Yea, i wanna set this straight… this thread wasnt, hey im building a house fuck u… it was
Does anybody know any good resources that i can lean on to get information (ie books/good websites) so i can make an informed decision about it. THATS all but i appreciate all the anecdotal advice
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If you’re that much of a noob on things, buy a house, flip it and then make a decision. At that point you will see what it takes, the problems you run into, gain some experience, and do things one step at a time. Also for what it’s worth $10K might be enough to do that right if you can.
How about taking over your dad’s “addition” that he’s been working on for over a year. See what it takes to get that done, done right, and for a good buck.
If you’re that much of a noob on things, buy a house, flip it and then make a decision. At that point you will see what it takes, the problems you run into, gain some experience, and do things one step at a time. Also for what it’s worth $10K might be enough to do that right if you can.
How about taking over your dad’s “addition” that he’s been working on for over a year. See what it takes to get that done, done right, and for a good buck.
X…
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haha that stupid thing… its just not on his list of things to do since he bought a new boat he was messing around with that for the rest of the summer… and the guy that was helping him had a few family problems, but im supposed to help him over the winter with that… they just dont seem to want to devote any time to it, and i am always busting his balls for it considering he started a differant project
Building these days will cost you more than buying one flat out. 10 Years ago, it was worth it. Today, with the costs of materials increased significantly. Lumber is more expensive, copper piping used in plumbing is more than 4x the cost. Have 100K on the side, you can build but if you have any less, that money will be gone in no time. And unless you have a steady income that is substantial, I would not consider building.
I think the numbers should be telling you something. How many people build their first home, especially in WNY?
Generally you buy your first place, pay off a good portion of it hopefully while the value goes up and then use the equity to build your dream home.
You get the huge advantage of being an established borrower with a large chunk of equity, as well as the ability to base the closing date of the house you’re living in on the completion date of your new place. This is exactly what my neighbors did.
Of all the friends/coworkers I know who own houses I can only think of one couple who built their first home. And they lived for 5 plus years driving POS beaters living in a shitty little apartment so they could save every penny to put into their build. Both of these people made good money. So not saying it can’t be done, but if you think you’re going to do it while having a big apartment and an M3 I think you’re going to be in for a surprise.
As for this research you’re looking for, get up Sunday morning, head over to Barnes and Noble, grab a coffee, and start reading if you’re really serious:
I think the numbers should be telling you something. How many people build their first home, especially in WNY?
Generally you buy your first place, pay off a good portion of it hopefully while the value goes up and then use the equity to build your dream home.
You get the huge advantage of being an established borrower with a large chunk of equity, as well as the ability to base the closing date of the house you’re living in on the completion date of your new place. This is exactly what my neighbors did.
Of all the friends/coworkers I know who own houses I can only think of one couple who built their first home. And they lived for 5 plus years driving POS beaters living in a shitty little apartment so they could save every penny to put into their build. Both of these people made good money. So not saying it can’t be done, but if you think you’re going to do it while having a big apartment and an M3 I think you’re going to be in for a surprise.
Thank you, 2 pages and finally one answer… have you read any of these, i was looking for a recomendation, i searched amazon and found a ton, but didnt know if anybody had actually read any of them and found them worthwhile or just kinda blegh
i have 3 books on buying your first home etc, that i have been reading through, done with the first two, now on the third, but the first two did mention a little bit on buying/building
There are more hints and explanations from past experiences here than just one recommendation. Books are great…speaking to people who have built or are building and what obstacles they encounter is more valuable than books imo.
There are more hints and explanations from past experiences here than just one recommendation. Books are great…speaking to people who have built or are building and what obstacles they encounter is more valuable than books imo.
2 pages and finally an answer?
You never answered my questions and I can help you more than most on here.:gotme:
This is a huge undertaking and I can help.
2 pages and finally an answer?
You never answered my questions and I can help you more than most on here.:gotme:
This is a huge undertaking and I can help.
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i meant an answer specically abotu reseources to use…
Ill shoot you a PM when i get home from work, thanx for the offer
i know anecdotal stories are great, but i wanted a book to give me specifics on choosing builders, ins and outs, possible traps, how to finance/dealing with local governments for permits/taxes etc somethign that i can browse through and read
i meant an answer specically abotu reseources to use…
Ill shoot you a PM when i get home from work, thanx for the offer
i know anecdotal stories are great, but i wanted a book to give me specifics on choosing builders, ins and outs, possible traps, how to finance/dealing with local governments for permits/taxes etc somethign that i can browse through and read
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What you are looking for doesn’t exist. Every town is different, so are their building inspectors, contractors, and suppliers. Take some courses in the different parts of construction and get to know the codes in the town you are looking to build. That is worth loads more than reading a book written by an expert in a different area.
its a pain in the ass, if you are really a DIY guy just buy an older house, and dump cash into modernizing the interior. im looking to do that to a old mansion oh LeBrun, add hardwood and nice lighting and stuff… youll save money in the long run. i dont know if youre trying to build from the ground up, but youll still get raped in architect fees, not to mention you need to get the land zoned and get someone from the EPA(?) to check the land. there was a nuclear med tech out in colorado that had the idea to build his house, and he built a $15million place, and found out that there were trace amounts of radium in the soil, so he wasnt allowed to live there… thus went bankrupt
i personally woudlnt do it unless i had 50K solid cash to spend of my own and that is not including a lot thats already paid for.
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Word. I know you say you are picky about what you want in a house but it doesn’t sound like you have the funds to be picky at this point. My suggestion is either save or settle.
what i think is funny is that people tell you stuff, and you COMPLETELY disregard it unless it is what you want to hear. you said you didnt get any info until page 2? thats probably because you didnt agree with stuff people said until then.
10k is not enough to start a build. 20k is not enough to start a build. ESPECIALLY in a market where home values are generally less than their replacement cost. but, you dont want to hear that, so do what you want.
tell me this. why build a home for 300k when it will probably be worth 250k or even 200k when you are done? just because you spend $X on something does not mean it will be worth $X at the end.
Why not find a house that needs some work for ~50-60 grand. You can find them in nice suburban areas like Hamburg, Lancaster, West Seneca, and many other places. Try to get a loan for about 70K. Then use the loan and money you have saved to make the house more livable to yourself. Take maybe 3 months to do the work by your self and contract out the big stuff. Then you can have a really nice first house, and live in it too. Your payments won’t be too high and you can aways pay more then your monthly payment. Pay off that house asap, and start saving. Then once you have 30-50 banked sell or rent your first house and build your dream home.
What I am going to do is something a little extreme. I am going to first buy about 20-30 acres cash. Then I will build a nice 6 car or so, two story barn/garage. The top floor will have a bathroom/kitchen/bedroom set up. Small, yes, cheap also yes. The Amish will build one for sub 15K. (Frame,Roof, Install your bought windows.) Then save money until I can build my dream house with cash. Then when the house is done I will have a nice guest room/house and plenty of garage space. I hope to have payed a minimum amount of interest, and yet have a very nice set up. But I’m nuts so yah.
