If you have ability to purchase land - right now is very good time!
However some areas right now you can purchase already build house for less than what it will cost you to build a new one.
You have to consider a few factors - if you wish to find out more info - just call me i'll be happy to help you.
Please feel free to call me 424-777-9377 - i'll be happy to help you out.
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Lot of factors go into making a sound decision...general answer to the question is "NO" as your cost per square foot to build a custom home is much greater than a builder's cost when building several at the same. However, current market condition brings great opportunity on both sides. As Sergey stated, it is a great time to acquire land as land values adversely impact the most in a down market. On another hand and depending on the area you may be considering, you can currently buy already built homes for much less than what it cost to build the same home from scratch.
Additionally building a custom home will require a substantial time investment on your part to supervise and monitor each step of the way and if you do not have generous time to allocate to it, the endeavor could be pretty daunting. Another item to keep in mind is financing; land financing is not that easy and construction loans require much greater down payment requirement from the borrower than if you were to buy an already-built home.
Of course if money is not an issue, building a custom home can potentially bring you much more satisfaction as to what your ultimate home will look like and meet all your expectation.
Having said the above, I urge you to find a Realtor that you can rely on and seek his/her advice in making a sound decision.
Best of luck,
That is a great question and difficult to answer. It depends on the price point you are trying to stay at. I recently did some research for a client asking the same questions. To build a nice custom home it is going to cost around $250 per square foot. That includes everything but the land. That number is very conservative on kitchen and bathroom upgrades. That number can increase really quickly if you want a high end cabinets and appliances. Currently the average price per square foot for a resale is around $330 per square foot in Pleasanton. With our inventory status it is difficult to find something you will like.
In the long run it most likely makes the most financial sense to buy a resale. Each scenario I ran for the cost of construction and land cost the property would have been really close to being upside down. Meaning the finished project would be worth less then what you have into it. Again in todayâ€™s market it is best to try and find a resale and make close to want you want.
Please Visit TriValleyHomeSearch.com to learn about the different neighborhoods in Pleasanton!
Best of luck to you in whatever you decide!
The reason to do it is probably because you have a vision of your dream home that you can afford and are unable to find anything else already built that's suitable. However, I wouldn't even consider it unless you plan living there for a long time. It can also be very stressful on a relationship and you can count on it ending up costing a lot more than you thought.
Lance King/Owner-Managing Broker