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Message
Does anyone know what the home equity versus construction cost
Posted on 7/5/15 at 1:38 pm
Posted on 7/5/15 at 1:38 pm
Should be when building a new home? Obviously one could spend an unlimited amount on building a new home but what should the amount spent versus amount worth actually be? Any advice?
3
Posted on 7/5/15 at 5:58 pm to Cali 4 LSU
If i read that correctly, wouldnt it be the amount you are willing to put down over 20%??? I say 20% assuming you want no PMI and a conventional loan. How much extra cash do you sink into the house that wont be part of the loan basically... the sky's the limit.
OR
Did you mean how much "house" should you build?
OR
Did you mean how much "house" should you build?
Posted on 7/5/15 at 6:31 pm to Cali 4 LSU
Bank won't loan you more than the house will appraise for......and will,generally only loan 80% or less of the appraised value.
Posted on 7/5/15 at 7:45 pm to Cali 4 LSU
When we built our house in 2007, we spend $275,000 on it and it appraised for $290,000. I was pretty excited about it, but I have no idea what number/percentage is typical.
Posted on 7/6/15 at 7:32 am to LSUGUMBO
quote:
When we built our house in 2007, we spend $275,000 on it and it appraised for $290,000. I was pretty excited about it, but I have no idea what number/percentage is typical.
Out of curiosity, how big of a house and does that include the lot?
Posted on 7/6/15 at 7:53 am to Ziggy
House is 4br/2ba,2500 SF, lot included
Posted on 7/6/15 at 9:07 am to LSUGUMBO
quote:
House is 4br/2ba,2500 SF, lot included
How much for the construction itself? Thinking of building myself.
Posted on 7/6/15 at 9:28 am to Jason9782003
quote:
Thinking of building myself.
I just bid out a 2500 sq ft 4br 3ba house and my top two bids were $153 and 135 Sq ft respectively(not including my lot). I was shocked. Labor costs are insane. The framing labor for the top bid was $11 sq ft. We actually found a house and decided to buy instead.
Posted on 7/6/15 at 9:29 am to lsufan1971
quote:
I just bid out a 2500 sq ft 4br 3ba house and my top two bids were $153 and 135 Sq ft respectively(not including my lot).
Holy shite.
Posted on 7/6/15 at 12:19 pm to Ziggy
quote:
Holy shite.
Tell me about it. Total under roof was 3900. We aren't talking any crazy roof lines either. A pretty straight up hip roof. The contractor with the highest bid wanted almost 36K in framing labor. That is almost $11sq ft.
Posted on 7/6/15 at 3:45 pm to lsufan1971
He priced you underbeam SF so at 3900sf he was at 9.23/SF which is still a bit on the high side.
I'm in the design process now and that damn underbeam SF is a doozy.
I'm hoping to find a hungry contractor... Or I will be building on my own.
I'm in the design process now and that damn underbeam SF is a doozy.
I'm hoping to find a hungry contractor... Or I will be building on my own.
Posted on 7/6/15 at 4:02 pm to HamCandy
Had a framer shoot us $9 the other day. They have so much work right now just puffing their chest out. Lumber prices have been flat/down a bit so don't let them pull that shite on you either. Go find a crew in a mid size semi custom hood finishing up and offer them $5 a foot.
Posted on 7/6/15 at 9:47 pm to HamCandy
quote:
Did you mean how much "house" should you build?
This... kinda. I meant if my home appraises for $400K and I build it for $320K with $50K paid for lot then I close this loan with a 30K equity. What if I have no equity? What if I'm upside down in equity (obviously not good)? Just wondering if there is a certain amount of equity I should have by some unwritten rule...?
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