Building a house in Bay area
Has anyone done research about buying a residential lot and building the house ? I talked to couple of them and it seems constructing can be done in 500k but I don’t see many doing it.
It is getting really expensive to build as well. Got a quote for $350 per sqft in SouthBay. That means about a Million for a 3000 sqft house. That combined with the wait and the approval headaches etc makes it not worth it in my calculations.
Million for 3,000 sq ft is reasonable actually if it comes with luxury fixtures. If it is filled with HomeDepot grade products, meh.
If it were easy, everyone would be doing it. Like running a marathon. 😂
That’s easier...
can you get a mortgage to constructing a house?
You can get a construction loan
You might need both a land loan and a separate construction loan. But once construction is done, they get repackaged into a traditional mortgage.
if you can get a new build for $500k in the Bay Area that's miraculous. Doesn't it take a few years though? Lots of approvals needed