building vs buying

[iamskippy]

I have decided to take the plunge and move out of the place i rent now, pre approval is good to go however as i look on line at houses it seems that its hard to find what i want and set up the way i want.

I am wondering if any of you have been down this road and have had the thoughts of building vs buying and what option you took if not have done both. Pro's and Con's etc.

Thanks in advance for your thoughts and incite.

P.S I already consulted Google.

Thanks in advance
Skippy

[Guppy]

Hi John
just some info that may help,,,, cost to build new per sq. ft. is quite a bit more than existing stock. (you're probably aware of that)

I'm a little out of the loop being semi retired but I hear figures like $250.00 per sq. plus lot costs. (cape cod $$$$$)

If you decide to build I can send you some plans if you like,,,,

do it quick,,,, springs around the corner

[nightfighter]

So many factors.....

Is this to be your 2 year, 5 year, or 30 year home? Single family? Or would you consider multifamily to help grow your equity more quickly? Do you want to even consider being a landlord and take on those headaches? Where? Are you tied to a particular area?

Best deals are the ones that are done BEFORE they even hit the market.... You need to be connected. Helps to know people in the community, their parents, family circumstances etc. Brokers are valuable, but sometimes you need to uncover the opportunities before the RE listing is signed. Get the word out.

Finally, you need to have some vision. Go to every open house you can. Very very few are "move in, make dinner" condition. Know your market, pricing, taxes, and ballpark costs for upgrades of baths/ kitchens, and heating/cooling

[tysdad115]

Stay near SoCo and get a guest room, i'll store some gear there!
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[Liv2Fish]

As NF points out, if you can stomach being a land lord, you can basically live mortgage free because the rent from the tenant will basically cover your mortgage or that can help you afford a much bigger place. The up side to that is you live in it for 5 years, learn the ins and outs of the land lord gig, rent the other side and build the house you really want, take the now doubled rent and use that to pay or supplement your new mortgage. 20 years from now, both places are paid for and you have $3000 month cash coming in, not to mention the tax write off of owning a property management company that maintains the property which is a huge tax advantage if you "manage" it right.

If you that's not your thing and you want to build and you think it's your 20 year place, put the initial money into the windows and maintenance free exterior. Go cheep on the inside and upgrade over time. Frame one wall to accept a future addition, openings and headers, etc. studded in. My two cents.

[iamskippy]

Thanks NF and L2F these are some of the thoughts rumbling around in my head. I am not sure if i really want to dothe landlord thing as i just flat out hate people. I want piece and quite as i have been renting for to many years.

Maybe i can get a rental property in the future. Great food for thought and suggestions. I like the fact you guys brought the longevity piece into it as it was not high on my priority list as much as getting out of my current situation. I mean hell i would get a double wide if i could build my dream garage on the land lol.

Keep the info and thoughts flowing i appreciate it all.

Andy you are always welcome to stay over, and seeing as you dont fish anymore i can keep an eye on your gear for you.

[Raven]

pre- built or assembled post and beam kits
will save you (about) HALF the cost of stick framing construction

[trevier]

my first house I built myself because that's what i do for work. I wouldn't have it any other way, you get what you want, how you want. Going custom is the only way.

[Rmarsh]

I built my own house in 1977, a small cape cod style home that I still live in today. It had one bedroom (was just my wife and I) on the first floor which later became the den when I finished the second floor a few years later when we started having children. Later on we added a family room and two car garage.

The history of the cape cod style house explains that the early settlers did it this way, building a small main house with additions being made as the family and finances grew.

I was only 21 years old at the time and had little to no help to build. What did help was that I had been a carpenter apprentice for a few years building the same type of house.

I started framing mid May and moved in at the end of August same year. Boy I wish I had that kind of energy now!

[fish4striper]

I have not had a house built but had an addition I built myself. Everyone I talk to that has had a house built always seems like it cost more than they originally thought. Costs went up due to neglecting to figure in certain items in the beginning, changes by owner and/or builder,etc etc.

[fishbones]

Good luck, Skippy. My only advice is to buy what you can afford and don't spend as much as the bank is willing to give you. Taxes and other expenses can end up being a lot and people don't always budget for them.
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[Raider Ronnie]

A big benefit of a brand new house (assuming built right by a good builder) no major update/maintenance expenses for 20-30 years (roof, heating system, ect... ) which with the cost of homes today and having a typical $2000 a month mortgage, most can't afford out of pocket and end up in a deeper hole.
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[Liv2Fish]

another thing to think about for building. Pick a lot that has town sewer and nat gas available. Yah, you'll have a sewer bill over the years but it will never = two septic systems over 40 years

[piemma]

Originally Posted by Liv2Fish

another thing to think about for building. Pick a lot that has town sewer and nat gas available. Yah, you'll have a sewer bill over the years but it will never = two septic systems over 40 years

That is good advice but I disagree about the septic system. We have been in our house 40 years. Same septic system we had put in, in 1974.

we had the tank pumped 5 times in 40 years.

[Piscator]

Originally Posted by piemma

That is good advice but I disagree about the septic system. We have been in our house 40 years. Same septic system we had put in, in 1974.

Out had the tank pumped 5 times in 40 years.

Some people just have $hit luck with Septic...others don't...kind of a crap shoot...it stinks for some...
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[iamskippy]

Originally Posted by Piscator

Some people just have $hit luck with Septic...others don't...kind of a crap shoot...it stinks for some...
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that is why i am trying to make a strategic movement

[iamskippy]

Folks if anyone knows of anything for sale please PM me and for those of you that have my number please shoot me a txt or a call.

Thanks for the thoughts and help thus far.

[Liv2Fish]

I guess it depends on a few things but definitely a crap shoot.

I use this site to look for flips and two families. You won't find any total steals on here as most of that goes word of mouth but you can certainly see what's out there and see comp history, etc.

http://www.newenglandmoves.com

Good luck

[striperman36]

Originally Posted by Liv2Fish

another thing to think about for building. Pick a lot that has town sewer and nat gas available. Yah, you'll have a sewer bill over the years but it will never = two septic systems over 40 years

and water if possible. Our first place, had none of the above and yes 2 septic systems in 20 years, the first one failed with 6 mos of moving in.

[piemma]

Originally Posted by Piscator

Some people just have $hit luck with Septic...others don't...kind of a crap shoot...it stinks for some...
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I agree. We have really been blessed with our well and septic system.

[Raider Ronnie]

Originally Posted by piemma

That is good advice but I disagree about the septic system. We have been in our house 40 years. Same septic system we had put in, in 1974.

we had the tank pumped 5 times in 40 years.

I go 2 years max between pumps.
5 times in 40 years is asking for trouble !
My town is 100% septic systems.
nothing wrong with septic systems if you take care of them, assuming you have good gravel and not swamp soil.
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[Guppy]

Youz guys had too many kids,,, kids = laundry,,, laundry kills systems,,,