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Buying land and building or buying house and remodel
Posted on 5/20/13 at 11:57 am
Posted on 5/20/13 at 11:57 am
Have the option to either buy prime real estate property for 100k and putting a 150-180k house on it or buying a home for 150k that could have a remodel budget of 100k in the same real estate area. What would be the better option?
I am leaning towards the buying the lot and building a personal home instead of completely gutting and potentially running into problems with a remodel
I am leaning towards the buying the lot and building a personal home instead of completely gutting and potentially running into problems with a remodel
2
Posted on 5/20/13 at 12:04 pm to burgeman
I always thought the rule of thumb was that the lot should be less than 20% of the total value of the lot/house. Maybe that's just in this area, but I don't think I would build a $150K house on a $100K lot.
Posted on 5/20/13 at 12:17 pm to burgeman
You're not going to build much of a house with that kind of budget. You're looking at $85-$90 per sq ft to build, and that's on the low end.
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