Own Home
Is it more affordable to buy a home, or build your own?
I will soon have my credit to income ratio to the point where I will qualify for about a $150,000 home loan. Our income is not high enough to get much more than that. We will need a 3 bedroom home for our family of five, but there is very little in my price range with that may bedrooms unless I want to move an hour or more away from our jobs.
Would it be significantly more cost effective to build our own home? Where can I get more information on this? Googling offers me alot of junk and useless information that doesn’t help. If I built my own I would have to contract out for the major things like foundation, roofing/trussing, etc. I may be able to reduce costs by doing my own drywalling, siding, etc. though. The question is wether or not it’s practical enough to be worth my time.
Building a home will be the biggest headache of your life!!! DIY’ers have no business building houses unless you have been a carpenter and been on a new home job site at least four or five times. I have worked for a general contractor for a number of years and allow me to lend you this example.
My construction company and a DIY’er began building 2 homes of similar size, my company finished 3 months earlier passed every inspection the firsat time and finished under budget. To build a custom 3 bdrm home will cost more than 150 large. You have to include the price of land, a water meter, machinery to make a spot for the house, a driveway and much, much more.
Now if I were you, I’d look for a home that is around 80,000. Build a room addition to make it suitable for your family. If you still want to build, hire a General Contractor to run the job for you. It’ll get done faster, it’ll get done right the first time.
Man Bulldozes Own Home to ‘Make Banks Think Twice About Foreclosure’
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