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Yet another house thread....

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Yet another house thread....

Old 02-15-05, 02:29 PM
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Yet another house thread....

Ok, so I've pretty much got the area narrowed down as to what I want to do. The problem now is, should I build a house or buy an existing house. I am kind of torn between the two.

Pros of buying an existing house:

All are practically brand new, with nothing over 2-3 years old.
Won't have to hassle with figuring out any of the feature or options as I would with building a house.
Won't have to wait for at least 6 months for it to be completed.

Cons of buying a house:

Might not find exactly what I want in features, options and landscaping.
Condition might not be as good as a new house.
Might not get the exact area I want.

Pros of building a house:

Pick exactly where I want to live.
Pick the feature, upgrades and options I want.
Get more house for my money.
The process will allow me me a bit more extra time to save a bit more to put towards the down payment.

Cons of building a house:

Alot more paperwork and time invested into getting something built.
Would take at least 6 months or more to get into.


So I'm torn. What is a better option? Right now, I'm leaning towards building new simply for the fact that I can get more for my money, and I can pick exactly what I want.
Old 02-15-05, 02:36 PM
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well, around where i am, no way could I get a new house.

If I could afford it, I would, as my friends that have bought new, by the time they were finished, and finally closed, the values were 10-20% more than what they paid. If you can lock in a good price now, in 6 months you might have a nice bit of equity already.
Old 02-15-05, 02:45 PM
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I think part of the reason we went with an existing house (~2 years old) was due to the potential headaches involved. Plus, ours already had about 25K worth of upgrades, but since it is in an area with a lot of new homes being built the seller ended up having to make a very good deal. In hindsight, I hate that we compromised a few things like secondary bedroom size, but we ended up with a home that we love in the area we were targetting for the price we were willing to pay.

My sister's family recently built. They are as happy as they can be as well.

In other words, I can offer you no help whatsoever.
Old 02-15-05, 02:53 PM
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You're leaving out the part about your dad being in the business of building houses. I'd take his advice over any of the clowns in here. No offense to all you clowns, of course
Old 02-15-05, 02:57 PM
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This isn't your final resting place, so just get a good house. Build when you've decided to die there. Building can be a real headache.
Old 02-15-05, 03:12 PM
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Originally Posted by Roto
No offense to all you clowns, of course
Why would I be offended by the nicest thing anyone has ever called me?
Old 02-15-05, 03:13 PM
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Originally Posted by Mad Dawg
In other words, I can offer you no help whatsoever.
Just like you do in the MLB threads.

Originally Posted by Roto
You're leaving out the part about your dad being in the business of building houses. I'd take his advice over any of the clowns in here. No offense to all you clowns, of course
Well, he's not steering me one way or another. We've talked about both scenarios and he supports me in either way.

Originally Posted by kvrdave
This isn't your final resting place, so just get a good house. Build when you've decided to die there. Building can be a real headache.
True. That's one of the things. I know it takes alot of time and effort to get involved in building a house.

It's a the classic scenario of do I want to wait and get exactly what I want, or do I get something now, that might suit my needs, but isn't exactly what I want.
Old 02-15-05, 03:17 PM
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Build.

Next question.

-pedagogue
Old 02-15-05, 03:27 PM
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My other thought process is what are the rates going to be down the line. From my reading, they are projected to go up. So the other thing that keeps crossing my mind is how much they will go up, and how that will affect the bottom line of things.
Old 02-15-05, 03:34 PM
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Originally Posted by kvrdave
This isn't your final resting place, so just get a good house. Build when you've decided to die there. Building can be a real headache.
Amen. Heck, just having upgrades done can be an unbelievable headache. I am talking to lawyers about suing oour contractor just from $65K worth of improvements gone wrong. My parents had a hellish experience last time they built a home.

In my eyes, your investment is more protected when you buy a used home.
Old 02-15-05, 03:41 PM
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Well, one positive about if I decide to build is that since my dad is in the industry, and knows everyone, I'm sure he'd make a few calls to make sure everything was done right.
Old 02-15-05, 03:55 PM
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I say build, we have built two our first and the one we are in now. I have no regrets you get what you want you get to watch how it was built. It also allowed us to put more money in the house initially and add the extras (landscaping, fencing, finishing basement, interior finishes) on our schedule ourselves when we had the money. Also some small bonuses that mean a lot to me, no one puts structured wiring,smart home wiring in mid priced homes in this area, the only way to get it was to do it myself.
Old 02-15-05, 04:05 PM
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Yeah. That's another thought. Prewiring a house when it's being built is a another huge positive. Not that it can't be done in an exisiting house, but it can be done much better while a house is being built.
Old 02-15-05, 05:59 PM
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One thing to note - all of your cons for buying a house have the word "might" in em. Also - I don't know how you get more house for the money by building over buying. The most important thing about real estate in Arizona is location location location.
Old 02-15-05, 06:33 PM
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Originally Posted by Trigger
Also - I don't know how you get more house for the money by building over buying. The most important thing about real estate in Arizona is location location location.
You obviously haven't seen the real estate market. Just off the top of my head, using the one model I'm looking at as comparison.

I can build a 1537 sf house, 4BR/2BA, 2 car garage for a base price of $143,000 in the area that I want.

Anything pre-existing in that price range is 3 BR/2BA and 1300 sf or less.
Old 02-15-05, 08:08 PM
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Then freakin' built it!

-pedagogue
Old 02-15-05, 08:18 PM
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I thought you weren't even sure you were going to stay in town for more than a year. Building a house kind of cuts into that time.

Did you pick the location because it's not fully built up yet? Pre-existing houses can open up your choices of area.
Old 02-15-05, 08:44 PM
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Originally Posted by Deftones
You obviously haven't seen the real estate market. Just off the top of my head, using the one model I'm looking at as comparison.

I can build a 1537 sf house, 4BR/2BA, 2 car garage for a base price of $143,000 in the area that I want.

Anything pre-existing in that price range is 3 BR/2BA and 1300 sf or less.
Man that house price make me cry, being so cheap...

I say build though, I would if I could. up this way.
Old 02-15-05, 09:07 PM
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House?

Old 02-15-05, 09:09 PM
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Originally Posted by Deftones
You obviously haven't seen the real estate market. Just off the top of my head, using the one model I'm looking at as comparison.

I can build a 1537 sf house, 4BR/2BA, 2 car garage for a base price of $143,000 in the area that I want.

Anything pre-existing in that price range is 3 BR/2BA and 1300 sf or less.
For that price, I would build hands down. Around here that would run me 175-190 easy.
Old 02-15-05, 09:15 PM
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Originally Posted by X
I thought you weren't even sure you were going to stay in town for more than a year. Building a house kind of cuts into that time.

Did you pick the location because it's not fully built up yet? Pre-existing houses can open up your choices of area.
Having a house would certainly factor into my decision to stay. I would prefer to stay in AZ, and if having a new house is one of the factors that keeps me here, then so be it.
Old 02-15-05, 09:21 PM
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Originally Posted by Deftones
You obviously haven't seen the real estate market. Just off the top of my head, using the one model I'm looking at as comparison.

I can build a 1537 sf house, 4BR/2BA, 2 car garage for a base price of $143,000 in the area that I want.

Anything pre-existing in that price range is 3 BR/2BA and 1300 sf or less.
"obviously"? really? Well, in my defense, I didn't know what price range, square footage, or area you were looking at. I also didn't know that you were looking in one area for your builds and another area for pre-builts. For that price range and square footage though, it sounds like you're throwing location out the window. At least you won't be living near me.
Old 02-15-05, 09:27 PM
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A few things to think about with a new house... depending on the builder you will probably be responsible for putting in at least some of the landscaping (maybe sprinklers), window coverings (unless you are an exhibitionist), refrigerator, washer and dryer etc. These things can add up more quickly than you realize. Some builders include these things, but make sure you know what you are going to have to do. That said, and having chosen both options in the past, I say go new.
Old 02-15-05, 09:30 PM
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Originally Posted by Deftones
Having a house would certainly factor into my decision to stay. I would prefer to stay in AZ, and if having a new house is one of the factors that keeps me here, then so be it.
That's an interesting way of looking at it.

I pick where I want to live (based on school, career, desirability of area, etc.) and then I worry about the housing instead of saying if I build my house somewhere I'm gonna stay there because that's where I built my house. I guess that says you really want to stay where you are.

In terms of the ability to own a house, Phoenix isn't a bad place to be.
Old 02-15-05, 09:41 PM
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Originally Posted by X
That's an interesting way of looking at it.

I pick where I want to live (based on school, career, desirability of area, etc.) and then I worry about the housing instead of saying if I build my house somewhere I'm gonna stay there because that's where I built my house. I guess that says you really want to stay where you are.

In terms of the ability to own a house, Phoenix isn't a bad place to be.
I agree with this thinking.. Housing is like the least important factor to where I live pretty much, with career, desirability of area etc. way higher.

I mean it would be easy to simply own a house somewhere, I joke about how I should move to like KY or something a buy a house in cash or something... You can get 3 bedrooms for like 110k.. but then again I would be living in KY. No thanks.

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