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Thread: How much does it cost to build a house?

  1. #16
    A*O
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    Well I still think it would be a good idea to do some proper costings and set out the risks/benefits of the Sell or Rent dilemma. If the housing market is as tight as you say then if you can possibly avoid selling off half your LAND (where the intrinsic collateral value lies) then I would take the risk in the short term. I know the numbers are scary, especially when you get to the dreaded 'M' word (milliion) but you should try not to be intimidated by it. YOU are in control, not the money, and with a good business plan and a promise to yourself not to panic into making decisions you will later regret then you'll be fine.

    Look at it this way. Try the renting option and if it just doesn't work for whatever reason then you can sell. You can't do it the other way around. Personally, if you've got a prime piece of land in a great location (forget what's built on it) then I'd do everything in my power to hold onto it.
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  2. #17
    Elite Member Novice's Avatar
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    ^^^ This is great advice.

    My bil is a builder & says that he can build a house from foundations up in 3 months. Why we're sat with only half a house built for the last 3 years, is now a mystery!!!

    Don't forget that you'll probably need to pay an architect, that any building regulations that change whilst the property is being built will have to be included in the finished building, you might have to pay for inspections? By the council to comply with the planning permission (zoning?), for the build quality & we have to have it finally inspected before sign off.

    You might want to look at more ecological ways of building, I have friends who build a "straw-bale" house & used mainly (if not all?) reclaimed items for the rest of it. It can be very cost effective & in the UK used not to need planning permission as it's not considered a permanent structure (but by the time its finish it's looks amazing & is incredibly warm & is as permanent as any other pre-fab).
    Ooh! also check out pre-fab houses, you can get amazing ones now. They're practically built in the factory & then dismantled & then delivered.

    Get quotes from a number of building contractors & seriously think about having time penalties in their contracts (i.e. if they don't finish x by a certain date they loose $X).

    This is a popular tv program in the UK but he has a great team & some really sound advice! The Grand Designs Guide from channel4.com/4homes


    Good luck & let us know how you get on & what you choose to do!
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  3. #18
    Hit By Ban Bus! DVS_one's Avatar
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    Okay I have definately decided that A*O is the smartest woman EVER... I love when she uses intrinsic and other realy cool words....


    Seriously If I had such an option I would never lose control of half of it... and sell it all when the time comes..

  4. #19
    Elite Member Bellatheball's Avatar
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    We built our house for about $120/sq foot. The experience was actually a lot of fun for us. I realize that's not the norm. We went with a bigger builder who had hi sh*t together so there were few delays and few surprises. We had all the quotes from the subs up front. The entire process took maybe 3.5-4 months.

    We actually had such a great time with it that we've thought about building a new house. The market around here is awful right now though so we're staying put.

  5. #20
    Elite Member missbazilb's Avatar
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    Selling the whole thing is another option. We would then have a couple hundred grand to put as a down payment on something, maybe even a house

    If we move quickly enough, and sold both sides, I think we could actually swing a house in a slightly lesser neighbourhood with about the same mortgage as we'd have for the 1/2 duplex. Wahoo! Land, baby, land!

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