Custom build or production homes (Raleigh, Wake Forest: loan, house, buying)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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sorry for my limited knowledge about this topic, I searched but didn't come up.
Let say that I work in Raleigh and we're approved for a 300k loan. should we find a piece of land that is a little 'out there' where it doesn't cost that much like wendell or garner and build our dream home or should we stick to the production route and be closer to where we work.
In generally speaking what would be better to buy, I understand that it could vary from land,location,upgrades ect ect.. but in your opinion which would come out to cost more.
than production homes. You can keep your costs down by finding cheaper land, selecting less expensive finishes, etc. but you will get less house for the money relative to a similar home that is a "production" home. If you want a large piece of land, do not want to be in a subdivision or have some unique needs or desires in a home, custom is great. If you are in a higher income range, ditto. Otherwise, you will have a tough time beating a home in a planned community. You CAN get a nicer product from certain builders, and they usually are not the big builders. Big builders get you more square footage for the money, though. It is important to firm up your priorities, then deciding which way to go will be easier.
I agree with House Lady. Additionally, assuming your 300k loan is with 20% down, you're looking at a total of $375k. There are a lot of nice inventory homes in the mid-350s right now and I think you could get a lot more for your money. That kind of budget for buying a lot, lot prep incl. septic, architect fees, and a custom builder just won't get you that much. Plus, you're going to have to go a good ways out to find "cheap" land.
People think land in this area is so inexpensive that everyone runs out to buy acres and acres to build their home.
Land is not that cheap if its in a desireable area.
Most people, especially with kids, prefer to be in a subdivision so if you do find some land and build, think about that when it comes time to re sell.
Figure out your price range, based on monthly payment NOT when the lender says you can afford, and then start looking at what that will buy you.
It may get you a custom built home in Rolesville or a production built home in Wake Forest. Only you can make your choices from there.
thanks a lot guys! been really busy lately haven't had a chance to log it.
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