Water wells (Springfield: new house, buying, subdivisions)

[one4info]

Can anyone explain why some water wells are shared? Are wells expensive to have drilled? Also, what would be an approx. cost per sq. ft. to build an average home? Nothing fancy!! Thank you.

[Randy Henderson]

I can answer for the Springfield area. Putting in a well will cost about $3500-4000.

There is a lot of underground water around here, and sharing a well isn't usualy a problem. Most people in 3 acre subdivisions are on 3 party wells. It allows tham to share the cost of the well and the maintenence.

I've seen people on 3 party wells fill and maintain pools all summer, so there seems to be plenty.

On the home front, a nice home can be built for around $75 per square foot, if you go brick front and vinyl on three sides. That puts a 1500 square foot home at about 112500 plus a 30000 lot for a total of 142,500.

Now, I sell new homes every day that run $115,000, but you are looking at 1200 sq ft, 3 bed 2 bath 2 car garage.

Right now is a buyers market, you would get a better deal by buying a new home that is already done than building one. Lots of builders sitting on inventory.

[one4info]

Thanks for all the helpful info. May be in touch with you at some point by pm if it's ok.

[Ozarks21]

I would recommend against a shared well. It is just asking for trouble.

I use $100 per square foot as a rule of thumb. Go up or down from there depending on what you want in it. And I agree with the previous poster about looking for new existing homes. I cannot believe these guys are still building houses while the new house next door has set unsold for a year. I think a patient buyer could find good opportunity right now.