Home Buying in 33629>Question Details

Dagmar, Home Buyer in 33629

What is better- built or buy? I live in a very desirable area and prices of houses didn't drop as much as I would like. We are considering to

Asked by Dagmar, 33629 Sun May 15, 2011

build a I live in a very desirable area and prices of houses didn't drop as much as I would like. We are considering to build anew house and find some cheaper lot. But everybody is telling us that now, when there are so many great deals ( didn't see many, I guess I am picky) we should buy an existing house to avoid the hassle of building...

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Robert Wilson’s answer
It all depends on what you're picky about. If you want things like big closets, garages & space building new or looking at new homes in the area might be the best bet. If you concerns are location, then you might need to compromise and look at existing homes, because the best areas are going to have few new construction opportunities. Then again, the big variable is your budget. Sorry, I couldn't be more definitive.
0 votes Thank Flag Link Tue Jul 3, 2012
The upfront current deal is to buy a used property. The discounts on current inventory in most areas are very good at premium price points. The counter point is the cost of energy; it’s going to increase again and again over the course of your home ownership. If you decide to build a new home then strongly consider building an Energy Star home. This type of home can save you 30-50% off your monthly electrical bill and on a larger home which might have a 500.00 a month bill saving 250.00 a month can justify building new vs. buying used. Our website is a good resource for Energy Star and of course there is energystar.gov good luck in future

Scott Hulen randshomes.com
0 votes Thank Flag Link Mon May 16, 2011
Hi Dagmar,

Also you have a 3rd option--if you can keep the loan amount at $292,500 or less. This price range may be difficult in South Tampa depending on what you are hoping to find/create. What I'm suggesting is an FHA 203K mortgage. It would allow you to purchase a home and add "upgrades/improvements" to your mortgage and only put down a mere 3.5% of the price. So you could take a fixer upper and customize it with the choices you prefer, i.e. hardwood floors, granite counters, cherry cabinets, etc. As long as the appraisal will support the after fixed up value you should be okay.

If you would like to browse available properties in South Tampa, you're welcome to sign up for a free Listingbook account on my website:

http://www.SoldOnTampa.com

Also as you probably have discovered, vacant lots or lots with tear down properties are few and far between in S. Tampa. And the cost of financing a to be built home will be significantly higher than our current low mortgage rates.

Hope this helps.
Alma
Alma Rose Kee, PA
Future Home Realty
13045 Linebaugh Ave.
Tampa, FL 33626
813.244.9898
Web Reference: http://www.SoldOnTampa.com
0 votes Thank Flag Link Mon May 16, 2011
Building or Buying are both really good deals now. Many people believe that an already built home is a great deal and they are. However if you are like many of my friends - take a good deal and then add on about 100K in renovations or upgrades. Short sales can take up to a year if they happen, so if you can afford to build and have a great lot then sometimes the hassle of building is not so bad for the convenience of getting what you want.
0 votes Thank Flag Link Sun May 15, 2011
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