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I am looking at a land property in Jamesburg, NJ where the lot size available is 75 * 106 (unimproved). I have to get all connections, gas, electricity, sewer from nearby. There are neighbor homes in close proximity also.
I was looking at constructing a modern 3 bed 2+ bath home. I am flexible if its a ranch or colonial or any modern with open space architecture.
1. How much would each style cost approx?
2. Does mortgage company finance for lot only or both lot and building?
How do they estimate estimate building cost?
3. How time would it take to build one. Get all permits etc.;
4. Do you know a good builder?
Appreciate any inputs.
Anyother things i need to be aware of?
I strongly recommend against this until you do considerably more homework. Mortgage companies do not finance land, you must already own it. In the past, some banks would make a personal loan but good luck now.
Talk to a builder. They will fill you in with details and how to proceed. It takes 10-12 months to build a house properly with all approvals. Construction costs are typically 50%-60% of the sale price. So if you are thinking about a $350K house, estimate costs around $200K not including land.
Last edited by MoorestownResident; 02-14-2009 at 10:03 AM..
Califon is not prestigious - Mountain Lakes, Alpine, Mendham are prestigious.
My brother who lives on a large acrage parcel in Califon would disagree. He says there is no where else other then Tewksbury that one can live in NJ and it not really feel like you live in NJ. No crowds, no strip malls and no traffic jambs.
Maybe prestigious is not the best word. But it is real nice.
My brother who lives on a large acrage parcel in Califon would disagree. He says there is no where else other then Tewksbury that one can live in NJ and it not really feel like you live in NJ. No crowds, no strip malls and no traffic jambs.
Maybe prestigious is not the best word. But it is real nice.
I never said it wasn't nice. Califon is absolutely lovely - I live nearby. But "real nice" <> prestigious.
that land does not require septic tank. it has a public sewer connection which i believe the contractors can tap into.
they said they will do all that for 110k. i was bit unhappy over 1.5 bath part but heh for a starter home its not bad.
The area is indeed pretty. gotta see it to believe it. especially during fall. check craigslist.com for pics. i am not sure if its allowed to post real estate links over here or discuss pricing . Getting in to the game here.
Also Jamesburg is not 2 hours drive from new brunswick .. only16-18 miles. its sad not many people know about Jamesburg. there are pockets of bad parts in that city. but heh it has a beautiful park and lake.
Are there any other starter homes in that area? If not, resale is going to be tough. Most people want at least a master bath.
I wouldn't go to craigslists to build a house for sure.
Who knows if they'll leave you during the build?
Quote:
Originally Posted by lets_hope_for_newbruns
4. Do you know a good builder
Tim Schaeffer builds on lots you find. To see his product go visit one of his communities.
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