Building vs existing homes. And bachelor pad? (Iowa City, Grant: loan, house)

[rerod]

Hello.

Im getting a divorce and am moving out of the house we own. Iv been searching for a smaller house on the bus route for myself with a large garage for my hobbies and storage, but cant find anything. When I find a house which has a large 2+ garage, its always a large house big enough for a entire family..

So Iv been searching for small house on a corner/alley lot where I could build a large garage but see the price per square foot on existing is sometimes over what it costs to build new.

Is it worth building new in IC, and would a bachelor pad (1100 sq foot 2 bd 1 bath home with two deep, 2 car garage) be to specialized to sell easily in the future? I have another 15 years of working at the U of I before I retire and would want to sell and get out of IC at that point.

Thanks!

[lonewahya]

I would say yes it would be very easy to sell with one condition. Location. Where it is located could make it a little more difficult to sell. But you could always look at becoming a landlord at that point. If it is in Iowa City, close to the U, near a bus route. I would totally go for it if you can afford it. Make sure all the figures will work for you so that you can make it work for you.
Best of luck!

[rerod]

Originally Posted by lonewahya

I would say yes it would be very easy to sell with one condition. Location. Where it is located could make it a little more difficult to sell. But you could always look at becoming a landlord at that point. If it is in Iowa City, close to the U, near a bus route. I would totally go for it if you can afford it. Make sure all the figures will work for you so that you can make it work for you.
Best of luck!

Thanks lonewahya.. Practically forgot about this post.

The only lots close to a bus route are in coralville from what I can find.. $60k+ The city owns a few lots where the house was destroyed and owner abandoned. But I dont think building a $225K house in a $140k neighborhood would be a good choice.

Right now Im at the point I might write post cards to owners who have homes on corner/alley lots.. Then only to find she cant get a loan to buy my half of the house..

[lonewahya]

Hey, no worries. I understand about not building in that area. Have you looked at any pre-existing homes? I have seen a few zero lot homes that have 3 bedroom but deep garage space. I bought a house on the east side with a 4 bedroom two deep garage for less than you are quoting on building. Granted the house was built in 1976, but a quiet neighborhood and mature trees etc. Found it online. But I totally understand about wanting new construction as well. Just a thought...

[rerod]

Originally Posted by lonewahya

Hey, no worries. I understand about not building in that area. Have you looked at any pre-existing homes? I have seen a few zero lot homes that have 3 bedroom but deep garage space. I bought a house on the east side with a 4 bedroom two deep garage for less than you are quoting on building. Granted the house was built in 1976, but a quiet neighborhood and mature trees etc. Found it online. But I totally understand about wanting new construction as well. Just a thought...

Yes I just made a offer on a corner lot house across the highway from the Iowa city Kmart.
No zero lots would allow me to build a garage, which is the major hurdle Im facing and why I thought about new construction.
I'm looking at spending around $50k for a 1260 sq foot garage on the property I mentioned. That combined with the upgrades the house needs pushs the price up to $200k

[lonewahya]

That is about what I spent on my house. It has a double garage, but it is deep enough for a full size pick up plus a work bench and shelves on the back. I never thought I would have a garage that would have this much room.
Best of luck to you!