Should I? Instead of buying? Will I afford it? Base salary: $133k, TC $180k Saved up $150k Looking to built a 3 bedroom 2.5 bathroom two story house, ~1900-2000 sqft Looking up online i see that it would cost roughly around 500K Looking through Redfin I’m seeing some pieces of land that cost around 100k Is this unrealistic and why aren’t people building houses instead o buying old expensive ones #realestate #Seattle
I really want to know more about this too! From what I understand a construction loan requires A LOT more money down than a conventional mortgage.
It also depends a lot on the lot (no pun intended) running water lines etc can cost a lot
Considering the lumber price surge and labor cost surge over the past year, you probably wont save money.
HAHAHAHAHA. Don't get in over your head. You have no idea what you're doing.
Have you tried and can you please share your experience??
No, because there's no point unless you have the knowledge or tons and tons of money and time. The number of fees and approvals you'll need will blow your mind. It's not worth it. You will not save money.
If someone’s built a house here can you share your experience?
Check reddit. Probably something there.
It's 2021. There's a YouTube for everything.
You won’t find a good land for 100k. There would be some catch to those, which could mean you might not be able to build or you might have to make the land ready to build, which will add $$
Pretty sure you need the cash. You can’t get a mortgage to build a house.
You can. You can get loan for everything, land, construction
Serious advise: I talked to the realtor, couple of points 1. You will get good chunk of land at 300k in suburbs of seattle. 2. pay another 500k to build the house. You can customize. 3. Catch here is that when you buy a house built in colony, prices would be 1M something, and you will save 200k 4. Another catch is that generally people prefer houses in colony rather than on some peice of land isolated. They also increase in prices faster than isolated houses. 5. Another thing is make sure to have water and electricity connection on that land. 6. Another thing is that you will have to do a lot of hustle to build the house, negotiate with contractor, find best wood, cement etc. That hassle people want to save and buy a hoise by Toll Brothers.
Building typically isn’t cheaper, it just gives you the ability to pick and customize what you want. Unless you’re a developer, building will cost roughly the same