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Old 05-11-2018, 07:09 AM
 
13 posts, read 4,980 times
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Hello Everyone!


I have a small piece of land and I'm thinking of building a home.

My question is: Is it cheaper to buy an existing home or build?


Any suggestions will be greatly appreciated.

Thanks!
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Old 05-11-2018, 10:41 PM
 
13 posts, read 4,980 times
Reputation: 21
Wow, seems like I asked a tough question.

Anyone on the Island have an educated guess?


Again, thanks
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Old 05-12-2018, 01:34 AM
 
9,079 posts, read 3,064,742 times
Reputation: 4292
Quote:
Originally Posted by avprog View Post
Hello Everyone!


I have a small piece of land and I'm thinking of building a home.

My question is: Is it cheaper to buy an existing home or build?


Any suggestions will be greatly appreciated.

Thanks!



that's a loaded question without any details. Depends on the property, zip code, your credit, how much money you have to spend and other things. An existing home can be a money pit or a steal. Building a home could be cheap or expensive and a nightmare if you don't hire the right people and contractors and hire people that don't do things by code and regulation.
If you are in the countryside you can get away with things in building codes that you couldn't get away in the city and other properties.

I guess if you are cheap and want to build a cement block and buy the cheapest materials at Home Depot and you hire the Dominican crew at the Home Depot parking lot you can build a house very cheap.


My neighbor in Bayamon did that in the 80's. He built a house on top of his cement house and he used a Dominican crew he hired from the "pueblo" (downtown) Bayamon and bought cheap materials at the local hardware store....long story short, that house wasn't up to code and that house didn't last 8 years. Hurricane Hugo in 1989 took care of that when it blew off the roof and everything got ruined inside that he couldn't rent the house anymore and he had to tear it down.

Don't expect much feedback without any details.

Last edited by Hellion1999; 05-12-2018 at 01:49 AM..
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Old 05-12-2018, 01:58 AM
 
9,079 posts, read 3,064,742 times
Reputation: 4292
by the way, you said you already have the property. That means you have to build your house or does it come with a house that you have to fix or tear down?. Where is the property?

It's a lot cheaper to buy a used house (again, depends on lots of scenarios) than building a new home. But since you already have the property then it's cheaper building a home under a budget if you can get the right crew.

What's your budget and want do you want in your house? # rooms, # bathrooms, how you want your kitchen and square footage and what materials you want to use.......you are in Puerto Rico, you better get a cement house if you want to protect your investment.
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Old 05-12-2018, 02:36 AM
mym
 
556 posts, read 750,514 times
Reputation: 621
Quote:
Originally Posted by avprog View Post
Wow, seems like I asked a tough question.

Anyone on the Island have an educated guess?


Again, thanks
get used to island time my friend.

even on this forum.
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Old 05-12-2018, 07:21 AM
 
2,487 posts, read 1,273,688 times
Reputation: 3383
Also be prepared to wait on line @. Govt. office for permits etc.
Go early, pack a lunch.
Get used to being 'stood up' by contractors should you decide to build, or add on to an existing structure.
Be prepared to 'grease the palms' of some local officials to expedite matters...
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Old 05-12-2018, 10:21 AM
 
13 posts, read 4,980 times
Reputation: 21
Quote:
Originally Posted by Hellion1999 View Post
that's a loaded question without any details. Depends on the property, zip code, your credit, how much money you have to spend and other things. An existing home can be a money pit or a steal. Building a home could be cheap or expensive and a nightmare if you don't hire the right people and contractors and hire people that don't do things by code and regulation.
If you are in the countryside you can get away with things in building codes that you couldn't get away in the city and other properties.

I guess if you are cheap and want to build a cement block and buy the cheapest materials at Home Depot and you hire the Dominican crew at the Home Depot parking lot you can build a house very cheap.


My neighbor in Bayamon did that in the 80's. He built a house on top of his cement house and he used a Dominican crew he hired from the "pueblo" (downtown) Bayamon and bought cheap materials at the local hardware store....long story short, that house wasn't up to code and that house didn't last 8 years. Hurricane Hugo in 1989 took care of that when it blew off the roof and everything got ruined inside that he couldn't rent the house anymore and he had to tear it down.

Don't expect much feedback without any details.

Thank you! Your information is very helpful.
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Old 05-12-2018, 10:22 AM
 
13 posts, read 4,980 times
Reputation: 21
Quote:
Originally Posted by mym View Post
get used to island time my friend.

even on this forum.

LOL! Thanks.
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Old 05-12-2018, 10:24 AM
 
13 posts, read 4,980 times
Reputation: 21
Quote:
Originally Posted by mr.magoo View Post
Also be prepared to wait on line @. Govt. office for permits etc.
Go early, pack a lunch.
Get used to being 'stood up' by contractors should you decide to build, or add on to an existing structure.
Be prepared to 'grease the palms' of some local officials to expedite matters...

Yeah, I kinda of figured that, thanks!

Last edited by avprog; 05-12-2018 at 10:59 AM..
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Old 05-12-2018, 10:58 AM
 
13 posts, read 4,980 times
Reputation: 21
Thanks everyone.

So, just to be clear, the property is in Aibonito, it's a small piece of land (nothing on it). I've read that owning the land may make building on it competitive to buying used and I'm trying to figure how.

Here are my Pro's and Con's on Build versus Buying

BUILD

Pro's
* Its New!
* With the right contrator and engineer the house will be up to code.
* Build it the way you like

Con's
* Expensive (Due to Cost Overruns )
* The appraisal may be less than the cost of building it.
* Supervising the contractor

BUY

Pro's

* The Work has been done and the house has a track record.
* Probably get a lot of extra included with purchase
* You get the luxury of choosing what and where

Con's

*:Property may not have a Deed
* Property make not be built to code
*:Sellers not agreeing to Inspection and walk-through as part of Option Contract.



Decision, Decisions..

Any comments, Did I miss anything?
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