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Old 08-08-2008, 01:04 AM
 
1 posts, read 15,520 times
Reputation: 11

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Hi I've been pre-approved for an FHA loan of $97k and can possibly get more if need be. I was wondering if it was possibly to build a small home(3bed, 2bath) in the Marietta area and stay under $100k? Mind you I don't need anything spectacular and whatever land I buy I would like it to be quite small. I've been looking at houses on the market that are under that price and haven't really liked them (foreclosures, need a lot of work, etc..) and the condos that are in that price range and decent have high association fees of $250+ a month on top of my mortgage! I'm a full time college student(and work part-time aswell) so I don't have much money to spend but would like a decent place to live if possible.

Does anyone know if building something under 100k is possible and/or know someone I can contact to get more information on this? Any help would be greatly appreciated!!! Thanks!
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Old 08-08-2008, 04:11 AM
 
9,125 posts, read 23,748,232 times
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It'd be extremely tough to build a one-off house for under $100k, for a number of reasons:

- you'd have to find an infill lot, which is generally more expensive than what builders pay per lot when they build in bulk
- you won't get the same pricing that builders get when they build in volume
- the cost per sf for a small house is greater than on a larger house, since you've got less area to spread fixed costs like the cost of the incoming utilities, etc., over

Even if you could find a lot for $20k (you won't find one for that in/around Marietta), I doubt you'd be able to build more than 800 sf with the remaining funds, if that.
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Old 08-08-2008, 07:00 AM
Noc
 
731 posts, read 1,165,766 times
Reputation: 228
Cheaper to buy a foreclosure for say 50K and possibly get gov't incentive (tax break) then spend 30-40K to fix it up.
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Old 08-08-2008, 08:03 AM
 
Location: Inman Park (Atlanta, GA)
19,893 posts, read 8,190,135 times
Reputation: 10673
If you were to custom build - you would need a construction loan and I don't think that your FHA loan would cover that. Construction loans tend to have a higher interest rate since there generally no collateral.

The price of a piece of land or even a tear down would eat tremendously in your budget.
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Old 08-08-2008, 08:46 AM
 
Location: Marietta, GA
81 posts, read 215,482 times
Reputation: 34
I would have to agree with everyone so far...it would be pretty much impossible without some kind of "creative" financing. Have you looked out in Paulding County? There are some decent homes at that price point ... I happen to have one on the market.
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Old 08-08-2008, 08:49 AM
 
Location: West Cobb County, GA (Atlanta metro)
9,129 posts, read 21,695,956 times
Reputation: 4745
Quote:
Originally Posted by KachoMakura View Post
I'm a full time college student(and work part-time aswell) so I don't have much money to spend but would like a decent place to live if possible.
Please don't take this in a discouraging way, but you probably should RENT for now given your current situation. Unless you stumble across the deal of the century, you're not going to find anything close to what you've been approved for in Marietta - even much further West in Dallas or Rockmart you'd have to look a lot for such a price deal, unless you're willing to buy a mobile home, and this being tornado country, that's not the best bet.

You work part time and are a full time student with not a lot of money. So your best bet would be to focus on the school stuff for now, and rent so that the apartment complex handles all maintenance and fees. Worry about home ownership after you're out of school and are able to accumulate more money for a down payment and have a more established credit history to qualify for a higher loan amount. Not being parental - just trying to offer some advice.
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Old 08-08-2008, 09:02 AM
 
Location: College Park, GA
111 posts, read 372,403 times
Reputation: 39
I think Greg has a good point.

You could find a house for $50k, get a construction or improvement loan and get it the way you want it, but that requires a lot of time and patience since it won't happen overnight.

Waiting is better so you don't have make compromises in where you live. It may not sound like the best alternative, but you should consider the quality of live you want to live and decide what's best.
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Old 08-08-2008, 10:59 AM
 
467 posts, read 1,021,808 times
Reputation: 148
I waited until after college to build up funds for a down payment. Lived with two other guys in house and was easily able to save in a situation like that. I commend you for thinking about wanting to own, but there are times it might not make sense (yet).
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Old 08-08-2008, 11:16 AM
 
97 posts, read 289,011 times
Reputation: 32
Hate to say it, but I just built a detached garage and it cost a bit over $40,000. No property/land cost, no insulation, no electrical. Its a decent size and was built with a fully accessible loft space for storage, but I can't see acquiring property in Cobb and building anything for $100~120k that would be worthwhile and built to code.
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Old 08-08-2008, 06:16 PM
 
171 posts, read 472,350 times
Reputation: 98
Quote:
Originally Posted by KachoMakura View Post
Hi I've been pre-approved for an FHA loan of $97k and can possibly get more if need be. I was wondering if it was possibly to build a small home(3bed, 2bath) in the Marietta area and stay under $100k? Mind you I don't need anything spectacular and whatever land I buy I would like it to be quite small. I've been looking at houses on the market that are under that price and haven't really liked them (foreclosures, need a lot of work, etc..) and the condos that are in that price range and decent have high association fees of $250+ a month on top of my mortgage! I'm a full time college student(and work part-time aswell) so I don't have much money to spend but would like a decent place to live if possible.

Does anyone know if building something under 100k is possible and/or know someone I can contact to get more information on this? Any help would be greatly appreciated!!! Thanks!
I wouldn't venture forward with the ideal of building or nor purchasing a home, unless you know for certain you're going to stay in Marietta area beyond a 4-5 year time period. One) you already mention you're on a tight budget being a student and Two) you're working a part-time job. Your circumstances may change in a few months, you never know what can happen.

The tug of being a homeowner is strong, but the risk isn't worth it right now for you.
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