Buy or build for home purchase?

Magic-Man · 09-15-2011, 10:10 AM

Sold my previous house in 2009. I plan to start shopping for another house to buy next year.

I would love to have something built vs buy someone else's, but am wondering if that would be cost-effective. I wouldn't be trying to build my dream home or anything crazy.

If I buy something already built again, I don't want to buy anything too old. I would like to buy something built within the last 10 years. However, I would still look at older homes. I like modern looks, interior, amenities, etc. Gotta have central air, forced air heat, blah blah.

In today's market, how does having something built compare to buying something already built?

KingOfJericho · 09-15-2011, 10:14 AM

This varies greatly by location. If you're in a heavily developed area (southwest CT, Boston 'burbs), you may have a hard time finding a suitable piece of property on which to build. If you're in rural New Hampshire, Maine, or VT, this won't be an issue at all and you should be able to build for a very reasonable price.

SpaceSaddle335 · 09-15-2011, 10:15 AM

Not sure where you are located bc i am responding from my phone, but in todays market it is almost always cheaper to buy something existing rather than build. Unless you buy a "track home" in an existing community where the builder is offering some strong incentives to build.

BMWinNorthdakota · 09-15-2011, 10:30 AM

If your housing market is garbage, I would advise to buy a pre-existing home.

You will never get your money back...

Magic-Man · 09-15-2011, 11:12 AM

Quote:

Originally Posted by SpaceSaddle335

Not sure where you are located bc i am responding from my phone, but in todays market it is almost always cheaper to buy something existing rather than build. Unless you buy a "track home" in an existing community where the builder is offering some strong incentives to build.

Sure, but how much cheaper is the question.

Freakazoid · 09-15-2011, 03:00 PM

Quote:

Originally Posted by BMWinNorthdakota

If your housing market is garbage, I would advise to buy a pre-existing home.

You will never get your money back...

not always. some of the areas the developers are really struggling and are willing and ready to work for whatever they can get.

obviously this greatly varies

persian54 · 09-15-2011, 06:16 PM

really depends..

like for me, it will cost me about 150-200 per sq feet to build something, give or take

but you can buy homes at around that, so no need to go through the effort

the thing is though, i recently bought land with the intent to build..but not with the intent to build and sell.
I have yet found a home that I love. Thus, I feel that building my dream home is the best choice for me. I will take it slow...probably 3-5 years for all I know, but I'm not in a rush.

Hell, maybe by then the market will boom lol

i got the land for $10/sq foot, and i like the location, so it worked out in my favor...

but you really need to see if there is any good land out there that you want to build on

09-15-2011, 10:10 AM	#1
Magic-Man Banned 56 Rep 1,063 Posts Drives: N54 Join Date: Jul 2008 Location: Northeast iTrader: (2)	Buy or build for home purchase? Sold my previous house in 2009. I plan to start shopping for another house to buy next year. I would love to have something built vs buy someone else's, but am wondering if that would be cost-effective. I wouldn't be trying to build my dream home or anything crazy. If I buy something already built again, I don't want to buy anything too old. I would like to buy something built within the last 10 years. However, I would still look at older homes. I like modern looks, interior, amenities, etc. Gotta have central air, forced air heat, blah blah. In today's market, how does having something built compare to buying something already built?
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09-15-2011, 10:14 AM	#2
KingOfJericho Major General 2452 Rep 7,341 Posts Drives: Yes Join Date: Aug 2007 Location: CT iTrader: (1) Garage List 2010 135i Coupe [5.26]	This varies greatly by location. If you're in a heavily developed area (southwest CT, Boston 'burbs), you may have a hard time finding a suitable piece of property on which to build. If you're in rural New Hampshire, Maine, or VT, this won't be an issue at all and you should be able to build for a very reasonable price. __________________ The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost. 2018 Jeep Grand Cherokee High Altitude Hemi \| 2010 S4 Sold \| 2010 BMW 135i Retired \| 2006 Lotus Exige Sold
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09-15-2011, 10:15 AM	#3
SpaceSaddle335 Private First Class 19 Rep 181 Posts Drives: 07 335i Space/Saddle Join Date: Feb 2010 Location: Jacksonville, FL iTrader: (0)	Not sure where you are located bc i am responding from my phone, but in todays market it is almost always cheaper to buy something existing rather than build. Unless you buy a "track home" in an existing community where the builder is offering some strong incentives to build.
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09-15-2011, 10:30 AM	#4
BMWinNorthdakota Banned 244 Rep 1,106 Posts Drives: 2007 bmw 335i e90 Join Date: Jun 2009 Location: Fargo ND iTrader: (0)	If your housing market is garbage, I would advise to buy a pre-existing home. You will never get your money back...
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09-15-2011, 06:16 PM	#7
persian54 Lieutenant General 923 Rep 15,818 Posts Drives: M760/G83M4 Join Date: Jun 2009 Location: The Valley, SoCal iTrader: (298)	really depends.. like for me, it will cost me about 150-200 per sq feet to build something, give or take but you can buy homes at around that, so no need to go through the effort the thing is though, i recently bought land with the intent to build..but not with the intent to build and sell. I have yet found a home that I love. Thus, I feel that building my dream home is the best choice for me. I will take it slow...probably 3-5 years for all I know, but I'm not in a rush. Hell, maybe by then the market will boom lol i got the land for $10/sq foot, and i like the location, so it worked out in my favor... but you really need to see if there is any good land out there that you want to build on __________________ From E93 335i to E89 Z4 to E93 M3/E89 Z4 to E350/SL550
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