Building a home versus buying?

Mousefield · Mar 8, 2012

brin said:
Scoutcub.....now that you have updated your information....I think if it were me based just on what info. you have shared I would look for a good deal on an existing house on acreage and go that way and as you say , keep the other acreage as an oil/gas investment...There are just too many really good deals out there on homes with acreage where folks are being forced to sell due to their personal reasons and the awful market...building a house is expensive and with the give away prices of existing homes today...it is tempting to go that way...Good Luck no matter what you decide.

Given the updated information I would also agree with Scoutcub.

2manyrocks · Mar 8, 2012

Even if a particular house doesn't have a mudroom or whatever, if you buy it at the right price, some houses can be rennovated to suit what you want.

My concern with the additional facts you posted is you could not only lose money building new based on market conditions, but the mining on property next to yours could compound your loss if nobody wants to buy your house on that property next to the mining. Of course, the tax assessor will still tax you anyway even if your house would be the last one to sell in any market because of being next to a mining operation.

Oaktree · Mar 8, 2012

Not sure if this is important to you or not, but by building new you're contributing, ever so slightly, to the creeping decline of open space.

2manyrocks · Mar 8, 2012

When there are umpteen vacant homes for sale, it doesn't help the resale value of that new home you just built, either.

PapaPerk · Mar 8, 2012

Unless you have plenty of extra cash and a 55 gal drum of Rolaids I would not build a house.

As you said it's a buyers market. Many outstanding homes available at bargain prices. Buy one of those cheap and then modify slightly to fit your specs.

Building a home is an experience. Both good and bad. If you want an experiance build... if you want low drama and a peaceful life.... buy. :thumbsup:

riptides · Mar 8, 2012

2manyrocks said:
Even if a particular house doesn't have a mudroom or whatever, if you buy it at the right price, some houses can be rennovated to suit what you want.

...

Watch out for that word..... rennovation.

It is a slippery slope.

2manyrocks · Mar 8, 2012

You're right. I need to PM you before I buy anything else to remind me of that. :thumbsup:

NorTracNY · Mar 8, 2012

Some great advice. I agree with a few of the people here.

1) Take your time regardless of what you do.
2) Look at what exists and sketch up what your ideal house would look like
3) If you decide to build, I see you're in Ohio, consider modular. Look at Ritz-craft based in PA. The price is SIGNIFICANTLY less, you can get great quality, and you can design your home.

We did these steps and it turned out better than we imagined.

Rad1956 · Mar 8, 2012

scoutcub said:
Case in point.....we have 62 acres in NE Ohio we were planning on building our retirement home in a few more years. Speaking with a wise older friend of ours, he asked why would we build when we can buy a place these days for much cheaper per sq ft than building, and I do think he has a point.
Whether it be a foreclosure, or a property that someone needs to sell, it's most definitely a buyers market.
The biggest advantages I can see with building is you get it designed the way you want, and it's new......buying used, you sacrifice these but spend quite a bit less on an existing home. (paid off sooner) The wife and I are currently discussing this, and trying to figure it out.....
I'd be interested to hear some opinions on this!

Scoutcub:
My wife and I bought 51 acres in the hills of Holmes county Ohio a few years ago with the same idea in mind. Two years ago we built the house we wanted -- exactly like we wanted -- and we are very glad we did!
This may be a buyers market, but it is also a great time to build! And there is nothing like doing it exactly YOUR way! My aged father told me to enjoy it while you can -- time is short!

scgargoyle · Mar 8, 2012

We're in the middle of building in SC right now. We spent years looking for just the right property and location, and paid cash for it 5 years ago. I finally started building last August. The barn is up and nearly complete. I took the winter off (got hired back at my old job in FL), and I'll start the house in April.

Reasons? We wanted a very small, energy efficient house, with a lot of custom detailing that I could never afford to pay someone else to do. We didn't want the headaches of an older home, or the energy bills in a few years when we are on a fixed income. Financially, we'll probably never get our money back out of it, nor do we care. I hope to leave the new house feet-first, many years from now. I'm doing most of the work myself, both to save money, and to fulfill a life-long dream of designing and building my own house. We're paying for everything out-of-pocket, so there will be no mortgage. Yes, the barn IS bigger than the house!