(Closed) Building a Custom home instead of buying one

posted 6 years ago in Home
Post # 3
Member
674 posts
Busy bee

I haven’t done this and can’t imagine doing it. My aunt did, and I can tell you that since it’s been sitting on the market for months, she’ll never get back anywhere close to what she put into it. It’s so tempting to make everything “custom” and “just what you want” that no one else gets as excited about it and thinks it is worth the money.

I would say it’s only something to consider if the land is just something you can’t pass up and you plan on staying there for decades. She’s been in her home about…let me check Zillow…11 years, but it’s just not seeing any real interest on the market. If her ex-husband the doctor hadn’t been the one to pay for it, and she hadn’t come out really well off in that divorce, then she’d be taking a loss even if she could get her full asking price.

Post # 4
Member
1828 posts
Buzzing bee
  • Wedding: December 2013

My parents built their own house a few years ago and absolutely love it. It’s nice to be able to pick all your own finishes etc…just don’t go so overboard with the custom stuff that it would be a loss if you ever had to sell. My parents would make a bit on theirs at this point because the finishes are nice but not over the top.

I also work with a young couple (not married) that are in the process of building. It should be done in September and they are so excited! It’s fun to see. I would go for a new build except that I love big old Victorians with 16″ baseboards etc…exactly what I just bought!

Post # 5
Member
3357 posts
Sugar bee
  • Wedding: May 2012

when I finally do decide on where I’m going to settle, I will be building a custom house. It’ll be really really simple too, not OTT and ridiculous 🙂

Post # 7
Member
3691 posts
Sugar bee
  • Wedding: December 2011

@Luayne:  Ooooh, I’m jealous!  I want a Victorian!  We were married in a Victorian bed & breakfast that was built in 1893.  I told him that if we ever saw it up for sale, and were in a position to buy the house, I want it.  

Post # 8
Member
97 posts
Worker bee
  • Wedding: September 2012

my ex in laws custom built their last three homes, nothing extravegent just exactly what they wanted, i could see the benefits of it, i love all the little extras u can put in. my absolute favorite is the hot water tap in the heated garage, my kids go in their pool in the middle of winter there. if i could i would build custom.

Post # 9
Member
43 posts
Newbee
  • Wedding: September 2012

Seems to me that there’s kind of a ‘builder premium’ associated with buying brand new homes, because builders usually can do their own financing and KNOW their banking arm will approve the sale–I’m not sure that a non-builder associated lender would approve the prices they charge.

This is aside from the risks of buying in a new, unestablished neighborhood–some builders do not finish the process.

IMO it’s best to let someone else pay that premium and buy an existing home in a good, established, quality neighborhood.  Nowadays builders are doing fine as they have positive cash flow again and aren’t going to give you much, but most sellers aren’t in that position and are more willing to negotiate.  Not so much so where I’m from, but even here the existing sales are way more affordable for the same house than brand-new construction.

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