Custom Home Builders? (Dallas, Temple, Lampasas: attorney, buy, bankruptcy)

[mavsoffense]

Does anyone know a good custom home builder who could build on a lot? I have been doing some research on builders but they seem to pricey expecially for a pretty lousy market. I want to build a 4000 sq ft home but dont want to pay an arm and a leg for it. Some times builders put out outrageous prices so they can get outrageous profits... I am setting my budget to 200k...So any ideas... or am i wishing for something that is not possible?

[galore]

4000sf custom on your lot for 200k won't be possible with a builder in DFW. Maybe if you act as the general contractor and hire day laborers yourself for simple but strenuous tasks.

[CurrentlyinSanAntonio]

Yeah I don't think thats possible. Thats only $50 per square foot. Even working as the general contractor that probably isn't possible. If you only want to spend $200k and have a custom home built on your lot you are really going to have to cut back on your square footage.

[momof2dfw]

You can forget that. There is no way you will be able to find a custom builder and pay $50 a sq foot for a finished out product of 4000 sq ft. We have 3 bids sititng in front of us right now for a simple 2 car garage (22x20) w/ a storage room above it. The LOWEST bid was right at $60 a sq ft. We are talking NO living space finish out, no plumbing, etc. Simple tape, bed and paint the walls w/ reg straight small baseboards, etc. If you do happen to find a builder that can do it for $50 sq foot PLEASE pass on their name and number. Then again maybe not as I don't want to know what corners they are going to cut.

[mavsoffense]

I met a person at a Party last night who built a very nice sized house with very nice upgrades (granite, crown molding) for 170k (His lot costed 500K ) . Ill fill everyone in after I get his advice.

[nsumner]

Check out David Weekley Homes. They have a "build on your lot" program that is reasonable.

I would recommend also that you check with the Dallas Builders Association for members list and process. It could be a nighmare if you are not prepared or don't know the procedures. Home Builders Association of Greater Dallas, Texas from the menu go to builder search then a map appears and you will be able to get a list of who builds in that area with their website.

[amymaha]

We just completed a custom home build in Arizona that took over 2 years to build. (yes, now we're moving to Dallas!) We ended up hiring an attorney to settle the last payment to our builder as ours continued with shady business tactics.

All in all we would do it again. You control the quality and end up with a nice gain of instant equity. I would however establish and INCLUDE in your contract the following:

1. Time line (if not followed, builder pays % to owner)- we know several people that did this (after the fact!) Keeps the builder moving along!!!! Many will not want to do this, however if you have a good builder with a strong sub following this shouldn't be a problem.

2. Do you homework on the builder. If we did it again we'd use the builder that people had good expereinces with. In our opinion this is the only way to go.

Good Luck!!!!!!!!!!

[nsumner]

Great advice above. Lots of builders have swindled money from homeowners without completing the work then they declare bankruptcy and they return a couple of years later under a different name.

Naima

[CurrentlyinSanAntonio]

Originally Posted by mavsoffense

I met a person at a Party last night who built a very nice sized house with very nice upgrades (granite, crown molding) for 170k (His lot costed 500K ) . Ill fill everyone in after I get his advice.

I bet it wasn't 4000sf though Probably 2000sf or less. On the homes we build in the Lampasas/Temple areas we can do crown, granite, and tile floors with carpet in the bedrooms and all brick exterior for around $90-92 a sf and can still make a little bit of money. That price does include a lot, but most of those are $15-20k.

Where did he buy a $500k lot at?

[MurphyPl1]

Originally Posted by mavsoffense

I met a person at a Party last night who built a very nice sized house with very nice upgrades (granite, crown molding) for 170k (His lot costed 500K ) . Ill fill everyone in after I get his advice.

So he has a $670K home? When you say you want to spend no more than $200K, you are NOT including the lot price in that, correct?