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Old 06-07-2012, 07:07 PM   #1
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To build or to buy?


Assuming that time is not of the essence, and all else being equal, is it overall cheaper to just buy a lot of land and build a house, than it is to buy one that's already built?

EDIT: By the way, this is assuming that I hire out a general contracting firm to build it.

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Old 06-07-2012, 07:19 PM   #2
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To build or to buy?


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Originally Posted by stebbinsd View Post
Assuming that time is not of the essence, though it always is
and all else being equal, though it never is
is it overall cheaper to just buy a lot of land and build a house,
than it is to buy one that's already built? Nope.
Despite these truths I really wanted to build...
but with the RE market of the last few years it is almost insane to do so.
There are just way too many legitimate bargains in every class to pass them up.
Still have to be careful... but buy a seriously renovate. Still cheaper than build.

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Old 06-07-2012, 07:22 PM   #3
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To build or to buy?


Since you chose for some reason to not add where you live in your profile it's hard to say.
'Right now prices are lower on homes for sale then they have been in a very long time, and a lot of the sellers are more then willing to except much lower offers just to get out of the morgage.

If you willing to wait for a house to be built with all the hundreds of hasles and decisions that will need to be made and have a place to live while waiting at least 6 month to move in and can afford 2 places at the same time then have at it.
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Old 06-08-2012, 01:21 PM   #4
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To build or to buy?


Too many variables to both existing and building new from scratch to give you an a flat out answer. And as far as new there are too many ways to build. Were you thinking from piles of sticks and stones dumped on the lot and convention framed on site construction? Or prefab? Or a hybrid combination? And there are all kinds of permits, code variances and so forth to be considered.
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Old 06-08-2012, 02:01 PM   #5
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To build or to buy?


hmm.. big lot? little lot?.. I too thought about that.. I like a lot of land around my house.. but, turns out you need to educate yourself about dirt/land, land tests, fees, permits..water supply? then, as mentioned already, you need to decide what kind of house/build you want..and have lots of time to monitor the building and to make decisions.. Overall, i second that with the huge amount of houses for sale, it is cheaper, takes less time and is more straight forward. Find a place that has the characteristics you are looking for (land size, view, etc. ) + a good foundation/frame, and then, renovate it to your liking. Fixer uppers are cheap, short sales even cheaper (takes a long time, but, hey u said time is not of the essence).
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Old 06-08-2012, 06:15 PM   #6
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To build or to buy?


I would build if I had time (so many things go under the heading of time...)
I will never buy another "new, but built by/for someone else."
If I were forced to buy, it would be another well seasoned old home...despite the headaches involved.
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Old 06-08-2012, 06:29 PM   #7
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To build or to buy?


I'm working on one of those "seasoned homes" right now.
$80,000 just in foundation damage from termites, new septic $17,000, 5 dumpsters full of rotted and termite eaten wood.
$1500.00 a day in just equipment rental.
And that does not even come close to all the repair work that needs to be done once the house is raised and leveled.
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Old 06-08-2012, 06:30 PM   #8
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To build or to buy?


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Originally Posted by joecaption View Post
$80,000 just in foundation damage from termites,
new septic $17,000,
5 dumpsters full of rotted and termite eaten wood.
$1500.00 a day in just equipment rental.
you almost sound like you're complaining
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Old 06-08-2012, 10:56 PM   #9
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To build or to buy?


If you know what your doing and know what you want....build.

If your clueless.....buy.
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Old 06-09-2012, 06:51 AM   #10
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To build or to buy?


Sorry, but everything else is NEVER equal. Too many variables.
Having said that, if I had unlimited time and money, I would have something built.

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