More bang for my buck..Buy or Build

Asked by Mikeynelson1988, Avon Lake, OH Tue Sep 18, 2012

I'm 24 years old looking to buy or build my first home. What would be cheaper buying or building if i have friends of the family (plumber, retired contractor, carpenters) who would do things at a discounted price. Ive found new houses for 150s and 160s but they are on very small lots and give me very little room for optional upgrades. My budget is between 150000 and 165000.

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
Linda Lewis, Home Buyer, Sheffield Lake, OH
Thu Sep 20, 2012
I have a four bedroom home on 2 1/2 lots in Avon Lake. You can contact me at ljlewis5891@yahoo.com if you're interested. I haven't listed it with a realtor yet, but plan to very soon.

I had it up for sale by owner, but am ready to list it as it hasn't been sold in the time that i had hoped. Please contact me if you are interested. Thanks!
0 votes
Allison Fish…, Agent, Ann Arbor, MI
Tue Sep 18, 2012
I think that Ron gave you wonderful advice. I would also like to add that there are thousands of homes on the market that are a great deal, and it is a wonderful time to take advantage of an AMAZING interest rate.

Although building a house may give you more amenities that are personalized to you - it also can come with a headache. You are working with a lender, a realtor and a builder. Building takes time - in the mean time you are wasting funds, and you are living in limbo.

If you purchase an existing home you can be closed in 30-45 days. Save some money - live under your means (much like Ron mentioned). This will allow you to take a few years and decide exactly what you want out of life - maybe you want to live in a more conservative house. If not, you have plenty of time to go all out and upgrade!
0 votes
Ron Thomas, Agent, Fresno, CA
Tue Sep 18, 2012
When I wore a younger man's clothes, we thought in terms of "stepping stones";
Starting small, and woring our way up.
This newfangled generation want everything, and they want it now!

If your budget is $160,000, i would suggest you revise it to 75% or $120,000 and keep the rest for repairs and reserves:
The saying goes that it will cost twice as much, and take three times as long.

If you stay (residence) in each home 2 years, (for tax purposes), you be on your 5th in 10 years. You'll only be 34, and you will either have a LOT of equity, or 4 Rentals, or both!

Good Luck and may God bless
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more