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, Fri, 25 Jun 2004 07:25:51
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another thing tolook at - what's the market like in your section of the state? Here in southern Maine it's very difficult to find an 'unattached' lot; one that's not associated with a builder. Builder/developers know what they're looking for and can offer a farmer X amount of dollars for raw land that they then take through the town subdivision approval process. The developer puts a lot of money into the site and generally doesn't make a profit on the lot sales - it's on the building packages themselves.
What I'm getting at is you have to make sure you can find an acceptable UNATTACHED lot.
Then, the market can influence what kind of subs you get. Again, here in southern Maine things are weighted to the builders/developers. The market is pretty heated and the good subs are all tied up with builders who will give them tons of work. They don't want to bother with the individual. Think about it - a builder knows exactly how to schedule. Well, for the most part. One reason a good sub is going to put him or her first.
If you know, and trust, someone that can make a big difference. You can go with a set of plans from a plan service; you don't need an architect. You may want to hire an architect to alter some precompleted plans, but unless you want something 'different' and unique, you might not want to spend a lot of your savings on an architect to design a house from scratch.
I would definetely suggest hiring a construction inspector. These peopple are often former building contractors who now consult for individuals and banks. If you get a construction loan, they'll include $1000 or so for 'inspections' but these are a joke. They're usually drivebys to see the sub has shingled the roof, etc. They don't necessarily check build quality. Yes, it will be up to code, but maybe not the best way. Hire an inspector to represent YOU.
Brings me to the next point. Put together a team of your loan officer, construction inspector, and lawyer.
My wife and I had a house built in a development three years ago and learned a lot of this. We looked into doing it again ourselves last year. We had trouble finding a piece of land and the cost of building materials and labor has gone WAY up. We would make money selling our current house but we wouldn't save enough, even without GC fees or realtor fees, to make it worth the hassle. After having gone through the process with a builder once, I would really like to do it again myself.
Last thought. Seriously look at a 'used' house, especially one only a few years old. Building prices have really gone up in the last few years on the order of 10-15% in materials. Mortgage rates are creeping up so you may find you have a higher rate when you convert your adjustable construction loan to a permanent loan. In addition, a 'used' house doesn't necessarily require all the little things a brand spankin' new one does. This is another thing we found moving in here. Window coverings? Rugs? Invisible Fence for dog? Irrigation system? LANDSCAPING and LAWN???? It really does add up.
However, a new house can be absolutely amazing - I'm so happy we did it. I wish now we had been able to save more money and cut corners in better places, but overall it was worth it.
posted by 192.80.7...
, Fri, 25 Jun 2004 07:25:51, Sat, 26 Jun 2004 11:45:22, Sat, 26 Jun 2004 18:18:15, Sat, 26 Jun 2004 07:53:41
, Fri, 25 Jun 2004 09:32:12, Fri, 25 Jun 2004 08:26:19
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