Something to consider when buying land and either building your own or hiring a contractor, is the time/cost associated with all the administration, "due diligence," and permitting issues surrounding land & lots which have never been built upon before.
There are procedures one must follow before constructing much of anything, especially on raw land, and it's very time consuming - there's also more "risk" involved, as there's no guarantee you'll be able to utilize the land and build upon it as originally intended. When purchasing from a builder however, part of what the buyer is paying for, is to reimburse the builder for all of these previous expenses - in actual dollars, time, and the risks associated with development... and it's reasonable for the builder to expect to profit on these efforts.
So, before setting off to build on land you already own (or will buy soon), be sure to consider your own time, and the potential risks... as those aspects have significant value just the same.
Anthony Gilbert REALTORÂ®
The REALFX Group at Windermere Real Estate East/Inc.
14405 SE 36th Street Suite 100, Bellevue, WA 98006
You may find it is cheaper to buy used. It may be cheaper this way. The cost may be to close to care about the difference.
A modular is like a normal house except that it has a connector in the middle to put the two halved together.
After that ask a builder how much it would cost to build on site. If they charge more than the modular you now have negotiating ability. You make the choice in the end. This is simply anotehr option. I would not recommend a double wide as trailers depreciate and are often not as well built.
There are definitely advantages to building your own home. Whether you save money is up to you. A home can be basic or fancy depending on how much you would like to spend. I have referred my clients to Realty Homes. They have plans you can choose from and will do modifications for you. They are very reasonable when it comes to price per square foot and they build a solid home.
It really depends on what you want in the end. Buying an existing structure to tear down and replace or significantly upgrade will give you a location you may prefer over a newer development, however finding a builder who does singles affordably can be an issue.
One option a friend used is UBuildit.com. They are a consulting company allowing you to be the general contractor. You are involved in every aspect of the process, but they provide the roadmap along the way and have a list of subs to consider. Choose your subs carefully; this was the biggest drawback for my friend. Sub's he found or knew on his own provided great service, some of the ones provided by the company were not as reliable.
It's a second job while youâ€™re doing it and you will earn what you save, but my friend had a great outcome for significantly less than a general contractor would have done it for.
With that said there are a lot of builders who will be glad to build you a home on a lot that you own, and you will get the home that you want in the location you want, at the cost of construction. I have found that some of the homes are being sold at or near construction costs, thus it may be better to buy something that is already built, it is is something that you like.
You need to ask yourself if you have the time and energy to build new. Most people don't realize how involved it can be, yes you can be your own contractor and if you want to be that involved great but it is a lot of work. Go to some of the Realtors in your area ( I know when I was with Windermere up there agents worked as site agents at new construction sites) and ask them if they know anyone building for individuals. Personally I think you get a better deal on a newer home say 1 to 3 years old as they have put all the work and money into window coverings, landscaping, etc. Sort of like buying a newer used car and getting the benefit of the depreciation.
Did you know that Bellevue was named #4 best community to live in by CNN Money magazine? See my blog for the link.
Good luck to you.
All the best,