Is it cheaper to buy an existing home or to buy a lot and build a house on it?
-
3po3 on Jan 01, 2012Right now, in most markets, I would have to say an existing home is likely to be a better deal. There are so many houses on the market, and really good deals are available. The construction industry is struggling, and you might be able to find some deals on construction, but construction materials are expensive, so it's probably a tradeoff. Also, you don't want to just go with the lowest bidder. Of course, there are other reasons to build new. You can create exactly what you want, although keep in mind that it will be a significant time investment working with your builders and other contractors. If you believe time is money, then that is another consideration.Helpful Reply
-
-
Wally Daly ,,Mastercarpenter,artist on Jan 02, 2012in this economy ,,remodel,,good luckHelpful Reply
-
-
Woodbridge Environmental Tiptophouse.com on Jan 02, 2012All depends on the money you have in the bank. Not sure about VA, but in NJ they do not make loans on land alone, or when they do you must put a sizable down payment on it and have stellar credit score. There has to be some additional value to it. Even if the home on it must be torn down because of being condemned they will consider loan. But raw land, I doubt it. Remodel is quite often the best bet. Again in NJ if you go that route, not sure in your state, if you tear the house down and leave the flooring structure on the block foundation wall, its consider a remodel and new home tax rate will not come into play. If you remove the floor joists and start as though you just had the foundation installed. Your home is considered New and you will be taxed as though you constructed from scratch. Oftentimes raising your taxes quite high on the property. I know this sounds nuts, but that is how it works here. And people wonder why everyone is moving out.Helpful Reply
-
-
KMS Woodworks on Jan 02, 2012To expand on Steve's comment a bit...building from scratch...or doing a very extensive remodel can help when it comes to designing for energy conservation. Building smaller can also help. There is a type of home called "passive haus" that uses just a fraction of what a typical energy star home might use. When done right a smaller home built to these standards can save 10's of thousands over their lifetimes. http://www.networx.com/blog/passive-design-trainings-begin-this-montHelpful Reply
-
-
Dan's of Central Florida, Inc. on Jan 02, 2012I have to agree with Steve on this. With the housing market in the state it is, it is probably much cheaper to buy an existing home. Foreclosures are all over the place, which even drives down the prices on non-foreclosure sales. If you spend a little bit of time looking around and doing your research, you can come up with a great deal for a great home.Helpful Reply
-
-
Acopia Home Loans on Feb 22, 2012Existing is 100% the right answer on this question. I see appraisals everyday and the one constant is that the rebuild is always higher than the market value.Helpful Reply
-
-
Virtually Staging Properties, Inc on Mar 06, 2012Definately with a weak housing market you can get a much better deal purchasing an existing home!Helpful Reply
-
Related Discussions
Buying 1970s house made with a lot of field stone. Needs cleaning.
how do I clean the stone work and modernize house?
Old desk with hard rubber top needs help
I have a very old desk that is in great condition except for the top. It is that old, hard rubber and it has a lot of dings and gashes (for lack of a better term). I ... See more
Do colors have to coordinate for bedroom and bathroom?
I recently got overzealous and bought a shower curtain, towels and rug for my bathroom in a totally different color than I planned on doing in the actual bedroom. Doe... See more
Should I remove plaster and lathe or can I just remove plaster?
I have an 1882 Balloon construction house that has some pretty extensive plaster falling off of the lath. I know that the lath actually adds to the wall stability, a... See more
How do I remove sand paint from the walls of a small bathroom?
Thought it was clever and a great look until I realized that if you fall against the wall it would scrape worse than a fall on cement. My husband is elderly and the l... See more
Has anyone had any luck removing artillery fungus?
Please provide personal success stories on how to get rid of fungus in mulch... not links because I have googled and watched others and tried. My daughter had a load ... See more
Which do you prefer: distressed wood or natural wood?
When it comes to choosing wood for your home decor, the finish can make all the difference in achieving the look and feel you want. Distressed wood, with its rugged c... See more