Buying vs Building a House?

[Beechwoodfan]

If this is your first home I would recommend looking at a lot of houses before hand. There are a million details that you have to think about when you build, so be sure you know exactly what you want/don't want. Going to open houses will undoubtedly give you ideas for when you plan your home.

 

I have lived in old homes most of my life. My current home is about 90 years old and I love it. However, it would be so very nice to start out with a fresh, brand new home with all new appliances, furnace and a new roof!

[WKYfootballguy]

I am looking to do this in the next few years as well. I want to build simply for 2 reason. You can get pretty much exactly what you want and it is cheaper. The part you left out was buying land.

 

Actually, the land is figured into the price of $85-90 a sq ft., in my area it seems like the builder buys a huge plot of land and gives you a break on the land.

[malachicrunch]

Done both. Recommend buying. I understand your 30 year cost projection, but keep in mind, you will not be in that house for 30 years. Also, when building in a new subdivision, you have no idea what kind of neighborhood you will be in. When buying, you do know what you're getting as far as the neighborhood. I also found the building process to be very stressfull. Good luck:thumb:

[WKYfootballguy]

There are pros and cons of both. Last year, we went through the same thing. We initially were looking at building our own or buying something already out there. We ended up going with a builder in an established subdivision, and we couldn't be happier. With the deals they had going on at the time, we got a brand new house cheaper than any comparable house in the areas we wanted, but this was right before all the foreclosures started popping up.

 

As far as your estimated gas and electric bill of $101, where did you come up with that, unless you're going geothermal?

 

I am in the Owensboro area and utility rates are some of the lowest in the US, not just KY. Even with the increase that is suspected due to the wind & ice storms of the past year...with the advances in HVAC systems and windows, etc...I've seen past bills from 25 year old houses in same area and their utilities are much more.

[nees1212]

I am in the Owensboro area and utility rates are some of the lowest in the US, not just KY. Even with the increase that is suspected due to the wind & ice storms of the past year...with the advances in HVAC systems and windows, etc...I've seen past bills from 25 year old houses in same area and their utilities are much more.

 

The reason I ask is that I have the same size house you're looking for, 4 bedroom, 2300 liveable square feet. I'm guessing that my average electic bill is around $180. We do not have gas, as that was an upgrade in our subdivision, which we didn't want based on current costs. I upgraded the insulation in the house from R13 to R15, not a big upgrade, but all I could go. All appliances are energy efficient too. And without gas, our monthly electric bill has been lower that our gas and electric bill at our old house, which was half the size.

[WKYfootballguy]

The reason I ask is that I have the same size house you're looking for, 4 bedroom, 2300 liveable square feet. I'm guessing that my average electic bill is around $180. We do not have gas, as that was an upgrade in our subdivision, which we didn't want based on current costs. I upgraded the insulation in the house from R13 to R15, not a big upgrade, but all I could go. All appliances are energy efficient too. And without gas, our monthly electric bill has been lower that our gas and electric bill at our old house, which was half the size.

 

Wow, I am on Kenergy for Electric which is really good even with the coming rate increase...also natural gas costs are at a real bottom and I don't see a real spike in prices coming...so I would have natural gas heat, water heater, fireplace insert & stove.

 

It just seems that even if it runs $110.00 a sq foot, I am getting a brand new home that is established. Let's say in 10 years I look to sell, I have no doubts I will be able to get more than I have put into it.

 

**My interest rate today is 5%...now if I could only sell my other home! :ohbrother:

[coldweatherfan]

We built and would build again. We enjoyed the process, but we had a great deal of control over the process. But, I also know people who have almost gotten divorced during the building of their home. We could not have bought our house for anywhere near what it cost us to build. The house and property appraised for $80,000 more than it cost us to buy and build it. You can definitly build for less than you can buy.

 

I would think you could build for much closer to $80-$90 per square if not a little less.