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Homeowner Forum / Construction / March 2006buy a old house or build a new house ?
I guss I can buy a old 1970 house for 20% down about 20k with loan 80K, but I prefer to buy a lot about 20k to build a new house with my budget total 100k, but I am not sure which way is better because to build a house will take about 3-6 monthes while old one could be use to move in right the way. and I don't know if any loan possibile for 80k to build the house ? thanks for your recommandation. depends on the area, but where i am new construction is going for $150/sq ft. >I guss I can buy a old 1970 house for 20% down about 20k with loan > 80K, but I prefer to [quoted text clipped - 4 lines] > for 80k to build the house ? > thanks for your recommandation. Lots for $20,000? Build for $100,000? Where do you live? Uruguay? Where I am lots start at $250,000 (steep or wet) and construction starts at $150 per square foot. You need to be very disciplined in either case. An old house incurs more costs to upgrade systems and repair neglect on top of rebuilding existing components. A new house opens a candy store of possibilities that few homeowners can resist. In either case you need to start with a good plan, detailed and comprehensive specifications, and a specific property in mind to begin to answer your question. >> I guss I can buy a old 1970 house for 20% down about 20k with loan >> 80K, but I prefer to [quoted text clipped - 8 lines] > Where I am lots start at $250,000 (steep or wet) and construction starts at > $150 per square foot. Maybe he's not thinking about building a house where you live. There are big price differences in property, labor, and materials in different parts of the country, or even within a state. Prices are based on demand and what the community can be expected to pay. For example: My $400,000 3 BR, 2-1/2 bath, 2 story colonial, on one acre in rural NY would probably go for $200,000 in some parts of Indiana. > You need to be very disciplined in either case. An old house incurs more > costs to upgrade systems and repair neglect on top of rebuilding existing [quoted text clipped - 3 lines] > comprehensive specifications, and a specific property in mind to begin to > answer your question.  SignatureBill In Hamptonburgh, NY > Lots for $20,000? Build for $100,000? Where do you live? Uruguay? > Where I am lots start at $250,000 (steep or wet) and construction starts at > $150 per square foot. Better question would be where do *you* live so that we know where *not* to move... $250K for a lot? Ridiculous... http://www.har.com/search/idx/DispSearch.cfm?cid=524664&mlnum=3973730&ALLMLS=N&c lass=5&siteType=AWS&sTYPE=0 1,280 acres -- $224K http://www.har.com/search/engine/indexdetail.cfm?mlnum=5089051&class=5&leadid=6& sTYPE=0&backButton=Y 40 acres -- $10K Oh, want to live a little closer to the city? http://www.har.com/search/engine/indexdetail.cfm?mlnum=9234339&class=5&leadid=6& sTYPE=0&backButton=Y 3.31 acres -- $16K Of course, if you want to live on postage stamp sized lots with neighbors crammed in like sardines in a can, you can pay ridiculous prices for it in Houston also... >> Lots for $20,000? Build for $100,000? Where do you live? Uruguay? >> Where I am lots start at $250,000 (steep or wet) and construction starts [quoted text clipped - 20 lines] > crammed in like sardines in a can, you can pay ridiculous prices for it in > Houston also... I live about 30 minutes outside of Boston, Massachusetts. The second most ridiculous real estate market in the country, by last count. We got more yupped-up, caffeine addicted, self important overachievers per square foot than you can believe. I lovingly refer to it as "The Rich Ghetto". I understand you've got some pretty affluent areas outside of Houston, don't you? > I live about 30 minutes outside of Boston, Massachusetts. The second most > ridiculous real estate market in the country, by last count. Deepest sympathy... > I understand you've got some pretty affluent areas outside of > Houston, don't you? Yep, the lots in the fuckin' "master planned communities" like I live in are definitely overpriced, but nowhere near as bad as what you describe... The land for my house is 0.4 acres and valued at over $63K... It's a big lot for around here... Typical postage stamp front yard, but a large back yard... Most back yards around here are barely large enough to put a decent sized BBQ pit... >> I live about 30 minutes outside of Boston, Massachusetts. The second most >> ridiculous real estate market in the country, by last count. > > Deepest sympathy... Oh, you got it wrong, man. I'm a residential contractor in this area. Life is good. Plus, I live in a 2500 sq ft house, which I could fit inside the garage of the houses I build for these crazed folks. For me, every day is like a day at the circus! >> I understand you've got some pretty affluent areas outside of >> Houston, don't you? [quoted text clipped - 8 lines] > Most back yards around here are barely large enough to put a decent sized > BBQ pit... Myself, being a classic New England Yankee Yankee, any lot of land so small that you can *see* your neighbor is slumming it. But that is changing here too, as more subdivisions are selling out where people live right on top of each other. Mostly populated by transplants from other parts of the country, who tend to be frightened by the thought of living "out in the woods, all by themselves". > For me, every day is like a day at the circus! Shovelling elephant sh.t? <grin> > Myself, being a classic New England Yankee Yankee, any lot of land so small > that you can *see* your neighbor is slumming it. But that is changing here > too, as more subdivisions are selling out where people live right on top of > each other. Mostly populated by transplants from other parts of the country, > who tend to be frightened by the thought of living "out in the woods, all by > themselves". I grew up on a 100 acre ranch... I've had my fill of dealing wth cattle and horses, but I definitely like having the bit of elbow room that 100 acres provides... >I guss I can buy a old 1970 house for 20% down about 20k with loan > 80K, but I prefer to [quoted text clipped - 4 lines] > for 80k to build the house ? > thanks for your recommandation. Nowadays, that kinda money won't buy a whole bunch. My rural lot was purchased on a loan, was 15K for 5 acres in 1995. Paid off in 2003 ahead of scheduled loan. Had house built in 2004 @ 88K, 1200+ sq ft. Still had to paint inside, run plumbing to and from house, supply electricity to the house, do all the flooring in the house. This added another 5K to the total invested, plus my own labors. Add more for landscaping, fence around the house and so on. Today's prices, same thing, total is more in the 140s, mostly due to land price increases and home builder price increases. SignatureJonny If I paid for home and termite inspection, is that enough to evaluate the old house because I don't want to be a last buyer? Thanks. Each case is peculiar to your own particular circumstance. I rented out my previous home as a business venture per IRS taxes commencing 1995. As part of the rental expenses, pursued termite prevention by contract. As part of that contract, the last termite inspection was adequate and within time for selling purposes. Made house payment, plus applied almost same amount toward principal every month. The balance of the loan was paid by the buyer plus my cut. That house was built in 1992. I wouldn't put any more money in house if in good condition including payoff, if I intended to sell that house. SignatureJonny > If I paid for home and termite inspection, is that enough to evaluate > the > old house because I don't want to be a last buyer? Thanks. |
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