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Buy or build right now?
Posted on 7/25/18 at 11:26 am
Posted on 7/25/18 at 11:26 am
Is it better to buy a home or build at the moment?
If I build, I will build a single gabled roof, acadian style home (simple rectangle plan) 4 bed/ 2.5 bath, stained concrete floors...nothing fancy.
Also, if I build, I may sub it out myself....
Thoughts?
If anyone has had a similar type of plan drawn up already and can recommend the architect or house plan draftsman, I'd really appreciate it. (This would be Livingston Parish btw)
Thanks!
If I build, I will build a single gabled roof, acadian style home (simple rectangle plan) 4 bed/ 2.5 bath, stained concrete floors...nothing fancy.
Also, if I build, I may sub it out myself....
Thoughts?
If anyone has had a similar type of plan drawn up already and can recommend the architect or house plan draftsman, I'd really appreciate it. (This would be Livingston Parish btw)
Thanks!
7
Posted on 7/25/18 at 11:27 am to maneframe150
I'd honestly wait a bit. A lot of signs are starting to point to a nationwide slow down.
Posted on 7/25/18 at 11:43 am to stout
I think there are way to many open variables to suggest a slowdown is coming.
This is not a political position, but the global economy could change dramatically in the near future with all of the ongoing trade issues/discussions. To me there is just as good a chance that it improves as there is it contracts.
This is not a political position, but the global economy could change dramatically in the near future with all of the ongoing trade issues/discussions. To me there is just as good a chance that it improves as there is it contracts.
Posted on 7/25/18 at 12:16 pm to Mr.Perfect
quote:
I think there are way to many open variables to suggest a slowdown is coming.
I am basing it off of data I see. I may be wrong because no one knows but for reference I manage a lot of repo inventory for all the large banks in a lot of states so I get a lot of reports relevant to what I do. I have also been in real estate for 18 years now and based on the info I see and just experience of recognizing the signs I think a correction is coming. I have said so for a few months now. It will not be nearly what we saw in 07-08 but we will see a correction. When? No one knows for sure but I have been saying within the next 18 months give or take.
Global economy or not housing pricing (both purchase and rental) has outpaced wage growth for far too long and not just by a little bit. That is going to come to a head sooner than later.
Posted on 7/25/18 at 12:31 pm to stout
Yea I don’t disagree with you in general
Posted on 7/25/18 at 12:35 pm to stout
quote:
I'd honestly wait a bit. A lot of signs are starting to point to a nationwide slow down.
what does waiting buy you? we're planning on building in the next 18 months. may start as soon as this winter/spring. How would holding off benefit us? (or cost us)
Posted on 7/25/18 at 12:54 pm to stout
quote:
housing pricing (both purchase and rental) has outpaced wage growth for far too long and not just by a little bit. That is going to come to a head sooner than later.
This x1000000. I work in construction and its amazing how many $500k homes are being built. They are selling, but seriously wonder when that pool of buyers will dry up. I feel like a $2500 mortgage payment is out of reach of most people.
And then there is the DR Hortons and DSLDs throwing 200 home neighborhoods up overnight. There model seems more sustainable than the high end business.
Posted on 7/25/18 at 1:08 pm to kengel2
quote:
This x1000000. I work in construction and its amazing how many $500k homes are being built. They are selling, but seriously wonder when that pool of buyers will dry up. I feel like a $2500 mortgage payment is out of reach of most people.
I never understood how people could afford those expensive homes. I make over the median salary and I don't think I would want to have a mortgage that big.
the only problem, at least where I live, is that buying is still cheaper than renting. Although there is lack of inventory for both.
My neighbors just rented their house out for $3400/month. Who the frick can afford $3400/month in rent? It rented in less than an hour, and they had multiple people put offers in.
I mean, she is a doctor and he is brand manager, so they can. But still!
Posted on 7/25/18 at 1:37 pm to maneframe150
quote:
Buy or build right now?
I put a deposit on a lot that was owned by a builder a couple of months ago. Been going back and forth on plans, 2400Sq ft ranch on walkout basement.
Finally got a quote from him, $540,000 for first floor, and rough in for basement bathroom.
I about died. Am still looking at lots to get more builder quotes, but around here, I think it's currently cheaper to purchase an already built home and renovate as needed.
Posted on 7/25/18 at 4:37 pm to brian_wilson
So, what’s the most rent you think someone would pay a month for a home?
Posted on 7/25/18 at 4:39 pm to maneframe150
i agree with Stout 100% my 15yrs as a loan officer has my spidey since tingling big time right now. Construction cost are up 25% in the last 2 years in the great baton rouge area. We have a large inventory of homes on the market right now which is leading to a decline in prices. In the next 12 months there are even more new homes coming on the market . These are all indicators of the market slowing down. Also interest rates are up about 1% since this time last year. If you wait 6-8 months to build you could save 20% on the cost of the home you are planning on building. Also if you act as your own contractor you are going to have limited banks that will lend you money to build. The requirements for self builds as they are called are more tougher than a loan with a contractor.
Posted on 7/25/18 at 5:50 pm to Paul Allen
quote:
So, what’s the most rent you think someone would pay a month for a home?
That is a personal decision. $3400 for a 3/2 seems just ridiculous to me. Plus the house isn't very nice. They botched the remodel job, which is probably why the owners are renting it vs. selling it.
Posted on 7/25/18 at 9:15 pm to hawkeye007
[
How so? Please explain the mechanics of this. Not disagreeing, trying to make an informed decision.
I will be self contracting and have everything line up with the bank and builders risk insurance. Just waiting to pull the trigger.
quote:
quote]Also interest rates are up about 1% since this time last year. If you wait 6-8 months to build you could save 20% on the cost of the home you are planning on building.
How so? Please explain the mechanics of this. Not disagreeing, trying to make an informed decision.
quote:[/quote]
Also if you act as your own contractor you are going to have limited banks that will lend you money to build. The requirements for self builds as they are called are more tougher than a loan with a contractor.
I will be self contracting and have everything line up with the bank and builders risk insurance. Just waiting to pull the trigger.
Posted on 7/25/18 at 10:09 pm to brian_wilson
quote:
That is a personal decision. $3400 for a 3/2 seems just ridiculous to me. Plus the house isn't very nice. They botched the remodel job, which is probably why the owners are renting it vs. selling it.
I couldn’t imagine having to pay $3400 a month for a mortgage much less rent.
Posted on 7/26/18 at 6:51 am to Rize
quote:
couldn’t imagine having to pay $3400 a month for a mortgage much less rent.
Posted on 7/26/18 at 7:19 am to Rize
quote:
I couldn’t imagine having to pay $3400 a month for a mortgage much less rent.
Well if you and your spouse made a combined $200k - which isn't really that high for two successful professionals in their 40s - $3400/month would be very doable.
I am hoping that it's my turn to benefit from a real estate slow down. We bought right as the market started tanking a decade ago. Looks like we'll be in position to buy again in 2-3 years, so maybe we'll find a deal.
This post was edited on 7/26/18 at 7:19 am
Posted on 7/26/18 at 7:27 am to maneframe150
Now that we've entered the age of housing market bubbles, the only way I'd build a house is if I had enough money to set other money on fire with.
I built a house in 2007 and learned a painful lesson.
I built a house in 2007 and learned a painful lesson.
Posted on 7/26/18 at 7:34 am to maneframe150
It’s typically less expensive to buy vs build in exact market you are looking in. Existing construction that is comparable to new construction will generally appraised similarly, but new will certainly carry a premium. The issue in my market is finishes. 80% of my clients wives are Joanna Gaines without the HGTV show. They know exactly what they want and their house is an extension of who they are. This means generally they pay the premium to pick out every last detail of the house. Now it may be 20k more than similar house next door but financed over 30 years at 4% it’s nothing, and certainly cheaper than gutting to change all finishes in the existing house next door.
Rising interest rates and diminishing inventory may change this in my market, but we are not there yet.
Rising interest rates and diminishing inventory may change this in my market, but we are not there yet.
Posted on 7/26/18 at 7:39 am to TheHarahanian
quote:
the only way I'd build a house is if I had enough money to set other money on fire with.
Do you feel the same about buying a house?
I mean, that's how I feel about buying a house. We got scorched after buying in 2008.
But I recognize that renting isn't really a wise investment if you have a family and need space. Not to mention, I'm dealing with a 2nd shitty landlord situation and it infuriates me not having control over the issues in this house.
Posted on 7/26/18 at 8:22 am to TheHarahanian
quote:
Now that we've entered the age of housing market bubbles, the only way I'd build a house is if I had enough money to set other money on fire with.
What would you suggest then? Rent around here for 4 bedrooms is $500 more than a mortgage. I wouldn't think renting would be wise.
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