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When there is a place that can be purchased for 35,000 but needs many things done to it, is it a better option than to build your own modest home...assuming you do all work aside from foundation? I ask this because I have this option, but maybe it is not as practical as I think to just start fresh. The place that already exists could be lived in, but it's all old...has damage and such. Needs new windows, new window frames that have rotted, new siding or a paint that would stick to it, a new roof in 2-3 years, new wiring to replace knob and tube, and some foundation repair to basement wall so the settling cracks are not so serious looking. That all costs time and money, more time than money I assume. The other option it to just start fresh, worry free, with a small home design. Small to me would be something efficient but not crowded.
It's almost always cheaper to build your own house then to buy, but the 35k sounds pretty cheap and if you can live in the house while doing renovations you will come out way ahead. It's worth hiring a home inspector, usually they can give you a general idea what things cost to fix/replace to see if it's worth it to buy this house.
When there is a place that can be purchased for 35,000 but needs many things done to it...
Needs new windows, new window frames that have rotted, new siding or a paint that would stick to it,
a new roof in 2-3 years, new wiring to replace knob and tube, and some foundation repair...
You're describing a tear down.
You're paying (too much at $35,000) for an address and land in/near something that
might actually have some value. Is it an in town lot near good schools?
It's almost always cheaper to build your own house then to buy, but the 35k sounds pretty cheap and if you can live in the house while doing renovations you will come out way ahead. It's worth hiring a home inspector, usually they can give you a general idea what things cost to fix/replace to see if it's worth it to buy this house.
Around here the home inspector doesn't know much.
It would be different costs since I would do the work rather than hire it. From my own inspection I see what needs done, which is what I listed above.
Things that would need work:
New Siding or New Paint that would stick to the siding.
New Windows..eventually
New Window Trim and bottom sill (rotten)
Foundation settling cracks patched
Grading around house to slope water away
New Shingles, possibly some new under layment too in ~3 years
New Wiring, to update old
Insulation (none existent)
Install Reverse Osmosis system
Install Dishwasher (out of preference)
Renovate basement, it's just one open room for now.
The new house option would mean EVERYTHING needs done, with likely a 32' x 36' layout, with a full basement. Well and Septic system would also need installed.
You're describing a tear down.
You're paying (too much at $35,000) for an address and land in/near something that
might actually have some value. Is it an in town lot near good schools?
It's a small town, and the location is just out of town...nothing bad. The other option would to be building on land that costs 5k (no utilities, well, septic system...etc). However, it would not need any special grading work as it is all flat where the home would be built. Location is maybe a bit better too, but that all can be rationalized.
It would be different costs since I would do the work rather than hire it. From my own inspection I see what needs done, which is what I listed above.
Things that would need work:
New Siding or New Paint that would stick to the siding.
New Windows..eventually
New Window Trim and bottom sill (rotten)
Foundation settling cracks patched
Grading around house to slope water away
New Shingles, possibly some new under layment too in ~3 years
New Wiring, to update old
Insulation (none existent)
Install Reverse Osmosis system
Install Dishwasher (out of preference)
Renovate basement, it's just one open room for now.
The new house option would mean EVERYTHING needs done, with likely a 32' x 36' layout, with a full basement. Well and Septic system would also need installed.
So, what you are describing is a $35,000 home that will conservatively cost you another $30,000
plus time/effort to 'fix what needs to be done (?). On the other hand, I'm not sure what kind of a house one can actually build for $35,000 these days, but, a valid comparison should probably start with looking at the actual "cost" to get what you want, ... instead of simply a lower initial "price."
So, what you are describing is a $35,000 home that will conservatively cost you another $30,000
plus time/effort to 'fix what needs to be done (?). On the other hand, I'm not sure what kind of a house one can actually build for $35,000 these days, but, a valid comparison should probably start with looking at the actual "cost" to get what you want, ... instead of simply a lower initial "price."
Yes that is all true. The location is the only reason this house is being considered. If I pass it up, I really would rather build instead then on the land I have found and like. I dislike being confined to city ordinances and in-town people.
You can buy all the materials for a decent house the size you're looking at for $50K or so not counting the foundation or any additional work that would need to be done to the property (septic, etc). So from a strictly financial perspective it would make much more sense to build new.
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