relocation question
04-27-2005, 08:23 AM
#31
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You can always go buy that big piece of land off of Custer and Park in Plano. Anyone know why that land is still there? God I bet the owner could make a pretty penny off of that.
04-27-2005, 08:35 AM
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Originally Posted by Elistan,Apr 26 2005, 09:25 PM
Good to know!
Along the lines of houses and neighborhoods - are there any places left in town (areas like McKinney, Wylie are too far away for us) that a person can buy a little bit of land to build a custom house on? For what an average priced new or existing home would cost, of course. Is that even possible?
Along the lines of houses and neighborhoods - are there any places left in town (areas like McKinney, Wylie are too far away for us) that a person can buy a little bit of land to build a custom house on? For what an average priced new or existing home would cost, of course. Is that even possible?
To build a new house in the urban Dallas area, your best bet is to buy an existing "fixer upper", knock it down, and start over. That can be costly, though. I have no clue what it costs to build a house these days.
Ryan
04-27-2005, 08:41 AM
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Originally Posted by Tx_Phantom,Apr 27 2005, 10:35 AM
Land at Custer and Park? Most of us couldn't even afford to buy an outhouse on that prime piece of real estate.
It just always looks weird every time I drive by and see all of these houses and businesses and then a big piece of land with horses walking around on the other corner.
04-27-2005, 11:35 AM
#34
Price per square foot can vary wildly. There is no norm nor a standard, it is totally a factor of how much the land costs and what you build on it.
A simple box shaped structure will cost much less than one with cut fronts and multiple rooflines. Of course it will look like a mobile home.
Country homes cost more than city homes due to the added costs of transporting materials and fewer workmen. There is also the factor of less places to buy the materials and therefore higher costs.
You can build on a Cost Plus basis or contract for a set price. Although the Cost Plus sounds cheaper it usually ends up more expensive as the builder has no incentive to be frugal and then there is the bookkeeping which tends to be a little more creative on Cost Plus.
Working with a builder will be the worst experience of your life. According to study after study it is more stressful than a bad divorce. If possible you will always be better off to find a home already built. If you must have new then buy a house that was recently built but the people are having troubles with the payments or have been transferred.
How can I make such a dogmatic statement?! It's easy I have worked with builders since 1974. I have had buddies who were builders reps, builders &/or contractors for builders. Plus we have been the authorized mortgage company for builders as small as 1-2 a year and as large as U.S. Homes.
I have seen literally tens of thousands of people go thru the process and the number of completely satisfied people I have seen I could count on the fingers of one hand. They all feel they have been screwed (and rightly so). I am not saying that many of the people aren't still excited to get a home, it is just not quite the same home they contracted for. Many find when they go to sell they have been screwed in ways they never understood. Bad financing can cost you much more than paying too much for a home. Financing costs go on and on.
The builders have the deck stacked against you. They even insist you use Title companies and mortgage companies that put the builder's interests first. It is absolutely imperative that if you build you have your own mortgage company and use an impartial title company. You've got to have somebody on your side who knows what is normal and abnormal plus who will put your interests first.
The Builder doesn't care if you get good financing, they only care that they sell the home with no thought towards your continuing costs to live there, term or rate changes, negative amortization or your ability to sell.
Because of this you can find literally thousands of almost new homes reselling within the first 2 years when people find they have been screwed by the builder's consortium and can't afford the financing of their dream home and can't refinance.
The number of complaints/bankrupticies and foreclosures due to new home purchases has gotten so bad that both the state and federal govs are working on legislation to fix the abuses. Foreclosures on new homes are more than triple the foreclosures of older homes and it is almost totally due to selling terms and conditions imposed upon you by the builder and THEIR mortgage and title company.
You can't build a home yourself anymore and get normal financing. (Federal regs) If you build yourself you get Bank financing which is much different than Mortgage financing. Think of it as building a home on a credit card loan. This means you have had unfavorable terms &/or rates and now you have to refinance which the mortgage company loves, but you hate because it costs you money. This time you are the seller and the buyer so have both sets of closing costs.
There are no such things as no cost refinances, only refinances where you don't see the costs. The costs still exist and have to go some place either in your interest rate or on your loan. The point is never buy or build a home in such a way that you have to get a loan that a refi is part of the purchase rationale.
Texas requires a contractor/builder to register with the state (some states require licenses) and a registered contractor is required for you to be able to get normal financing. You can be your own subcontractor.
I don't mean to be all doom and gloom, but the better you know the rules to the game the better your chance of winning.
For a while the HAB was teaching a course for the builders on how to close with an extra $10,000 in their pocket. The point is you don't stand a chance, they do this over and over, you'll do it once every 5-7 years.
The safest way is to find a home you like (new or resale), use YOUR mortgage company and an impartial title company. This way you eliminate all the hubbub of the building and I don't mean the time it takes, but that is another post about 3 times this size.
A simple box shaped structure will cost much less than one with cut fronts and multiple rooflines. Of course it will look like a mobile home.
Country homes cost more than city homes due to the added costs of transporting materials and fewer workmen. There is also the factor of less places to buy the materials and therefore higher costs.
You can build on a Cost Plus basis or contract for a set price. Although the Cost Plus sounds cheaper it usually ends up more expensive as the builder has no incentive to be frugal and then there is the bookkeeping which tends to be a little more creative on Cost Plus.
Working with a builder will be the worst experience of your life. According to study after study it is more stressful than a bad divorce. If possible you will always be better off to find a home already built. If you must have new then buy a house that was recently built but the people are having troubles with the payments or have been transferred.
How can I make such a dogmatic statement?! It's easy I have worked with builders since 1974. I have had buddies who were builders reps, builders &/or contractors for builders. Plus we have been the authorized mortgage company for builders as small as 1-2 a year and as large as U.S. Homes.
I have seen literally tens of thousands of people go thru the process and the number of completely satisfied people I have seen I could count on the fingers of one hand. They all feel they have been screwed (and rightly so). I am not saying that many of the people aren't still excited to get a home, it is just not quite the same home they contracted for. Many find when they go to sell they have been screwed in ways they never understood. Bad financing can cost you much more than paying too much for a home. Financing costs go on and on.
The builders have the deck stacked against you. They even insist you use Title companies and mortgage companies that put the builder's interests first. It is absolutely imperative that if you build you have your own mortgage company and use an impartial title company. You've got to have somebody on your side who knows what is normal and abnormal plus who will put your interests first.
The Builder doesn't care if you get good financing, they only care that they sell the home with no thought towards your continuing costs to live there, term or rate changes, negative amortization or your ability to sell.
Because of this you can find literally thousands of almost new homes reselling within the first 2 years when people find they have been screwed by the builder's consortium and can't afford the financing of their dream home and can't refinance.
The number of complaints/bankrupticies and foreclosures due to new home purchases has gotten so bad that both the state and federal govs are working on legislation to fix the abuses. Foreclosures on new homes are more than triple the foreclosures of older homes and it is almost totally due to selling terms and conditions imposed upon you by the builder and THEIR mortgage and title company.
You can't build a home yourself anymore and get normal financing. (Federal regs) If you build yourself you get Bank financing which is much different than Mortgage financing. Think of it as building a home on a credit card loan. This means you have had unfavorable terms &/or rates and now you have to refinance which the mortgage company loves, but you hate because it costs you money. This time you are the seller and the buyer so have both sets of closing costs.
There are no such things as no cost refinances, only refinances where you don't see the costs. The costs still exist and have to go some place either in your interest rate or on your loan. The point is never buy or build a home in such a way that you have to get a loan that a refi is part of the purchase rationale.
Texas requires a contractor/builder to register with the state (some states require licenses) and a registered contractor is required for you to be able to get normal financing. You can be your own subcontractor.
I don't mean to be all doom and gloom, but the better you know the rules to the game the better your chance of winning.
For a while the HAB was teaching a course for the builders on how to close with an extra $10,000 in their pocket. The point is you don't stand a chance, they do this over and over, you'll do it once every 5-7 years.
The safest way is to find a home you like (new or resale), use YOUR mortgage company and an impartial title company. This way you eliminate all the hubbub of the building and I don't mean the time it takes, but that is another post about 3 times this size.
04-27-2005, 01:26 PM
#36
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Originally Posted by Elistan,Apr 26 2005, 10:25 PM
Good to know!
Along the lines of houses and neighborhoods - are there any places left in town (areas like McKinney, Wylie are too far away for us) that a person can buy a little bit of land to build a custom house on? For what an average priced new or existing home would cost, of course. Is that even possible?
Along the lines of houses and neighborhoods - are there any places left in town (areas like McKinney, Wylie are too far away for us) that a person can buy a little bit of land to build a custom house on? For what an average priced new or existing home would cost, of course. Is that even possible?
04-27-2005, 01:43 PM
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Originally Posted by Elistan,Apr 27 2005, 12:20 AM
Assuming land can be found, just how much does it cost to build a house these days anyway? (In dollars per square foot terms, I guess.) Nothing extravagant like artisan carved woodwork, but simply good solid construction.
Building costs are lower the further out you go - the recurring theme.
04-28-2005, 08:22 AM
#39
Just finished a quickie poll of 4 country builders that we see fairly often. These guys typically build in the $150k-$225k range so they are middle america finish not especially fancy.
$65-85 per square foot for living space
$30-$40 per square foot for garage, porch, etc. space
Lot price is not included.
They said you could add $10 a foot for a "Plano" home and you'd only get a 2 car garage.
$65-85 per square foot for living space
$30-$40 per square foot for garage, porch, etc. space
Lot price is not included.
They said you could add $10 a foot for a "Plano" home and you'd only get a 2 car garage.
04-28-2005, 09:38 AM
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Originally Posted by Tx_Phantom,Apr 27 2005, 11:52 AM
Nice response...
Your comment below however, I will never agree with. I'd trade the combination of your 50 worst building experiences you've had in your 31+ years with what I've gone through over the last year and a half, any day of the week. Nothing is worse than being a victim of a system where the cards are stacked against men, and all you can do is sit there and watch yourself fall into financial ruin. Then add the most precious thing God could bless you with, your child, to the equation. Trust me, you wouldn't want to trade.
But I'm not bitter.
Tx_Phantom
Your comment below however, I will never agree with. I'd trade the combination of your 50 worst building experiences you've had in your 31+ years with what I've gone through over the last year and a half, any day of the week. Nothing is worse than being a victim of a system where the cards are stacked against men, and all you can do is sit there and watch yourself fall into financial ruin. Then add the most precious thing God could bless you with, your child, to the equation. Trust me, you wouldn't want to trade.
But I'm not bitter.
Tx_Phantom
