Roanoke/Franklin Cty - building custom (Boones Mill: real estate, appliances, custom home)

[Momto4]

Hi all,
Can anyone give me a general cost estimate of what to expect in custom building our own home in the area? ($ per square footage) I realize it will vary from builder to builder and also on upgrades, but I have been able to get ballpark figures from knowledgeable real estate agents/contractors on several of the state forums.

I am just trying to determine if it is better to purchase a fixer and demo it or start fresh on empty land. I am thinking that the fixer situation may be better since it would save utility issues (electricity is already in, water is already available, septic is in place, etc.). Any thoughts from anyone on the topic?
Thanks!

[seanpecor]

In some cases the devil that you do know is better than the devil that you don't. If you're gutting down to the framing on the interior you might find yourself unpleasantly surprised by structural deficiencies that, when discovered, can't legally be left unaddressed.

However, it can make good sense to buy a fixer if you can find one in the right location with a basic structure that will work for you. If you're gutting down to the framing, you're not saving much on the framing because, well, ever seen how fast the framing goes up? Like real fast. It would probably take more man hours and cost more to gut down to framing and clean up / dispose of the debris than it would to just build the framing. Chances are your electrical will need major upgrades. Particularly if you plan on adding central air, etc. Alot of older homes don't have the service for modern utilities and appliances. The well may be just fine but make sure to run water volume tests; don't just have an inspector run it for an hour. Run the water for hours and hours. You want to stress the system. Septic can be a big saver but again the devil you don't know can be a real problem. The septic folks could locate and clean it and then discover you've got a cracked tank, or a tank that needs replacing. Or an improper drainfield etc.

However, you still save big time on concrete and grading work. That could be $30,000 right there. Concrete is spendy nowadays.

Another big marriage tester is living in a home that is being heavily remodeled. You will have delays. Lots of delays. You will have dust getting into _everything_. I mean _everything_. It will not be pleasant.

BUT if you find the right fixer, with a great location, and encounter a minimal number of problems then you stand to save alot of money. It's a calculated risk, so the more research you do, the less risk you'll be exposed to.

I'm not familiar with the cost per sq foot in new construction in the Franklin County / Boones Mill area. But looking at new custom homes that have been built recently, I can guess. There is a home listed for $499,000 that is 4,100 square feet, built on +/- 2 acres. Location implies the lot is worth about $70,000. So you're looking at +/- $100 per square foot. This on a house that is custom everything, with a fully landscaped _gorgeous_ lot with perennials, annuals, trees etc. 3 bedrooms and 3 full baths, 2 car attached garage. The exterior wall facade is fieldstone and clapboard, granite counters, custom cabinets, wide plank flooring, craftsman/cap cod style. With developer margin of +/- 15% you could perhaps have the same quality built for around $85 per square foot. That sounds about right. So maybe a more average but quality home for around $70 per square foot?

Again I'm guessing. All I know is that it's a hell of a lot lower than VT (where I'm from) and CA. Particularly with the recent concrete costs.

Sean

[Momto4]

Originally Posted by seanpecor

Again I'm guessing. All I know is that it's a hell of a lot lower than VT (where I'm from) and CA. Particularly with the recent concrete costs.

Sean

Thanks, Sean. We are definitely counting on this fact! As usual, you have been extremely helpful. Some of the stuff you brought up about the fixers is definitely worth serious consideration. I do not want to get stuck with a "Money Pit" Thanks again!