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re: Advice on building a house?
Posted on 7/31/14 at 12:29 pm to bobaftt1212
Posted on 7/31/14 at 12:29 pm to bobaftt1212
quote:
I would say sell the lot and buy a house in a well developed neighborhood where the prices have been set by the market not by the builder... Best way to ensure that you aren't overpaying.
The neighborhood is established I feel. I think some houses in the subdivision are as old as 15-20 years, all custom built homes. My concern is more about the local economy in general revolving around oil. Established neighborhoods is kinda why buying a house didn't work out. I only wanted to buy in a few select areas and couldn't find what I wanted. Also school district is a very big issue for me. I think the straw that broke the camels back was when a lady told me her asking price was only 3k over a recent appraisal (she was asking $131 ish sqft for a 1640 square foot trac home basically).
2
Posted on 7/31/14 at 1:54 pm to man117
quote:
Best way to ensure that you aren't overpaying.
I built, despite similarly equipped houses available in my market for slightly less per square foot. Why? B/C none "fit" our needs, which aren't for a split BR, family style floorplan. I didn't need a 4th BR, I wanted an additional garage bay for my wooden boat. I wanted a big indoor craft/laundry sink near an exterior door, plus a screened back porch and lots of natural light. Builder-grade houses in my price range & desired square footage were intended to sell to families w/kids. We have no kids, lots of hobby/craft/fishing stuff. So custom was the only route in our desired 'hood...sure, cheaper options were available, but why spend $250K on a pair of shoes that doesn't fit?
A year in, and it was well worth the (slight) per square foot premium we paid to build over buying.
Not worried about resale in the short term, will pay it off in 15 yrs or less but have a 30 yr mortgage just in case. Certainly, the numbers have to work for your situation, but having exactly the space we need in a new/working/organized home is like being on vacation every day.
Do you work at home often enough to take the home office deduction? If you have a dedicated space, this might help you out come tax time.
Posted on 7/31/14 at 3:00 pm to man117
Appraisals are one of the most puzzling things in the world to me. How recent was that appraisal? But yeah no way I'm paying that much for a spec home.
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