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MrBayAreaHokie
Joined: 11/05/2005
Posts: 33,042
Likes: 28,246
MrBayAreaHokie
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On the money side…

Normally you need to own the land outright as banks don’t like to finance land. You can get a construction loan but it will likely have a short duration and a high rate, so you will have the issue of refinancing it into a mortgage, but not until it is finished. I would not get into this unless you have s lot of cushion to absorb cost overruns. Your biggest risks are builder insolvency and difficult inspectors. Personally, unless you do the work yourself, I would not view this as a cost saving approach. Where I live at least, this is something rich people do because the wife can’t find a house she loves,
Posted: 08/22/2023 at 08:42 AM ET
(In response to this post by Tafkam Hokie)

Thread Replies (45)

Full Thread →
Anyone contract to have a home built before? What kinds of things
Tafkam Hokie • 08/22/23 08:16 AM ET
My advice get a solid contract with the price of every single trade
jdkhokie • 08/22/23 09:57 AM ET
On the plus side, by girlfriend's dad actually is an attorney
Tafkam Hokie • 08/22/23 11:21 AM ET
Our house was a custom built house and we remained social friends with the
Galenahokie • 08/22/23 09:10 AM ET
^^ this ^^
RichwebHokie • 08/22/23 09:39 AM ET
One of the potential cost-saving measures we're looking at is leaving a lot
Tafkam Hokie • 08/22/23 11:18 AM ET
There are also things I prefer to leave to the professionals, otherwise...
EDGEMAN • 08/22/23 11:19 AM ET
There are also a lot of things I'd rather do myself
Tafkam Hokie • 08/22/23 11:31 AM ET
yup**
PhotoHokieNC • 08/22/23 10:15 AM ET
I had a home built in 2019. Couple of thoughts.
MCL3 Hokie • 08/22/23 08:53 AM ET
And if someone you meet says these things aren’t necessary,
PhotoHokieNC • 08/22/23 10:30 AM ET
Your #3 is exactly the kind of thing I was looking for. Thnx.**
Tafkam Hokie • 08/22/23 09:17 AM ET
On the money side… ◄
MrBayAreaHokie • 08/22/23 08:42 AM ET
The lenders I have talked to didn't have an issue financing the land
Tafkam Hokie • 08/22/23 09:15 AM ET
either that way or buy land with no zoning **
bigbadbird • 08/22/23 08:46 AM ET
Check out manufactured housing too
EDGEMAN • 08/22/23 08:35 AM ET
^^^loves him a quonset hut!^^^**
PhotoHokieNC • 08/22/23 10:16 AM ET
Got any other links?
Tafkam Hokie • 08/22/23 09:31 AM ET
Modules constructed in PA and moved to your site**
SEZ Hokie • 08/22/23 02:06 PM ET
I like this one from sagemodern**
EDGEMAN • 08/22/23 10:13 AM ET
It's pretty clear you and I have very different taste in homes
Tafkam Hokie • 08/22/23 11:34 AM ET
OH HECK YEAH!**
NokieHokie • 08/22/23 11:30 AM ET
Looking through most of the pictures, it appears the ones I like...
EDGEMAN • 08/22/23 10:21 AM ET
And another...**
NokieHokie • 08/22/23 11:39 AM ET
Another good Asheville architect inside...**
NokieHokie • 08/22/23 11:37 AM ET
In Asheville, yes! Link inside...**
NokieHokie • 08/22/23 11:32 AM ET
i would casually bring up fishing and see how much he talks about it
bigbadbird • 08/22/23 08:27 AM ET
First, get a lobotomy. Then try to locate a competent local
PhotoHokieNC • 08/22/23 08:27 AM ET
I genuinely think I've got a contractor that is worthwhile
Tafkam Hokie • 08/22/23 08:37 AM ET
There so much more to homebuilding than framing. If you want to know
PhotoHokieNC • 08/22/23 08:48 AM ET
has he asked for any money up front? **
bigbadbird • 08/22/23 08:40 AM ET
Not yet, but we haven't signed anything either
Tafkam Hokie • 08/22/23 08:43 AM ET
One last bit from me -
PhotoHokieNC • 08/22/23 09:15 AM ET
I'll admit, I'm a little scared. I just don't see any other option
Tafkam Hokie • 08/22/23 09:23 AM ET
I sure understand all that. We were in the same position and got lucky.
PhotoHokieNC • 08/22/23 09:33 AM ET
have you ever tried to have anyone fix anything at your current home?
bigbadbird • 08/22/23 08:49 AM ET
Yeah, that part scares me. I do pretty much everything around the house
Tafkam Hokie • 08/22/23 09:07 AM ET
now this is getting really expensive Photog- i would go KIT Cabin now
bigbadbird • 08/22/23 08:30 AM ET
Cheap in, cheap out.**
PhotoHokieNC • 08/22/23 08:46 AM ET
zoning- septic sewar water utilities,if the GC is bonded - or out on bond
bigbadbird • 08/22/23 08:23 AM ET
We've been looking for a year.
Tafkam Hokie • 08/22/23 08:31 AM ET
any thoughts on expanding current ?
bigbadbird • 08/22/23 08:34 AM ET
Yes, we've looked at that.
Tafkam Hokie • 08/22/23 08:41 AM ET
my boss actually bought a very nice shed type thing and put it in his
bigbadbird • 08/22/23 08:44 AM ET
I need about 600 sq ft, not just a shed
Tafkam Hokie • 08/22/23 09:04 AM ET
Typically banks don't finance lots, so you have to pay cash for the land.
NokieHokie • 08/22/23 08:22 AM ET