still worth to build a home or is it better to buy an existing home? (Chicago: real estate market, foreclosure)

[jsnoodle]

Hi,

I'm thinking about building a 2800+ sq. ft. home around the Plainfield area but I'm debating if it is still financially a smart thing to do considering how the real estate market has tanked in the suburbs of Chicago.

Lots are really cheap now (less than 20K) but what are your thoughts on the costs of building? Also is it worth the hassle? I was planning on being my own general contractor and sub-contracting out the framing, foundation etc.

Thanks!

[Vlajos]

I wouldn't build it in Plainfield. That town is a foreclosure nightmare right now.

[jsnoodle]

well, i'm open to any where out west like west chicago, aurora, carol stream, batavia etc.

yeah but you are right about plainfield, when the market was going up there was no stopping the construction. now everything is at a standstill there. i just like the location since everything is close by.

[ToriaT]

It seems silly now to build a home when you can get such good deals. If you want western suburbs there are many much nicer than those you mention like Wheaton, Glen Ellyn, Naperville, Downers Grove, etc. You can pick up a good deal on a lovely home in one of these places and in the long run be better off than if you built a place in one of the burbs you mention. You can always upgrade or remodel and existing home to your liking over time.

[chet everett]

If the OP could give some details, like perhaps target price point and what there goals are (assume it would be a place to live becuase investment potential would be extremely limited...), it would make the taks of recommending a strategy far more successful. In truth the comments above about the general collapse of prices in the "boom" areas like Plainfield are accurate -- prices have receeded to such a low level that new construction does not make much sense.

I am also kinda curious about why the OP would state "I just like the location since everything is close by." when most of Plainfield is rather distant from any signficant employment centers and although Plainfield is no less convenient to chain type stores and resturants such as could be found in other car-centric areas it is quite different than the sorts of towns that have good "walk scores" and/or decent public transit options. Given the trends for gas prices I would factor those sorts of decisions into any site selection...

[BRU67]

Originally Posted by chet everett

If the OP could give some details, like perhaps target price point and what there goals are (assume it would be a place to live becuase investment potential would be extremely limited...), it would make the taks of recommending a strategy far more successful. In truth the comments above about the general collapse of prices in the "boom" areas like Plainfield are accurate -- prices have receeded to such a low level that new construction does not make much sense.

I am also kinda curious about why the OP would state "I just like the location since everything is close by." when most of Plainfield is rather distant from any signficant employment centers and although Plainfield is no less convenient to chain type stores and resturants such as could be found in other car-centric areas it is quite different than the sorts of towns that have good "walk scores" and/or decent public transit options. Given the trends for gas prices I would factor those sorts of decisions into any site selection...

+1. If I were to be out that way, I'd choose an area that was walkable, as in walking distance to parks, restaurants, bars, groceries and, most important, public transit (i.e. the Metra). That, by definition, would mean an existing home versus building a new one on a cornfield that will probably not be well-served in these areas. I personally think those areas will be much slower to recover (if they recover at all).

[pvande55]

Of course if you want to be in a specific neighborhood you might have to buy an existing home. Since the area you like has vacant lots, of course, you have a choice. I would seriously avoid being your own contractor unless you have experience in that area. You will have to deal with the Village, utilities, and of course all the subcontractors. Have the plans been sealed by a licensed architect? Don't forget all the fees to the Village, the Schools and other government units. And the numerous change orders with the contractors.

[cubssoxfan]

Just did a drive down Rte 59 from Naperville to I-55. Between the established parts of Naperville and Plainfield I kept thinking about the old Wendy's commercial as I internally shouted "Where's the Trees?!" I joked that the GMO seed is terrifyingly robust, "It sprouted houses instead of beans and corn." With that landscape(or moonscape I as I call it), might as well live in suburban Dallas- the COL and economy are better and the surroundings are quite similar. And I "Pitied the Fool" who had to commute to downtown Chicago from there- strikes me as "Penny wise and Dollar foolish".

[ToriaT]

When I go down there I always hum the song "paved paradise and they put up a parking lot'. Well maybe not paradise but it fits............

[yousah]

I'm an appraiser who is extremely familiar with Plainfield. Why build when you can buy an existing house at less than its replacement cost? That's why builders are going out of business left and right. There are great deals all over. Just be sure you get in a subdivision that is already built out and has a healthy homeowner's association, if it has one.

Also, the lack of trees that is mentioned above is primarily due to the tornado that they had years ago. They removed a lot of trees that were damaged besides the ones that got uprooted from the cyclone.