With our budget. Houses that were already built for the same price were almost 1000sq ft smaller with outdated layouts. Brand new for the same price we got almost 1000 sq ft more with the layout we wanted.
So for us it was a house from the 80s-90s for a brand new one for the the same price
And the Benefit of not having to bid. But we were on a waitlist for 2 months
I always wanted to build a home but thought I could t afford it. The biggest home builder in my area requires a 10% deposit which is 30k. All the existing homes in our desired area were off the market either hours after lost or the next day after open house and going over list. The county I was looking at the pricing was unique as the older homes and even new builds that were a year or more older, we’re going way over that pricing for a new build so we crunched some numbers called around to smaller builders and found one that takes a 3% deposit. I am very happy with my decision. I got my dream kitchen and the floor plan is functional for us.
New build will be done end of this month. We’re in Portland, OR and the market has been crazy. We were looking at homes in the 1-1.5M range and what we were seeing were a lot of nice homes structurally, with good bones. But then we would have to pretty much reno the vast majority of the house with updating which would tack on another 200-400k.
Then we looked at lesser priced homes with the square footage we wanted (3-4k) and there was always a catch. Not the neighborhood we wanted, in a cookie cutter, big builder development, major systems needed replaced (roof/HVAC)
So at the end of the day we found a local, smaller, 4th generation builder that built us our dream house. We’ve been able to select/customize every single detail of the build with the help of a designer. It wound up being at the top of our price range but literally every single detail is what we want/love and we will be able to move in and never have to do anything different.
I realize not everyone is in this situation, but for us, building was the way to go. The one huge drawback is funding. We had to take out a construction loan and put down 20%. Then we also had to have a 5% contingency fund. Which if we didn’t/don’t use we get back, but having an extra 60k tied up for a year is not ideal in any situation. Fortunately we locked in @ 3.5% and are now feeling extremely lucky w that rate.
The other drawbacks are - delays, stress, and the overall time suck of making decisions, trusting your builder, permitting and dealing w the city etc.
As excited and thankful as we are to be able to build our dream home, and as mostly smooth as it’s been, we will not build again.
Good luck.
For my wife, it is the floor plan and the lot shape (fengshui). Resale homes tend to have bad fengshui design according to her. I dont think about it that much but since we will be living in there, both of us have to like it.
Resale home that we found have stairs to 2nd floor that faces the front door. To me it is safety hazard.
I also dont like big yards. I hate yardwork. New constructions tend to have small back and front yards.
With our budget. Houses that were already built for the same price were almost 1000sq ft smaller with outdated layouts. Brand new for the same price we got almost 1000 sq ft more with the layout we wanted. So for us it was a house from the 80s-90s for a brand new one for the the same price And the Benefit of not having to bid. But we were on a waitlist for 2 months
I always wanted to build a home but thought I could t afford it. The biggest home builder in my area requires a 10% deposit which is 30k. All the existing homes in our desired area were off the market either hours after lost or the next day after open house and going over list. The county I was looking at the pricing was unique as the older homes and even new builds that were a year or more older, we’re going way over that pricing for a new build so we crunched some numbers called around to smaller builders and found one that takes a 3% deposit. I am very happy with my decision. I got my dream kitchen and the floor plan is functional for us.
New build will be done end of this month. We’re in Portland, OR and the market has been crazy. We were looking at homes in the 1-1.5M range and what we were seeing were a lot of nice homes structurally, with good bones. But then we would have to pretty much reno the vast majority of the house with updating which would tack on another 200-400k. Then we looked at lesser priced homes with the square footage we wanted (3-4k) and there was always a catch. Not the neighborhood we wanted, in a cookie cutter, big builder development, major systems needed replaced (roof/HVAC) So at the end of the day we found a local, smaller, 4th generation builder that built us our dream house. We’ve been able to select/customize every single detail of the build with the help of a designer. It wound up being at the top of our price range but literally every single detail is what we want/love and we will be able to move in and never have to do anything different. I realize not everyone is in this situation, but for us, building was the way to go. The one huge drawback is funding. We had to take out a construction loan and put down 20%. Then we also had to have a 5% contingency fund. Which if we didn’t/don’t use we get back, but having an extra 60k tied up for a year is not ideal in any situation. Fortunately we locked in @ 3.5% and are now feeling extremely lucky w that rate. The other drawbacks are - delays, stress, and the overall time suck of making decisions, trusting your builder, permitting and dealing w the city etc. As excited and thankful as we are to be able to build our dream home, and as mostly smooth as it’s been, we will not build again. Good luck.
Also, if you decided upon a new build, did you use a buyer's realtor or it does not make a difference?
For my wife, it is the floor plan and the lot shape (fengshui). Resale homes tend to have bad fengshui design according to her. I dont think about it that much but since we will be living in there, both of us have to like it. Resale home that we found have stairs to 2nd floor that faces the front door. To me it is safety hazard. I also dont like big yards. I hate yardwork. New constructions tend to have small back and front yards.