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When you called me, I would want a lot of money up front, I might have to go to my other job because of priorities.
That makes a lot of sense. The best people will always be busy, and they'd favor working for the contractors who have treated them well. So if you can get these people at all, you'd have to pay more than they are accustomed to getting.
Of course, the situation improves when construction is down a bit... like now.
We owned a building lot in Santa Fe, and for years we planned on building our own custom home there.
My husband was retiring and wanted to be his own general contractor. We got lots of advice from knowledgable people we respected, and everyone told us not to do it -- unless you are an expert in contracting work, you are taking a huge risk hoping that everything goes smoothly and not one glitch occurs in your plans. We were told that coming from out of state we were likely to get the run-around from sub-contractors, which finally led us to believe that we did not need this kind of headache or stress when we were coming here to retire and enjoy life.
The whole decision became moot anyway, because right at that time (2007-2008), the cost of construction materials skyrocketed and we did not have the financial means to build a quality home with all the features we wanted for the prices we were being quoted for labor and materials.
Our option, and one we have never regretted, was to buy an existing home right down the road from our building lot, a home that has ALL the features we wanted, and many we could never have afforded had we opted for new construction.
[quote=gaduchman;13977646]I sold my sister's (4/3 stone 2800 sqft) home in Chama on 20 acres for $389,000 last year. High end? You betcha 1/2" marble counter tops and vanities, 3 jacuizzi tubs, Viking and stainless kitchen, top notch stuff right out of Le Cordon Bleu. Right now properties are worth about 1/3 less than they were two years ago.
I've been looking in the Chama area for the past 3 years. I would think that the price you sold is on the low side. Everything I look at with those square feet is more! I give anything for a Viking!!
I would think the best way to get a clue would be to "flip"
a house with money that you care about, but can afford to lose.
Rennovate it as your own contractor. Get the experience that way.
Later, if you are sure, you can build your retirement/dream house.
Do you know how much it would cost for 6 bedrooms and 3 1/2 baths?
Where? Best answer is "a LOT of money!" Anyone who can afford to build that much house isn't going to be concerned much with costs, IMO. Regardless of where it's located.
6 and 3 1/2 is going to have to be custom. Once you break out of the 3/2 median for larger and larger properties, the number of bathrooms increases faster than the number of bedrooms. You will likely find 6/5's and 6/6's in far greater measure than such an odd ratio, and 12-bedroom mansions will often have more bathrooms than bedrooms (like 12/14).
Slightly less insane would be to simply buy two adjoining 3/2 townhouses separated by a wall and call it a day.
The cost of that in Albuquerque would probably be around $300k-600k, depending on the neighborhood.
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