHER than I need to have a storm shelter installed since we live in tornado alley. Thats one of two complaints. The other, I have neighbors within a 1/4 mile radius.
Shakerhood likes this.

'92GT, 427" and '93 "LXVO" coupe
toddturbo is offline  
post #7 of 15 Old 06-03-2019, 05:32 PM
Registered User
 
fox88's Avatar
 
Trader Feedback: (19)
Join Date: Jul 2012
Location: Pa
Posts: 4,865
Garage
We built in 16. At the time, for what we were looking at, we could build for the same asking prices as to what we were looking at. Soooooo, why not just build what you want, if spending the same money? So anyway, took 8 months from ground break to move in. A TON of headaches along the way. Almost got everything the way we want it now, so we can start on the basement, which is unfinished. Biggest thing for us, was the builder. We kept asking him about overruns along the way, and he just kept telling us not to worry about it. Until we got hit with a huge bill once the keys were handed over. But whatever. It's done, we built what we wanted (my wife designed the house on graph paper, handed it to the builder and off they went)

At the end of the day, you get more value and move in right away buying from the market. If you're willing to wait, you can build what you want versus what someone else dreamed up. But you're going to pay for it.

FTI TW heads/FTI cam/RPMII/A-trim/T5 & 4.10's/QH w/ BE & EA/GUFB
www.carstereooneinc.com
fox88 is offline  
post #8 of 15 Old 06-04-2019, 06:29 PM
P63
Moderator
 
P63's Avatar
 
Trader Feedback: (15)
Join Date: Dec 1999
Location: San Diego, Ca USA
Posts: 10,989
Buy, unless you have a huge bunch of money to cover cost overruns.

A bank will lend for the land. You have to do the homework to make sure the land can support a house, so you need to first pay a soil expert to say the land can be built on, pay someone else to grade. Then go to city hall and pull permits, then build, get inspections, build, have stuff go wrong, experience every conceivable frustration, and possibly have neighbors show up and try to stop you from building. I mean like they file stop orders with judges, and stuff like that.
If you can go off-grid, do so. Get plenty of solar panels and consider having a DC house.

Are you going to pen your own design or have an architect dream up something? What about landscaping?
You need to somehow find a good supervisor: someone who will drive the workers to maintain velocity and (more importantly) to make sure they're doing a good job.

Also consider buying a house that's a good starting point that you can build out later.

Victor Marshall


Copyright 2019.
May be quoted on the Corral. Not to be otherwise copied or reprinted without permission.

... and the avatar is the UK band The Primitives.

Last edited by P63; 06-04-2019 at 06:32 PM.
P63 is offline  
post #9 of 15 Old 06-05-2019, 12:07 PM
Registered User
 
Trader Feedback: (0)
Join Date: Nov 2008
Location: St. Louis
Posts: 1,325
Good point about building P63 and question to ask...would you be building on your own land ie you buy undeveloped land or are you building in a development that has lots already setup.

Building on some land you buy will be more challenging as you will need everything to be done like said above. If it is a development is it open to whatever builder you want or is it one where there is a specific builder for the development? If you build with a development that has a dedicated builder it wont be as much of a headache depending on how much customization you can do/choose.
blksn955.o is offline  
post #10 of 15 Old 06-06-2019, 12:56 PM
Registered User
 
Trader Feedback: (1)
Join Date: Mar 2009
Location: Metairie,LA
Posts: 142
Building a house is a lot like building a car. Mistakes happen along the way that need to be fixed/re-done, and that's not something that adds to the value of the house, so its extra money spent that cannot be recouped.

In the end, you build only if:
1) you can't find anything you like from the existing stock
2) you can afford and don't mind paying extra to have it your way

Every housing market is unique, and it is true that in times of rapid price appreciation in a specific area, sometimes it is about the same to buy a lot and build yourself. But I think in most cases, buying an already built home will be the more cost effective.

Ride: 1995 GT ... work in progress ...
| Factory 302 SB | 195 Canfields | RPM2 Intake | CI Cam | Probe Shafts 1.6 | 80mm PMAS | 39# Inj | Tweecer R/T | Mac LTs 1 3/4 | Pro chamber 3" | Mac Cat-back 3" |
I.C.E is offline  
post #11 of 15 Old 06-06-2019, 02:14 PM
Registered User
 
Trader Feedback: (1)
Join Date: Dec 2015
Location: Rush, NY
Posts: 2,254
My wife and I considered building until we found it added close to 50% onto our target budget. We bought a house we both love for just a tiny bit more than our planned budget. Took a little longer to find, but we were the buyers in a buyers market in the middle of the great recession.

So I'm gonna vote "buy" unless it's cheaper due to your local available housing market conditions.
tjm73 is offline  
post #12 of 15 Old 06-07-2019, 10:13 PM
Registered User
 
Trader Feedback: (0)
Join Date: Oct 2007
Location: New Orleans, LA
Posts: 944
im a real estate investor and im in need of buying another house but with the market the way it is right now its a horrible time to build or buy. On a side note it is an excellent time to sell if you can.

DIY Tuning -
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
TMoss Porting - tmoss.efidynotuning.com
Decipha is offline  
post #13 of 15 Old Yesterday, 01:23 PM
Registered User
 
fox88's Avatar
 
Trader Feedback: (19)
Join Date: Jul 2012
Location: Pa
Posts: 4,865
Garage
Quote:
Originally Posted by Decipha View Post
im a real estate investor and im in need of buying another house but with the market the way it is right now its a horrible time to build or buy. On a side note it is an excellent time to sell if you can.
And, you're a hell of a good tooner to boot. I still need to get with you and get my car ironed out one of these days. Drove it twice last year. Rained basically every day all summer. Crazy. Now I'm swapping some goodies into my T5 build. Always something.

FTI TW heads/FTI cam/RPMII/A-trim/T5 & 4.10's/QH w/ BE & EA/GUFB
www.carstereooneinc.com
fox88 is offline  
post #14 of 15 Old Today, 09:00 AM Thread Starter
Registered User
 
hellbound911's Avatar
 
Trader Feedback: (0)
Join Date: Aug 2003
Location: Georgia
Posts: 2,190
Well we found a home that backs up to the roanoke river. Decent land for the kids to play on and for me a workshop/barn. Nice spot for fishing in the backyard as well. So no building this time.

mark
“I am the King of Rome, and above grammar”
hellbound911 is online now  
post #15 of 15 Old Today, 09:09 AM
Registered User
 
Trader Feedback: (21)
Join Date: Sep 2015
Location: Midwestern Illinois
Posts: 1,309
My wife and I found what we could pay cash for. It would be nice if it had a big garage, one more bedroom, and one more bathroom. No mortgage payment Trumps all the wants.

For everything that is worthwhile, there is a counterfeit.
boostup89 is online now  
Sponsored Links
Advertisement
 
Reply

Bookmarks

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Ford Mustang Forums : Corral.net Mustang Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Similar Threads
Thread Thread Starter Forum Replies Last Post
Home build Torque arm ?'s By-Tor Road Racing/Auto X 42 03-31-2012 03:14 PM
Lawsuit? NIUPonyBoy Lounge 22 02-20-2011 04:04 PM
NYTimes article on keeping the heat in your home slo5oh Lounge 10 01-14-2011 12:00 AM
Obama considering mortgage interest tax deduction carpediem50 Politics 75 11-03-2010 11:50 AM
CCNA/CCNP types -- build a home lab? Dave88LX Lounge 10 09-24-2008 01:19 PM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome