Home Buying & Real Estate Thread

[Public Enemy]

Bro, it really depends on your area obviously. There a lot of pros and cons with a new house. You have to figure out if your willing to go through all that. It took over 6 months to build my house. If you down with not moving in that amount of time, then may thats the move for you.

I definitely want to follow in your footsteps. I'm just trying to understand what I need to be able to do, before wasting people's time calling, and/or embarrassing myself. Just doing some research a few weeks ago it seemed to be, lets say if you wanted to buy a 3 bedroom house for $400k but you wanted to build that same house instead, be ready to spend nearly twice that.

If that's the case, I'm not on that level

But if it's like you wanted a 3 bedroom home for $400k but to build one it's $500k, that's different. See what I'm asking? I understand there are a lot of factors, but generally I'm trying to figure out how much more it costs to build a home vs buying a comparable home (say built in the last 10-15 years).

Thanks for all the replies. I appreciate you!

 

[computersputin]

I didnt buy a lot and build from the ground up with a private developer. I bought a property in a developing neighborhood that had their own developers already. They go through all the paper work, and it's almost like you buying a brand new house. Only difference is that you design it ( and trust me, you pay for every small change you make). The base price is already established. So if you want to go through this route, check for new developments in your area. You can go from 600K and be at 900K at the end of the process depending on what you want to change to the original design.

Now the other option is buying an empty lot and building from scratch. That can cost you from 300K to 2.5M depending on what you want to do. And thats on top of the lot costs.

Thats why I cant give you a definite answer. If you are on a budget, you're better off just going with an existing house.
Both options that I just listed really aint for broke boys (not saying you are, but there's extensive costs associated with it).

FYI , I'm in SOCAL. so YMMV. First step should be figuring out your budget, meaning the loan amount you qualify for. Then talk to a realtor. They will have a better idea about the prices around your area and give you some advice on what you should be looking at.

 

[thenewjs23]

I definitely want to follow in your footsteps. I'm just trying to understand what I need to be able to do, before wasting people's time calling, and/or embarrassing myself. Just doing some research a few weeks ago it seemed to be, lets say if you wanted to buy a 3 bedroom house for $400k but you wanted to build that same house instead, be ready to spend nearly twice that.

If that's the case, I'm not on that level

But if it's like you wanted a 3 bedroom home for $400k but to build one it's $500k, that's different. See what I'm asking? I understand there are a lot of factors, but generally I'm trying to figure out how much more it costs to build a home vs buying a comparable home (say built in the last 10-15 years).

Thanks for all the replies. I appreciate you!

Before the pandemic it was possible to build a house to the spec of an existing house for cheaper, Since, Lots and building supplies were cheaper.

 

[s0lefunk]

I understand there are a lot of factors, but generally I'm trying to figure out how much more it costs to build a home vs buying a comparable home (say built in the last 10-15 years).

Thanks for all the replies. I appreciate you!

We signed the purchase contract on a new build back in May 2020, closed in Dec that year. Out of curiosity I checked the sales comps of pre-built with similar specs around that same time frame. The purchase price was roughly 100k less than what we paid.

We were set on a new construction though. My advice is to expect to pay anywhere between 5-60k more than the advertised “starting from” price at the very least. That price doesn’t factor in the cost of the lot and some spec options that are required by building code. But as you said, it all varies by location and builder. The most important thing is to know your budget. Talk to a lender to see what you could get approved for and that’ll help you as you work through the options.

 

[Public Enemy]

We signed the purchase contract on a new build back in May 2020, closed in Dec that year. Out of curiosity I checked the sales comps of pre-built with similar specs around that same time frame. The purchase price was roughly 100k less than what we paid.

We were set on a new construction though. My advice is to expect to pay anywhere between 5-60k more than the advertised “starting from” price at the very least. That price doesn’t factor in the cost of the lot and some spec options that are required by building code. But as you said, it all varies by location and builder. The most important thing is to know your budget. Talk to a lender to see what you could get approved for and that’ll help you as you work through the options.

Thank you. That's exactly what I was looking for. Much appreciated!

 

[executive76]

 

[Vincent Van Goat]

nobody smashing in that home? or are they? idk

 

[mplsdunk]

Just tag your Roomate in.

 

[Mark Antony]

Lol at the landlord caring about the benefits of helping people. That's just more money for him.

 

[703 hwy]

Lol is that legal? 14 people paying $800 is crazy

 

[lovehateself]

real life erlich bachman
im sure " incubator" homes like that are common up there

 

[datznasty]

I'd get a 24hr fitness membership, and a box van or suv for like $500 a month before I live in a pod. Or of course, a cheaper part of the country. Assuming those people are engineers and work at tech companies, they can work remotely from anywhere. Or should be able to. I mean sheesh, if for 800 I could get my own full bedroom and share of the rest of the house at least that'd be decent but my 6ft 300lb self living in a dresser drawer

This truck is a 2014 Ford Econoline. its 18k. Take out a 3yr loan that's around 5something a month. Not apples to apples, but if we're so hardpressed to be a in a pacific location we're resorting to extremes

 

[oh you mad]

My parents actually lived with 12 other people in a little 2bd 1 bath house when they first came from Mexico in the late 80s... this is only frowned upon when brown folks do it

 

[you go boy]

I never understood why the bay area was crazy overpriced... They said because all the tech companies are there... still doesn't make sense if you don't work in those companies and I'm assuming it's tough to get a job there too... also it's not like they have a great area to say ya it's worth it... just my opinion... not knocking the bay since I have family there just think it's overpriced for no reason

 

[oh you mad]

I'd get a 24hr fitness membership, and a box van or suv for like $500 a month before I live in a pod. Or of course, a cheaper part of the country. Assuming those people are engineers and work at tech companies, they can work remotely from anywhere. Or should be able to. I mean sheesh, if for 800 I could get my own full bedroom and share of the rest of the house at least that'd be decent but my 6ft 300lb self living in a dresser drawer

This truck is a 2014 Ford Econoline. its 18k. Take out a 3yr loan that's around 5something a month. Not apples to apples, but if we're so hardpressed to be a in a pacific location we're resorting to extremes

I once rented a uhaul early in the morning through the app and went to go pick it up. I turn on the truck to pull up to take the pics they requested and I heard rumbling and thought the engine was going bad.. I turn it off and could still hear it and I realized there was people in the back.. I get off and the roll up door opens and I see a big cloud of meth smoke.. there was a man and a woman chillin in the back.. they left leaving their glass pipes and everything there. I just left the truck as is and dipped. Called later when they opened and they were like oh yeah that happens everyday lol

 

[Xennial]

I never understood why the bay area was crazy overpriced... They said because all the tech companies are there... still doesn't make sense if you don't work in those companies and I'm assuming it's tough to get a job there too... also it's not like they have a great area to say ya it's worth it... just my opinion... not knocking the bay since I have family there just think it's overpriced for no reason

For SF itself its more so zoning laws and NIMBYs

 

[kvsm23vs24]

I was thinking of turning my pad into some type of hostel. Renting out the rooms. I aleady do, but once I get another pad try and make more space. But damn 14 people

 

[MakeNTGreatAgain]

I once rented a uhaul early in the morning through the app and went to go pick it up. I turn on the truck to pull up to take the pics they requested and I heard rumbling and thought the engine was going bad.. I turn it off and could still hear it and I realized there was people in the back.. I get off and the roll up door opens and I see a big cloud of meth smoke.. there was a man and a woman chillin in the back.. they left leaving their glass pipes and everything there. I just left the truck as is and dipped. Called later when they opened and they were like oh yeah that happens everyday lol

crazyy lmaoo

 

[moderndarwin]

Any updates from the knowledgeable people of industry in here?

Mortgage Interest rates going to keep going up? And will housing prices start to drop?

East Bay Area
Orange County

Hoping this Nov to Feb will be a decent time to buy. Didn’t seem possible for the way but stocks have declined so much that it seems like real estate, even in these hot markets, has to start stagnating or dipping.

 

[spizike231]

I've read rates are supposed to hit 7-8% by the end of the year, but the market I've been reading will just stabilize. Nor climb or fall.

I'm by no means someone "in the industry" or "the know".. just sharing what I've seen around.

 

[アミーゴ]

Any updates from the knowledgeable people of industry in here?

Mortgage Interest rates going to keep going up? And will housing prices start to drop?

East Bay Area
Orange County

Hoping this Nov to Feb will be a decent time to buy. Didn’t seem possible for the way but stocks have declined so much that it seems like real estate, even in these hot markets, has to start stagnating or dipping.

That’s where I own - saw an open house in Albany on the same street last weekend - allegedly has 45 offers

 

[$tatus $ymbol]

I think rates will continue to go up for a while. Fed was basically stalling the inevitable.

 

[B Sox]

Any updates from the knowledgeable people of industry in here?

Mortgage Interest rates going to keep going up? And will housing prices start to drop?

East Bay Area
Orange County

Hoping this Nov to Feb will be a decent time to buy. Didn’t seem possible for the way but stocks have declined so much that it seems like real estate, even in these hot markets, has to start stagnating or dipping.

Rates probably going to hit 7-8 range. Prices aren't going to drop. Just won't keep rising like 15-20% like they have been. Still no inventory.

 

[ballinsam23]

Huge inventory here in good areas in the boroughs. Buying dropped alot and sellers with houses/condos on the market for the last 4-6 months think they can get the same competition to drive prices up as before. And they’re not, so the houses are just sitting. If there is pressure to relocate or to sell, we’ll see prices drop and easier negotiations.

The main difference now is you can work from literally anywhere. Makes things tricky.

Also I’m seeing a hell of a lot of construction of condos buildings that are empty. 1 mill for 1 bedroom with a $300 HOA fee. Prices are just too high.

 

[had pants]