Home Buying in 48126>Question Details

Fadibaydoun, Home Buyer in Dearborn, MI

to buy home or lot? which one is better?

Asked by Fadibaydoun, Dearborn, MI Sat Apr 23, 2011

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Everyone's dream is to build there own home. If you can do it, Go for it.
0 votes Thank Flag Link Wed Sep 11, 2013
It really depends on a lot of factors in our market there are great deals to be had on current inventory of upper end homes some discounted 25-35% which are in great condition. In the mid to lower end homes the “deals” are not as prevalent. The current deal in real estate maybe lots & land taken back from the developers and held by the banks. Other factors to consider are if you have it built you can get exactly what you want. Energy cost are anther issue on larger homes, heating and cooling bills can be as high as 500.00 per month. If you build and energy star home that can be reduced by as much as 50% or 3000.00 per year. Over a ten year period assuming the utility doesn’t raise rates ( ha ha ) then you have saved 30,000.
0 votes Thank Flag Link Sun Apr 24, 2011
As everyone has said it depends on your ultimate goal. Building costs today far out weigh the cost of buying an existing home. Always remember when building, landscaping, sod etc. is usually not included in the cost. With the housing market being so low you could buy and existing property and have it redone for cheaper than buying a lot and building.

Good Luck,

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes Thank Flag Link Sun Apr 24, 2011
if you're planning on buying real estate buy the house the lot is included
0 votes Thank Flag Link Sun Apr 24, 2011
Sounds like another version of, "which came first, the chicken or the egg...."

chicken...no wait, egg.....but the chicken......definitely the egg.....but........

0 votes Thank Flag Link Sun Apr 24, 2011
Buy a lot of homes............
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sun Apr 24, 2011
That depends. Do you want a house to live in or do you want a lot of land? If you mean should you build new or buy resale, that depends on what you want. Right now, real estate is relatively inexpensive. Building costs are rising. In most areas, it is cheaper to buy an already built house than to buy the land and have someone build a house.
0 votes Thank Flag Link Sat Apr 23, 2011
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