New Home Construction (Budget Decisions 3rd Car garage vs SunRoom Bump
Ryan Vallow
4 years ago
last modified: 4 years ago
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Move vs Remodel Decision - when inventory is low
Comments (35)Congratulations on your decision! It's a tough one and there are so many factors to consider. Time you plan on staying in the house is crucial. Also in our area, one major consideration is property taxes. If we were to raze our house and start from scratch we'd be assessed at current house values - more than doubling our current annual payment. That said, if you are not careful with your remodel and your project turns into a "might-as-well project", you will regret having not razed the house. We bought our first house almost 18 years ago and 12 years ago we did our first project adding a master bedroom suite. Costs got way out of control as we were both working crazy hours and just left everything to an expensive (but reliable) contractor. For example, the contractor billed us for the hour it took to pick up the light fixtures at a local store because I couldn't make it there before it closed. When I look at what we spent on that project (including the ridiculous architect fees) it made absolutely NO sense and we were silly to not have built from scratch despite like our neighbors did (although still we probably couldn't have afforded it). Fast forward 12 years - Fortunately, we didn't need to sell the house and our neighborhood grew and home values sky-rocketed and miraculously remained fairly stable during the housing burst. That master bed/bath has been thoroughly enjoyed and our house has appreciated far more than we ever expected so we are by no means at a loss and we preserved our tax base unlike our neighbors who built new. We are now going to update the last part of the house (a new kitchen/family room and guest room). We very carefully considered all the numbers and if we are careful (unlike last time) to control costs then it makes complete sense to remodel rather than rebuild. Of course, I'd love to build a shiny new energy efficient house on our lot, but it's still way out of budget and buying the equivalent of what we will have after the remodel in our market is simply unaffordable. If I look at what we've spent on the house over the 18 years it will total a little less than what we could build it for new now, but we have enjoyed it for 18 years and did it on the timeline that we could afford, in a neighborhood that we love and that our kids really enjoy....See MorePaid for Custom Home Design and now Bids are Way Over Budget
Comments (74)Pensacola, good plans, but what do you do if, say, the tile you want to use is discontinued? And perhaps (?) obviously no one is going to store ALL of it before you get close to that far? I'm mentioning this because I had no less than 4 tiles I'd chosen discontinued, but I was able to find spare bits of one of those enough to make me happy. (I kept my replacements that I picked later within the same price range.) I also lost out on my first choice for one of my quartz countertops... (ain't no one storing that!) but actually found something much better once push came to shove, and the old one was gone! I also don't know exactly what light fixtures I want until I see the place in situ. Some yes, some no. Where I could be definitive before the structure was built, I certainly was....See MoreTips to save some bucks on new home construction
Comments (45)Some other advice... Do online shopping. There are so many options and great deals available, especially for fixtures I would advise using online pricing to negotiate better prices at local supply houses and shops. It is rarely worth the trouble to return and/or get warranty service on items purchased online. An installation of a defective item can destroy all your savings from online shopping. Many supply houses will match or give you some discount to make them a better choice. For items that are easily replaced such, such as lights, online shopping can be great as a defective light will have little collateral damage. Talk to local stores for bargain, discontinued stock, deals, clearing sale, etc This is great advice, but you must be ready to purchase when the items are available and have a means to store the item. I purchase closeout items for my rental properties that I don't currently need in anticipation of needing them. I have replacement faucets, toilets, etc waiting for breakage or lease end. Talk to the builder and get builder-discounts at some stores This should be nearly automatic. I get my painter's discount, my plumber's discount, and my electrician's discount for projects they are working on even when I buy the stuff (supply houses will usually just give me the discount even if they are not doing the stuff). Use basic standard stuff and upgrade later, especially appliances This is incredibly common bad advice. This is essentially the same thing as put your money in the toilet, but wait a few years to flush. There is only a marginal cost of upgrading today. Why in the world would you want to not only ignore the reduced cost, but increase cost by buying stuff you don't want? If you can live with cheaper stuff indefinitely, then buy cheaper stuff. Don't make your financial situation worse by buying cheaper stuff that you don't want to live with so that you can buy more expensive stuff later. Current mortgage rates are barely above inflation rates, you are not going to be better off by having a lower mortgage and deferring costs. A wild suggestion from a co-worker: Use no -interest-for-2-years credit card to buy some of the stuff instead of charging it to construction loan. Once you finish the project, then you get some time to make the credit card payment. This is not really saving anything for me. Just a suggestion to defer the initial burden. This is actually solid advice. In fact, for the last 10 years I have been carrying a zero percent credit card balance. I just balance transfer it to a different promotional card before the interest period kicks in. Interest free money is great. Even ignoring my investments over that time, every dollar I financed at zero percent interest back then is only 83 cents of purchasing power to pay off today. However, that debt should be factored into your loan app when you apply for credit. You can get in trouble increasing your debt while working out a mortgage loan....See MoreBuilding a house on a budget
Comments (46)Even rural areas have zoning and are covered by state adopted building and health codes. The zoning may allow for agricultural, and residential mixed. Or industrial. Or mixed use. It may be very lenient, as opposed to very restrictive. You could wind up with a sewage treatment plant, or 700’ long chicken house, or 10,000 member church, right next door to your cottage, with lenient zoning. It doesn’t mean that there is no zoning. It means that the zoning is non restrictive. Your bank’s financing is contingent upon you producing something that meets nationally adopted building codes, even if there is a lack of local oversight and inspection. If you want a wood stove without the proper clearances and fireproofing, or a hillbilly solar setup with a dangerous battery bank setup, they can decline to provide the funds. Insurance companies can decline to cover you, which also eliminates any bank financing. The freedom to build a non code compliant personal dwelling in this country depends on 100% self financing, and a location prohibitively far from interactions with an urban area....See MoreRyan Vallow
4 years agoRyan Vallow
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