Re: building versus buying?

FayeC <fayec_web@xxxxxxxxxxx> writes:

> Has anybody here built a house from scratch instead of build a built
> house?
> I mean....what are the pros and cons about building versus buying...
> Our local market has been over inflated by several new developments
> and while it was feasible to buy a house here it is not anymore but we
> need to stay in the area as my son goes to a special school in town.
> I am wondering if it would be cheaper to buy land/lot and then build
> the house ourselves....
> My concern is in regards to dirty contractors and all that....
> Any tips and tricks passed along will be appreciated.

I haven't, but I was around when a parent had it done, and had a close
friend go through it.

Custom built home you design and have built on land you've purchased
will generally cost you more because you lose the economy of scale a
development brings to the table, but that can be offset by the markup
you save by not having to pay a developer for their risk taking on the
whole deal, but the big benefit is that you'll get exactly what you
want, and for a given price tag, you might find yourself enjoying more
land than you would in an ROI-minded development.

Your experience and final price though, will be very strongly
dependent on the general contractor/builder you select.

Marriages need to be strong to endure the fun of this process. I'm
not sure I would embark upon it without spending some time with a real
estate attorney as well, to make sure your builder and suppliers are
effectively held to task.

I guess it's hard to make any reliable generalizations I'm afraid.
But here are some things to think about:

If the contractors in your area are kept so busy with high volume
steady work from developers, then what you can save in markup by
cutting the developer out of the supply chain might not get offset by
what you pay a general contractor to build one home for a single
owner, versus gleefully building a boatload of homes insulated from
direct contact with us pain in the ass homeowners.

If you have the savvy and network of trades folks such that you can do
your own general contracting (i.e. pick the plumber, get them to do
their ***, pick the electrician, hold them to their word, pick the
framing folks, etc...), then you've got a shot at saving money and
getting exactly what you want, but instead of dealing with one pain in
the *** unreliable unresponsive member of the trades named "General
contractor" or "builder", you'll be dealing with a lot more folks.
:-)

Best Regards,
--
Todd H.
http://www.toddh.net/
.

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