“It’s likely going to be just as difficult to buy next year as it is this year,” Redfin’s top economist warns, with steep prices and mortgage rates keeping young buyers on the sidelines.
Building something myself is something I’ve thought a bit about. Most things I read try to talk me out of it but when there’s no decent home inventory there’s no decent home inventory. There are also advantages of being able to customize stuff.
Do you have an expectation of how much it will cost relative to existing homes in the area you’re building in? Of course one of the things you’re supposed to plan for is cost overruns lol but I’m still curious how expensive you expect it to end up being.
Land is very hard to finance, I ended up saving until I could buy cash
Building ‘on-grid’ would have saved a lot in permitting and setup (luckily I had electric service at the road). If you are going off-grid, I would check the permitting requirements for sewage/water and the average depth of wells near your spot, this can get expensive quick if you have to drill deep.
I’m working with an architect atm but we’ve pivoted to using ICF blocks for wall construction as they are made in the USA and tariffs would have killed me otherwise.
I would expect the cost of the building, using the highest quality materials (not luxury) to still beat (by like 100k) the cost of buying an equivalant old home in the area I purchased; however, if we are talking pre-housing-price-explosion of the last few years, I would say building would be more expensive.
Wow that’s pretty great savings, a lot of what I saw basically said to expect to pay over a normal listing. Seems like a pretty good deal considering the amount of customization I assume you get, you just need somewhere to live while it’s building.
Do you have any resources for what you used to plan your build? Or did you mostly hire professionals to figure it out?
Building something myself is something I’ve thought a bit about. Most things I read try to talk me out of it but when there’s no decent home inventory there’s no decent home inventory. There are also advantages of being able to customize stuff.
Do you have an expectation of how much it will cost relative to existing homes in the area you’re building in? Of course one of the things you’re supposed to plan for is cost overruns lol but I’m still curious how expensive you expect it to end up being.
Some of the gotchas I’ve encountered:
I would expect the cost of the building, using the highest quality materials (not luxury) to still beat (by like 100k) the cost of buying an equivalant old home in the area I purchased; however, if we are talking pre-housing-price-explosion of the last few years, I would say building would be more expensive.
Wow that’s pretty great savings, a lot of what I saw basically said to expect to pay over a normal listing. Seems like a pretty good deal considering the amount of customization I assume you get, you just need somewhere to live while it’s building.
Do you have any resources for what you used to plan your build? Or did you mostly hire professionals to figure it out?