Advice on Building

[az99]

You say that you will have about $750K into the new home. But what if you found a home tomorrow that was everything you wanted and only a year old selling for $700K? Knowing what you now know, would you not jump on that regardless of the appraisal being $550K?

The appraisal is only a tool in the home buying process. Ultimately it is what a buyer is willing to pay for a property that sets the true value. Assuming a bank is not involved.

If you have never built new before keep in mind the extra costs of building new that may not be in the house contract.

Good Luck

[Macgregorsailor51]

It seems to me, that Appraisals have tightened up, a lot...( They needed to) During THE BUBBLE those loose appraisals drove the mortgage market.. As long as "someone" said the property was worth it.. Some bank, would finance it..
Building New..As long as its an Honest Cost.. It is what it is .. I dont see how someone could honestly compare two homes where 1 in brand New and the other is numerous years old.. I have worked in the Industry for over 37 years and I am aware that everything has a life expectancy. So if nothing else, everything is new and should last longer than "The Used" version.

[Big House]

Yesterday, I went by and toured Mr. Sunshines model house on Marker 2.
Don't know if anyone here likes to explore house models, it was fun getting out and about. If you are looking to build, it has some features that I've not seen before. Before purchasing or building anywhere - I think it is good to get out and view options.

[SJNE17]

Here's our take on the subject:

//www.city-data.com/forum/37130141-post33.html

[JERSEY MAN]

Originally Posted by SJNE17

Here's our take on the subject:

//www.city-data.com/forum/37130141-post33.html

I guess it all depends what you are looking for and size of house. I mentioned in a previous post that I had three builders give me written estimates for 300-350 for a 2100 sq ft. home on our lot w/ pool package in PGI. It was mentioned by a builder that he thought that pricing seemed high. There's 2 posters in here having new builds currently with many bells and whistles for low 4's in here at 2300-2400 sq, ft. I saw one of them that was absolutely beautiful.

These posters have a nice new home that is terrific for low 5s that is brand new. So if you buy a lot in the 150 range, you can have a nice home for under that 750-800K price. But each builder is different and I don't think I can post there names.

[coastal chic]

We built a home this year in Cape Haze that could have worked in PGI (tile roof, 2230 SF, 10' ceilings, impact windows, 3+ car garage, pool& cage, paver driveway, cherry cabinets, upgraded landscaping, etc, and the contract price was $375k. I haven't read the new construction guidelines for PGI, but it seems that if builders are selling 2200 SF homes for $500k+, there's either serious price gouging going on, or excessive architectural details that significantly increase the cost (lots of angles, 14' ceilings, columns galore, soffits and plant shelves, ceiling details, etc etc). To compete with resale, buyers can go with a "non PGI" builder and forego those excessive architectural details that the older homes don't have anyway, in order to stay closer to resale values.

[SJNE17]

Exactly.

Originally Posted by coastal chic

...excessive architectural details that significantly increase the cost (lots of angles, 14' ceilings, columns galore, soffits and plant shelves, ceiling details, etc etc)....

[SeaRay35]

Can't wait to see mine )))

[MartyGras]

Originally Posted by SeaRay35

Can't wait to see mine )))

Want me to take a picture of it for you?....when I last drove by a few weeks ago they were putting on the tile roof.

Gary

[SeaRay35]

Thanks Gary my neighbor just got down and sent videos!