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You have to move in 6 to 8 months?

You won't be able to find the land, hire the architect and builder and get permits completed + the entire build done and a Certificate of Occupancy in 6 to 8 months.

Find a resale or a new inventory home that is already up or close to completion.

It is more expensive to build than to buy an existing home.

What you describe isn't unusual at all. Sounds like there is additional criteria that limit the selection. Or, find a home that meets most of your criteria: the important parts. Get a Realtor to help you.

Is this your first home purchase?

Costs vary greatly geographically. Ask locally. Talking to a local architect may help.

I agree with Denita - your timeline more likely is a larger issue than your budget. Everything will take 3 times longer than you think it will. You're going to have to find interim housing if you DO opt to build. Think carefully on the best way to make the transition.

I'd never try to tell you that you don't know what you need in a house, but one of the things I've learned in decades of owning homes is that much of what I think I need, I really don't. More than once, I've settled for something different from (or less than) what I was originally looking for, and realized a year or so after moving in that it was OK after all. I didn't need to adjust the house to myself, because I'd adjusted myself to the house.

Building a house is a huge, attention-consuming project; it's more expensive than buying an existing house; and IMO new houses just aren't as solid as older ones (before about 1965 or maybe 1970). I've been shocked at the shoddy workmanship I've seen in my friends' new houses, and not just tract homes, either.

Buying existing houses, and mostly older ones, has allowed me to spend less on my housing. That's opened up other opportunities I might not have had if I'd spent more on shelter. But everyone's priorities differ. I'm just suggesting that before you make a decision, you think hard about what you really need, and what you can live with.

^ok, right. It depends upon where you are geographically and what you are building/buying. In my area if you are building you pay a premium. If you buy in the same neighborhood a home that was built even 2 years before you spend less than if you build new for the same home. Naturally it may be different in your neighborhood. Check it out OP. Re-read Kristen Petro's post up thread since she is right in your area of interest and can give you a local perspective.

@Kristin Petro Interiors, Inc. @Denita - Thank you so much for your detailed and valuable response and sorry for the confusion with regards to timeline. I meant to say I'm flexible with timeline and trying to get an estimation of how long it'd take if I start next summer.. i'm considering to buy this land which had a tear down property, already demolished and lot leveled), i'm thinking that is considered a finished lot?? if 8 months is adequate expectation for SFH from the time I signed the architect and build Contractors? Also, if I already own the land, would the cost to build still be 300 - 400/sqft?? or is that cost including the land or without?? how much does remodeling/renovation cost per sq ft?

@DavidR - Thank you for your advice, totally makes sense , considering what you , kristen and Denita pointed out I'm considering being open to finding a home which is closer to what I'm looking for even if its in a higher range and then determine how much would it cost to add on to it.. I'm in my 30's and want to invest in property which will appreciate in next 5-10 years, the value is in the land which appreciates but

buying a 30 year old homes, 430k home + investing 50 - 70k (~500k) on add-ons and renovation a better investment choice or would Building a new constructions (~600k) give better ROI .. still in dillema..

A new construction home or even an extensive remodel may not appreciate over time (at least in this area) unless it is incredibly well built and timeless in design or you purchased the land at a lower than market value price. I know people who have lost over six figures in resale. The ones that generally make money on new construction are the builders, not the home buyers. If ROI is a priority for you, I suggest you work closely with a realtor who can analyze your market and look for properties that can be modestly updated to the standards of other comps.

The $300 average price per square foot does not include the value of the land.

If you're thinking of this as investment, that looks different. The answer to your "which is better" question is "probably neither."

If you build new, I can almost guarantee that you'll lose money on the resale. If you buy existing and renovate, you'll be lucky to break even. And don't forget that every renovation you spend your cash on represents cash you can't invest somewhere else.

I'm not an expert on this, but based on what I've seen friends succeed and fail at, there are two ways I know of (there are no doubt others I don't) to make a profit on your personal home.

1. Ideally in a cool market, buy an existing, well maintained home with desirable design in a desirable neighborhood where homes are appreciating. Live in it and maintain it well. Don't attempt any renovations whatsoever. When values are approaching your profit goal and the market is hot, but before the decor and design you bought would be considered "dated," clean it, paint it, buy a new range and a big refrigerator, and sell it. Repeat.

2. Buy a distressed property (foreclosure, estate sale, similar) with fundamentally desirable design in a desirable neighborhood where homes are appreciating. Repair what's broken. Live in the home and maintain it well. When home values in the area are approaching your goal, no sooner, decorate and update based on what's then popular and what's selling. No layout changes, no wall teardowns, no major renovations. Sell when the market is hot. Repeat.

Either way, if profit is your main motive, or even a significant one -- from the second you start house hunting, your house is never your home. It's always your potential buyer's home. Don't buy a house because you like it, buy it because your buyer will. Don't change things because you want them that way, change them because your buyer will.

If you're thinking in terms of what you need or want in a house (main level bedroom/bath, open floor plan, brick facing, and so on), you're already on the wrong track. I watched that happen to a friend some years ago. She had loads of fun renovating her house, but she got almost none of her costs back when she sold it. She would've been better off to have spent the renovation money on a couple of fun vacations.

The $300-$400 sq ft would be the house only. You are not really picking medium end finishes. Brick, Hardwood, quartz and tile are usually considered high end. Granted they all have a price range but the lower end of high end finishes probably aren't what you are wanting. You haven't even mentioned what brand of appliances you want, and high end can cost $5000 just for a fridge.

It really depends on your location and other costs. Do you need a long driveway? Do you need a septic? My recently finished house in WI came to $300/sq ft not counting the land. We didn't finish the basement only have 3BR and 2.5 Bath.

Do you really need 5 bedrooms? What is your family make-up? How large of a kitchen do you need?

It is always cheaper to buy used than build new, however if you go with a custom design you will get exactly what you want...though it will likely take 2 years from start to finish. And prices are not going down. I would estimate the house you want...with the land will cost you between $700 - $900 K when it's all done.

How many acres is your lot? Is it wooded or sunny? Picking the right architect for the site will be important.

I have looked around for homes but didn't see any that fits my needs.

I understand you. I want a small house ... but I want walk-in closets, a walk-in pantry, and a few other items that are typically found in larger houses.

I'm looking for a mix of ranch and 2 story but not Huge!! max 2600 sqft.

2600 is huge. It only seems "average" when you're on a board like this one that's mainly aimed at expensive custom houses.
You have to move in 6 to 8 months?

You won't be able to find the land, hire the architect and builder and get permits completed + the entire build done and a Certificate of Occupancy in 6 to 8 months.

Agree. You might be able to choose a tract home (that's a choose-a-lot-and-choose-from-these-eight-floorplans-and-these-three-cabinet-styles-and-these-five-flooring-options house, and I'm not saying that's a wrong choice) in a neighborhood that's already "in the swing of things" and have a newly built house in 6-8 months, but you're not going to develop a floor plan, choose a builder, and have a house built in that time frame. Not even close.

My Gawd, where do you guys live that construction costs 400/sq ft? I'm getting solid bids of 200/sq ft in Atlanta and that's high.

Yea....$400sf sounds like Los Angeles or NE. That's INSANE!!!!!!!! But if you can afford almost 1/4 of a MILLION JUST on the lot(is it just a lot or allot of ackers? ) sounds like you can afford a very expensive house.

" ...Dupage county, IL."

If you bothered to read instead of working on your phonics....................

To be fair I had to read the description carefully to find where we were located in this question. It is sort of buried.

I live in Lake County Indiana, also part of the Chicago suburbs, which isn't quite an apples to apples comparison, but a mid-grade home here will often costs under $200 per square foot including the lot. We recently priced out a house that was 2900 sf, 4 bedroom, 2.5 bathroom, 2 car garage, all brick front, 1 story brick/1 story Hardie plank side and rear, aluminum clad wood windows, wood floors 1st floor, carpet 2nd, solid wood doors, mid grade kitchen with granite counters, 4 piece master bath with tile and granite. With front landscaping, driveway, and 100'x100' lot the price came out to $535k. I believe the lot on it's own was around $95k. So there might be some cost increases for building in Illinois suburbs rather than Indiana suburbs, but even so I cannot imagine that the exact same house would cost 50-100% more just by moving over a few counties.

I think some of the variance here is coming from what each of us imaging what this house will look like, which is part of why you often need an actual plan and more specifics on finishes to give a better sense of your price range. I disagree that a brick front home, wood floors in public rooms, and quartz counters automatically puts someone into high end construction, because it is only looking at elements that make up a small percentage of the total cost of the home, and it says nothing about the grade of those finishes.