Home Buying in Bellevue>Question Details

Tandnn, Home Buyer in Henrico, VA

IS it cheaper to build or buy a existing house in Virginia? Modular house?

Asked by Tandnn, Henrico, VA Mon Nov 28, 2011

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James P. Ryan, Jr’s answer
It is almost certainly cheaper to buy than build presently in this market in VA. Be wary of modular homes, some lenders will not lend on them, your only option might be FHA to finance a modular.

Best of luck, should you wish a no cost, no obligation mortgage pre-qual, do not hesitate to call upon me.

Jim
0 votes Thank Flag Link Mon May 7, 2012
Tandnn,

Don't fall for the old "smoke and mirrors" routine.

There is another very important factor that you should weigh in on when considering new construction. The fact of the matter is that builders are building cheaper homes in an effort to compete with the declining market/ distressed sales inventory. How do you think they are able to accomplish this when nearly every cost associated with building a new home has increased except the interest associated with financing the home?

Quite simple they are producing a cheaper product by lowering ceilings, decreasing the room size, cutting corners, and selling the customer on options and special packages that add to the base price. Before going to contract with a builder, we recommend asking the sales staff to explain in detail how they are able to decrease the sale price of homes and maintain the standards of a similar resale home.

Simply stated, because it looks new doesn't necessarily mean it's better......get the facts prior to making a decision.

Good luck,

Bill
0 votes Thank Flag Link Mon Nov 28, 2011
Almost everywhere, it is cheaper to buy than build:

We are seeing $$/SQFT on REO's and Shortsales of $50-$100
and I doubt that you build a good home for those figures, (plus the cost of the land, of course.)

Good luck and may God bless
0 votes Thank Flag Link Mon Nov 28, 2011
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