Home Buying in Jerseyville>Question Details

Jamesc, Home Buyer in Jerseyville, IL

With the real estate market the way it is, should we take advantage of the economy by building a house?

Asked by Jamesc, Jerseyville, IL Sun Jan 3, 2010

It seems both new construction & existing real estate costs are highly inflated for a rural community our size, what should the average cost per square footage for a small rural community like ours be? For housing that is listed around $259,000, seems as I could build the same home(s) doing the majority of the work for a little over half the cost (Talking to builders & performing cost analysis on current material prices).

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HI James,
Thanks for visiting Trulia, I don't see a lot of inquiries from your neck of the woods. You pose a good debate in so far as cost of custom built VS. preowned. I would be leery of any true price per square foot as this can vary by 50 % according the amenities. In the price range of 240-260 I would expect to see around 2000 square foot 3bed 2 bath with upgraded cabinetry and counter fixtures. I have looked at Hollowwood and they sell for around 115 -130 per square. I do see that a few of those have been on the market for a while. A lot in that subdivision is around 30 I see one active lot for 34,000. So yes I think you COULD spend a little less and do it your self IF you are skilled in the trades, have a lot of time on your hands and a very flexible time frame. I have to say this not be scary but that is still a huge investment if you are on a learning curve to construction. Would you consider a rehab project? Foreclosure is the current "good buy" in realestate. As far as preowned homes it is a buyers market. On the plus side to custom built- you get exactly what you want in terms of floor plan and amenities. Good luck with whatever you decide. Give me a call if you would like a list of already built or lots and acreages.Sincerely, Marge Haworth - Landmark Realty 618-410-9830
0 votes Thank Flag Link Sun Jan 3, 2010
I have built several of my own properties. My opinion - yes. IF you are educated and qualified to build. Right now you can acquire lots at a much lower price than a few years ago. If you are acting as the GC, you can hire labor and subs at much more competitive rates and they are presently readily available to accomodate your schedule. I can't give you an informed answer on PPSF for your community, but the state of the economy in conjunction with rules of supply and demand are universal in both urban and rural areas.
0 votes Thank Flag Link Sun Jan 3, 2010
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