Buy vs Build a home

[Squatch]

Hey, all.

My wife and I are going to be moving to the Fredericksburg, VA area in the next couple of months and are looking at our options for a new home.

My biggest question is whether we should buy a home or contract the building of a new one.

Our budget is $350,000 and the area around Fred'burg has a number of beautiful hexisting homes in that price range.

However, there are certain things I would like to have in a home that most existing homes don't have *and* I want to know what the quirks/history of a house is before we commit.

So, with that budget, I was thinking of 1/3 toward a lot/acreage and the other 2/3 toward the actual home (~2000 sf living space).

So, the question is: build or buy?

Are there any good resources on line or in print to help me answer this question? Any horror stories out there?

Thanks!
S

[Nye Bevan]

1. Building a new home can be a nightmare

I know people who have done this and everything always seems to take several months longer than originally planned. Then there are the new home bugs that need to be fixed. You need a huge amount of patience, and you will also need to rent somewhere while your new home is being built.

Given that it is a buyer's market for real estate you should be able to find a great deal on an existing house. Good luck!

[Suich]

2. I just stumbled on this site yesterday.

http://www.newerahomes.net/

Check out some of the models...not what I expected at all!

Good luck! :hi:

[AllegroRondo]

3. We built a home last year

pros:
* you get exactly what you want
* no worries about damage from previous owners, termites, undisclosed floods, and such
* all the appliances, furnace, and AC will be new and covered by warranty


cons:
* expect to wait at least 6 months while your house is built. Timing the sale of your existing home is difficult. Getting a short term rental while you wait may be tricky, especially if you dont know exactly when you can move in.
* you have to pick out every detail, from carpet colors to door handles to light fixtures, which can be a little overwhelming.
* once the home is built, expect the builder to ignore you.


Ours actually went pretty smoothly. The home was finished within the time period the builder quoted, with only minor problems. (and you will have some problems).

The worst part was the 11 month walk through, where you give the builder the list of all the defects you found after you have been there for 11 months. Lots of minor stuff they fixed quickly, but we had a wonderful argument about the settling on the lawn. Part of the yard on the side of the house had settled, which caused rain water to flow toward the foundation. Initially, the builder claimed that settling was not covered by the warranty, but after I asked for him to put that in writing he suddenly discovered that it was covered. Getting them to come out and fix it properly took 2 months and dozens of phone calls / emails.

[Suich]

4. Re: the 11 month walk through

Don't they call that a "punch list?"

:hi:

[SoyCat]

5. I'm in the process of building a house and it is, to put it bluntly, HELL!--

Our relationship with our architect was a unique one because my husband and I designed the house and the architect only got the package together for approval by the town architect. We won't be working with an architect for the remainder of the process. (The house is being built in several stages because it is a true courtyard house comprised of several attached buildings.) But, working with the architect was trying at best. Our plans were destroyed by Katrina in the NOLA flood. *Long story*

Our builder is fantastic but door manufacturers are driving us crazy. It just seems to be one thing after another. Even getting bids from door reps. is difficult. It seems like they don't want to make a commission.:crazy:

So, if you want to build a custom house and really have the patience and strength to do it, then go for it. You'll always have a house that is exactly what you want and isn't a compromise. If you can deal with compromise or think that you might like to redo an older house, buying an existing house might be the better option.

I certainly wish you the best in whatever you decide.