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The idea of waiting for a "dream home" to just pop up for sale?
that's just crazy talk.
If you can afford it and all the other aspects align... build.
More likely, or more practically, and especially in light of the current market...
look for some sort of major re-build project to start up.
Look for the right location and the right lot size... and close to the right structure on it. <-- as good as it gets.
Or completely the wrong structure but the right size with good foundation elements. <-- as good as you can expect
Then do the major re-model to make it suit your taste.
Get a good local architect and do 3 or 4 floor plans on paper before you turn over the first shovel full of dirt.
Last edited by MrRational; 06-22-2011 at 04:22 AM..
I was in the same situation about 10 years ago. We looked for years in the area for our "dream home". Then some acreage became available and I designed and built my own home in a much desired area.
That being said, in today's market a pre-owned home costs much less then a new built. If you can afford it, build new. Design carefully, use quality, timeless materials and have an eye for future needs. Read a lot of books on good design. Go to homearamas, etc, and critique other new builds....what they did right and more importantly what they did not.
Understand it can be stressful making hundreds of decisions each day. Building a home is like a well choreographed production.....getting materials on time, in right order, having work done before the next step can start, etc.
Remember to take TONS of pictures of every step, every wall, etc.
It is not for the faint of heart.....but I loved it and would not mind doing it again.
Another thread with this similar topic has been started, entitled "Custom Home". I just posted a reply to that one. Lesson learned? Every time you build (and I've done it 3 times), there will always be something you missed or had to forego. When you stick to your budget, or within a budget range, it's crunch time. Everyone goes over budget, so build in a cushion of $$.
Also very important: make sure that it is not so custom, that when it comes time to sell, it will appeal to the next buyer. I've seen so many homes that were customized so poorly that they were difficult to sell, either because they cut corners, or went overboard in areas that no one else would pay for.
The problem you would run into in my area is that building cost is higher than market value on new construction here right now. So the builder's hard cost (not including builder's profit, commission, closing costs, etc) would be more than the house will appraise for. So unless you are paying a large amount down, new construction doesn't work in my area right now, except for on the very most basic of homes, as those prices were affected less. And contrary to popular belief, material costs are rising across the board. Just this week, I got notice that roof material costs are going up.
The problem you would run into in my area is that building cost is higher than market value on new construction here right now. So the builder's hard cost (not including builder's profit, commission, closing costs, etc) would be more than the house will appraise for. So unless you are paying a large amount down, new construction doesn't work in my area right now, except for on the very most basic of homes, as those prices were affected less. And contrary to popular belief, material costs are rising across the board. Just this week, I got notice that roof material costs are going up.
I think you just answered the OP's question. Better to wait to buy distressed property than to build new.
Unless you've got the cash and are almost certain you won't be moving for at least the next decade, it would be foolish to build new construction when resells are a much better value.
Another thread with this similar topic has been started, entitled "Custom Home". I just posted a reply to that one. Lesson learned? Every time you build (and I've done it 3 times), there will always be something you missed or had to forego. When you stick to your budget, or within a budget range, it's crunch time. Everyone goes over budget, so build in a cushion of $$.
Also very important: make sure that it is not so custom, that when it comes time to sell, it will appeal to the next buyer. I've seen so many homes that were customized so poorly that they were difficult to sell, either because they cut corners, or went overboard in areas that no one else would pay for.
because other than designing and building and picking out the perfect location, Dream Homes , do not exist
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