Buying a 50-60 year old home vs buying land and constructing new home ?

Asked by gaurav811, Goleta, CA Tue Oct 2, 2012

My questions are specifically for Santa Barbara and Goleta neighborhoods.

1)How much does it cost on average to construct a new home ? Per square foot?
2) Is it better to buy an old SFH vs building a new one on purchased land in expensive areas like santa barbara ?
3) Who are the major builders in the region ?
4) Can I get financing to purchase land and/or for home construction ?

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Summer Knight, Agent, Santa Barbara, CA
Tue Oct 2, 2012
Those are some big questions!
1) building costs can range immensely depending on the finish work, from $250-500/sq ft
2) neither one is 'better', empty land can be hard to come by in Santa Barbara, but there are several lots currently for sale though and I know of another that's not 'actively' listed. Buying a SFR is definitely the easier route but may not be what you are looking for.
3) We have no shortage of excellent builders in Santa Barbara, I can recommend several whether doing a remodel or starting from an empty lot
4) The only local bank that is currently doing construction loans is Community West Bank.

I would be happy to schedule a time to meet over coffee and review your options with you. Or send me an email and I can send you listings to review.
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