Building a home versus buying?

[scoutcub]

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!

 

[Mousefield]

We have owned several homes and built 2 new ones. Next move will be to downsize and both of us retire. We will look at a much smaller house. At todays prices I would not build, lots out there to pick from used. A lot of times after you build your "dream" home there can be things you wish you could change.

 

[2LaneCruzer]

We have owned several homes and built 2 new ones. Next move will be to downsize and both of us retire. We will look at a much smaller house. At todays prices I would not build, lots out there to pick from used. A lot of times after you build your "dream" home there can be things you wish you could change.

I think the choice is very personal, depending on your age, ability and financial resources. Our first home was about 15 years old; we lived there about 6 years and I spent a lot of time and money during that 6 years working on the place. Our next home we built; it was about 20 years before we had to remodel. We built exactly like we wanted, but within our limited financial resources. I hate messing with old run down houses (I used to paint houses when I was in college); I think the advantages of building are great, provided that you can afford it. Besides, you can build it on your 62 acres in the exactly where you want it.

 

[Rainbody]

To me, it's all about the land. Water, fence ect. If your plot in Ohio has what you want, I'd say build rather than trade down on property. Get your house how you want, steel frame, integrated network, on demand hot water, PV panels, bat cave, whatever. Some changes are pennies when building and big bills after its finished.
Other people's house can come with other people's problems. Regardless of price, that would burst your bubble.
I say that as I bought some else's failed hobby farm and tackle his old projects. Two down and a thousand to go.

 

[brin]

I think the choice is very personal, depending on your age, ability and financial resources. Our first home was about 15 years old; we lived there about 6 years and I spent a lot of time and money during that 6 years working on the place. Our next home we built; it was about 20 years before we had to remodel. We built exactly like we wanted, but within our limited financial resources. I hate messing with old run down houses (I used to paint houses when I was in college); I think the advantages of building are great, provided that you can afford it. Besides, you can build it on your 62 acres in the exactly where you want it.

I agree, we built our house 7 yrs. ago and I am sure glad we did...it is just the way we want it and it is our retirement home, it sure is nice to have it all new and know you have no hidden dangers anywhere luring behind walls and such...if you can afford it then do it, you only live once , why not have what you want and the peace of mind knowing how it was built...

 

[schoolsout]

I'm considering building my first home here in a year or two. I've been considering both sides of the argument, but have heard from some fairly reliable sources I should be able to get a nice house built for about $75-80/sq ft. That's not bad...and it would be on 100 acres our family has.

I really don't want to be in a neighborhood, but if I did, it would be much closer to work and I'd still see my friends fairly regularly. If I build on the 100 acres, I have a feeling I'll have a 12" beard in no time

Edit to add: In the Charleston area, prices of existing homes are still somewhat high as Boeing, Google and others have come to town...as well as all the Yankees with money

 

[Welshman]

What do you know about the soil on your 62 acres, as far as a septic system? The rules changed a few years ago. We had planned to build, but lost deals on two properties because we couldn't get approval for any type septic system on either of them. It isn't just a perc test anymore.
We finally settled for a house with an existing system, and added on to suit our needs.
As it turned out it was definately cheaper. The place has a barn, a shop, 2 fenced pastures, and reasonable landscaping already here. Any of those things add up quickly on a new piece of ground.

 

[dmccarty]

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!

We built our house on our land. I drew up the blueprints which ain't blue anymore and the builder built the house. It was huge amount of work but it was worth every bit of effort as well.

However some people do not want or cannot make the effort. We sold some land to my parents hoping they would build a few hundred feet away but the housing market dropped like a stone and they could not sell their house. They will never build on the land they bought they just do not want the hassles of building. They do not want to pick out tile, door hardware, molding, facets, fixtures, etc. Nor do they want to deal with the little and big things that pop up when building a house.

If you build you get what you want. If you buy you are not likely to get all of what you want. Certainly now is the time to buy an existing house but on the other hand the trades are looking for work so it might cost less to build.

Since we plan to be in this house in retirement, we wanted the house to have certain features. There is no way we would get these features in an existing house. Heck our house is single story. Almost all houses being built in our area are two story, and in the city with high land prices, I know of subdivisions with small three story houses. Getting brick all around your house is very expensive in a development. I heard of developers charging $15,000 to do the FRONT of a house which is far more than we paid to do all four exterior walls and buy extra brick for a future addition.

In our case, our dream was to build as much of a dream house as we could afford on our land. Price was an issue but living in development is what we where escaping. The only way to get the dream was to build the dream. Buying was not really an option.

Later,
Dan

 

[MoKelly]

Location. Location. Location. If your 62 acres is where you want to be and the land is what you want --- build.

MoKelly

 

[edmartin]

I'm on both sides of the fence. My wife and I currently have our home in town on the market. As soon as it sells we want to build on our farm. So while I'm now on the bad side of a buyers market, I'll make it up when this place sells. For us, the farm is where we want to be. We took our time and found the land we wanted, owe nothing, and we'll pay cash for the new house. It will be our retirement home and something we can pass down as well. My opinion is if you can swing it and pay it off quickly, build or you might find yourself wishing you had.