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Old 09-22-2008, 11:26 AM
 
47 posts, read 271,681 times
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We are starting the process in designing/building a home on a lot we own. I'm trying to learn as much about the process as I can (before we start) and it is a little intimidating - every once in a while I question if going with a production builder will end up being much cheaper and easier.

I just want to ask for the opinions/insight of those who have done this in the past. Any tips, things you learned in hindsight, etc that you can share with someone who is starting out?
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Old 09-22-2008, 03:21 PM
 
Location: Garland Texas
1,533 posts, read 7,212,783 times
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Get several estimates, and ask for references. As with anything else, there are good contractors, and bad contractors. A lot of people don't do enough research and hire someone who does shoddy work. Check things out while your home is under construction, and if the price starts climbing too much, ask for an itemized bill. This is your home, your dream, and your investment, you can never be too involved. Some people even choose to be involved with the labor to save money.

When buying fixtures and other physical goods there are many different options, not just the big box places. Some places will give you a discount if you buy multiple items. There are places like builders surplus where you can find a good deal. Sometimes the contractors themselves have places the go to, or can get an item at a good price.
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Old 09-22-2008, 05:41 PM
 
37,315 posts, read 59,504,574 times
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go to this web site
Building a Home - GardenWeb
you have to join to post but you can read w/o
great information
very knowledgeable contractors/electricians/plumbers/HVAC guys--and home builders
pictures of what they are doing
really nice people the time I was on there--we have decided we can't afford to build home in area we want to live in and don't want to move away at least at this time...
good luck
try to build as energy efficient home as you can--I mean foam insulation or definitely cellulose or the SIP panels--
think about your passive solar and do a water catchment or at least do design with that in mind so you can maybe add it on later if possible
orientate the house to take advantage of natural features
and remember that the best way to save money is to plan wisely--and don't change your mind half-way through...that is expensive....

if you are not very familiar with construction you probably need to hire a general contractor to supervise and that is a hard task--it is very easy to get ripped off because construction trades often are kind of fly by the seat of their pants...sometimes you can't get bank loan w/o having general contractor or builder to run the subs...don't know about your financing...

if both of you are working it will really be a full time job to track what is going on and what they are supposed to be doing--
you have to be patient but also know your rights---just don't turn lose of the money control...and make sure you compare apples to apples
spec out your house as well as you can and get specific bids--lots of guys hate that
they are not good with forms/writing/math even if they might be real craftsmen with their hands...

ther was someone on the Dallas board here that built a home not too long ago--saw photos on his link--very nice job...
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Old 09-25-2008, 12:19 AM
 
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Just make sure the builder is not having financial problems. They are going belly up at a alarming rate.
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Old 09-25-2008, 10:18 AM
 
37,315 posts, read 59,504,574 times
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there is no real oversight for builders in TX--it is a crap shoot--even good builders can be financially hurt when the economy is like this...
I know of several builders who have changed their company DBA name though to get out of lawsuits by people who bought bad houses they built--that is something entirely different to me...

you really, really have to be careful now about building a house with someone and the subs...don't wnat to wind up paying for something that gets liens attached because of their problems...
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Old 09-25-2008, 06:06 PM
 
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I built a custom home in southwest Dallas county years ago, I also live in one currently. What area are you looking to build?
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Old 09-26-2008, 10:39 AM
 
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looking to build in collin county, north dallas.
I must admit I keep wondering whether building is a good idea right now with so many homes on the market at bargain prices and the economy and such. I don't know if builders would give good deals right now to build.

ultimately my dream was to build. But I don't know what building costs are right now, and esp with Ike just having destroyed so many homes.
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Old 09-27-2008, 04:30 PM
 
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You are right, there are plenty of custom homes on the market that are going to be cheaper to buy outright than to build. Mckinney has quite a few custom builders that are pretty good but they also have specs and pre owned homes on the market here that they built that are maybe 2 years old. My neighborhood has several custom homes for sale and some never been lived in.

If you want the name of some builders, let me know. I am btw not a realtor.
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Old 09-27-2008, 09:49 PM
 
37,315 posts, read 59,504,574 times
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your best bet to make a good deal is to see if there is house already constructed that has floor plan and features/neighborhood that you like...
if it is a true independent builders, then he is affected more than companies like Drees or Toll
once house is finished and he gets certificate of occupancy from city, his bridge loan is supposed to close--that is when he starts to pay on real mortgage...too many real mortgages and he can't get a bridge loan...
some builders will refuse to complete a home and just keep extending the bridge financing to avoid closing on house and becoming responsible for the taxes as well...it affects the pricing of the house if it has actually gone into real mortgage vs bridge loan...

but the problem is finding one that you like well enough and cheap enough to forgo building your own...
sometimes a builder is willing to take a big drop in price just to clear it off the books and hope that he can make his real profit off another house in his inventory

buying from homeowner just depends on how badly they need/want to sell...buying foreclosed homes can be a bad deal even if you save quite a bit of money...
the credit market had a little opening this past week when people thought the finance bill would pass...lots of houses in my area (Colleyville/Southlake) now show that a contract is pending--rates dropped a little and people swooped in...some of them might not qualify for financing if the lenders tighten up credit or ask for more downpayment...

think this week it will be tight again...getting this bailout does not mean credit is going to be fluid in all areas...

so you have your financing to buy or to build to consider as well
it is not that easy to get money to build a house if you are going to hire a contractor/builder and pay your subs yourself...there has to be a builder of record now...you can't act as your own anymore

it sounds like you have not really looked into the specifics of either building it yourself or seeing what the market has that you like...
there will be price increases in items like sheetrock probably after the hurricanes have gone through and I don't know that other construction supplies really dropped as much as people thought when the market dropped...
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Old 09-29-2008, 12:44 PM
 
47 posts, read 271,681 times
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loves2read, you are right - we are really just starting to explore all options. If a home that was existing had all the features I would ideally want, I would jump on it and it would be a no-brainer. But that's hard to find. Most homes, especially spec homes, seem to follow the same formula with a little rearrangement.

You mentioned buying foreclosed can be a bad deal - is this because you can buy a house that needs a ton of work, or something else?

Obviously if the cost to build vs buying an existing home becomes really HUGE then one starts wondering if they are making the right financial decision by building...
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