Things not to overlook when building your dream home.
vswilliams
3 years ago
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vswilliams
3 years agoRelated Discussions
Build your dream home or buy a second home
Comments (15)This should be a good time to build, with plenty of GC's and subs available due to the downturn in home starts. Build your dream home. I never 'got' the whole second home thing unless it was VERY nearby -- and then...why do it? I wouldn't be interested in driving three hours each way to one. Many are not that easily rented either unless they are in year-round vacation spots. As we were building our permanent home a rental we'd had on the market for some time finally sold. We did a 1031 and bought a condo on Maui. We use it one month a year. It's rented about 80% of the rest of the year. It carries itself; we have a free vacation rental; it's appreciated very well. It's nicely outfitted and we have an owner storage closet in the unit. (Yes, it IS more than three hours away, but we only go once a year!) An aunt and uncle had three homes: two an hour apart in RI and one in Florida. This is a very expensive and tiring proposition, keeping up three properties and moving posessions around between them. I have trouble remembering what's in the pantry at ONE home!...See MoreTear down and build dream home- how to start...
Comments (8)First step is getting a sense of what your budget is. Next - this is a tricky topic here. This board believes STRONGLY in going the architect route. We are doing that, and there was never any question that we wouldn't. BUT it is definitely more expensive. And definitely worth it. But people have different budgets. If you are dealing with a reasonable non-shoestring budget, then yes - DEFINITELY hire an architect. But whether to go to a builder or architect first - there are mixed opinions on this. If a friend has a recommendation for an amazing builder or architect, you should look into them. (If you really think you are going to go with a stock plan instead of an architect - which again, I don't advise - you definitely should interview and choose a builder first. They WILL have specifications on what they will and won't do. If you are looking at eco-friendly, guaranteed if you have a builder who does this without a custom architect it is because s/he builds a very specific design. You're wasting your time and money looking at plans that your preferred builder may not be willing to build.) Otherwise - you say you want eco-friendly. That is not going to be hard to find in Washington State. But it is still something that only select builders and architects do well. If you want to go as energy efficient as possible, you are talking Passive House. Which is expensive. However, it gives you a good framework to start looking for builders. You don't have to go to the expense of pursuing full Passive House requirements. But this will narrow down your search specifically to builders who build eco-friendly homes. Again, this only matters if you are serious about eco-friendly, as in this is the area you would prefer to focus your budget on, as opposed to tile and molding and cabinets and the like. If you are, this is not something a regular builder does. Or at least does well, in my experience. There is a huge difference between a builder who thinks foaming all the walls constitutes a well-sealed home, and a builder who does blower door tests to ensure they have plugged as many tiny leaks in the envelope as they can find. Architecture also plays a big part in designing an eco-friendly home, and there are architects who specialize in it. Again, search for passive house architects or green building architects. (Personally, I would look at builders first if you are SERIOUS about eco-friendly. Sometimes green builders do things in very particular ways, such as SIPS or modular, and you would be better served finding that out first and choosing an architect they work well with.) You will get a good sense of what is out there. Narrow down a list of professionals, and then contact them. You will probably rule several out over the phone, just based on budget requirements and other issues. Then meet with whose left and go from there. They will definitely have answers to your listed questions. And for questions like timeline, those answers will vary quite a bit between builders, so will perhaps play into your hiring decision....See MoreWould you build your dream home in a burn area? Yes? No?
Comments (16)I know of someone who did that very thing near where I live. It was a very hot fire that burned everything in its path. There were literally nothing but the skeletons of burnt trees left. He had all of the debris cleared and built a gorgeous home on top of the mountain. He has stunning 360 views, has kept the area around his home clear of trees and pretty much has no worries of a fire taking out his home. Its just now, 20 years later, that any noticeable new growth is becoming something he needs to keep after. We, on the other hand, live in a house that is surrounded by trees (although we work every spring at thinning and limbing trees and keeping the underbrush clear) and fire is something i worry about all summer until the fall rains start in october. Edit to add that where we live, the terrain is very rocky and mud slides aren't something we have to be concerned about. I know of just one area that is slide prone, but nothing has been built there. I think that building where fire has previously burned is a smart strategy provided that future growth is kept in check, new trees are thinned regularly and mud slides aren't a problem....See MoreWhat are your “must-haves” or “wish I had” for your dream home
Comments (49)so you would know that leverage increases risk. This is not true. A levered firm will be more risk than the same firm unlevered. However, that is different than saying that leverage increases risk for several reasons. Essentially, the overall risk of adding debt to a firm depends on the overall risk of the underlying assets. For example, $100 invested in Enron stock in September of 2000 was more risk than having $100 invested in Enron and $100 invested in Apple, even if your marginal debt is $100. Moreover, this is largely not true for highly liquid assets. Essentially, having $100 and owing $100 is the same financial position as having $0 and owing $0. Looking at our example, you have added $500,000 of debt, but you have also added $500,000 of highly liquid investments. you had a good run in the longest bull market in history but it could also have gone the other way and you could have lost your 500k investment and now the bank owns your home. This statement is incorrect for several reasons. First, I have been doing this for 25 years now so the recent bull market isn't really relevant. Since the 1929 collapse (when the modern market was introduced) there has not been a single down five year period, and only a couple of small down three year periods. I put money in the market in 2003 and after 2008 I was still in the black. Meanwhile my house wasn't liquid at all. So had I needed cash, I would have had it available, the credit freeze didn't bother me at all. Additionally, the equity market recovered much faster than housing, two years after the collapse the market was back at 95% of pre-crisis value. Next, properly diversified investment portfolios don't just go to zero. They may lose some value, but it isn't like one day you have money and the next day you don't. One day you have money and the next day you have a bit less. Finally, houses are riskier. It is much more likely that your house will decrease in value than it is your investment portfolio will decrease in value. Above you mentioned a scenario where I could lose my house. However, in reality it is much more likely to lose your house or health from a maintenance issue. The house that is across from one my rentals has a foundation problem, the owner who purchased it in January of 2011 for $210,000 cash just sold it for $130,000 in November of 2018. Had he financed $168,000 and invested that amount he would have had $401,000 in investments and maybe fixed the house instead of giving it away because he can't afford the $80,000 to repair the house....See Moremxk3 z5b_MI
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