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How much to build a house
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amother
Currant


 

Post Tue, Oct 05 2021, 11:39 am
amother [ OP ] wrote:
how much is a 2 bedroom ranch 1200 sq ft on a slab? (what's a slab?)

what if instead of undeveloped land, I buy a cheap house in bad condition, would it be expensive to make it in decent living condition? not fancy but not broken up.

is it more worthwhile to start with undeveloped land or with a house in very bad condition if I want a house in decent condition?


Today building a house from scratch in NJ costs around a million total.
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GLUE




 
 
    
 

Post Tue, Oct 05 2021, 12:08 pm
If you are buying a lot, make shore it has water,sewer,electricity that is either on or you can easily bring on to the lot. Some times lots seem to be cheep until you factor in the cost of bringing in utilities and it is not such a good deal.

The biggest problem of putting a trailer on your property is zoning. Many towns do not let you put a house trailer on your land.

Years ago a few people put in modular house in the neighborhood when we asked why this is what was said. They can be cheaper to build and the factories are usually indoors so you don't have to worry about the skeleton being exposed to the weather.

Nothing is cheep now make shore you go into this with your eyes wide open, and do a lot of reach before you buy.
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otstud




 
 
    
 

Post Tue, Oct 05 2021, 1:25 pm
I thought some good advice was to buy a pre-existing home that's as big as you can afford while sacrificing on aesthetics, not looking at all at home finishes. That can always come later, and little by little. Make sure though to get an inspection for structural soundness. Also, in NJ, you can still find older homes in the 300,000 range, not ideal, but liveable especially for smaller families.
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amother
OP


 

Post Tue, Oct 05 2021, 4:15 pm
I wasn't specifically looking for NJ but in the tristate area.

regarding the pricing, I'm surprised. sometimes people buy/sell a house OOT for 100k. so are they losing money by selling? did they spend 300k to build a house and then sell it for 100k? how does anyone profit from building houses then?

I thought I was told by someone who had a summer house upstate that it cost them about 100-200k to build, and it was a big house with a finished basement and second floor, jacuzzi. perhaps I was given misinformation, it was years ago.

I was hoping a basic home could be built for less.
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amother
Currant


 

Post Tue, Oct 05 2021, 4:24 pm
amother [ OP ] wrote:
I wasn't specifically looking for NJ but in the tristate area.

regarding the pricing, I'm surprised. sometimes people buy/sell a house OOT for 100k. so are they losing money by selling? did they spend 300k to build a house and then sell it for 100k? how does anyone profit from building houses then?

I thought I was told by someone who had a summer house upstate that it cost them about 100-200k to build, and it was a big house with a finished basement and second floor, jacuzzi. perhaps I was given misinformation, it was years ago.

I was hoping a basic home could be built for less.


Those numbers are laughably low for NJ. Why do you want to build, it’s much more expensive than buying a built house.
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amother
Skyblue


 

Post Tue, Oct 05 2021, 4:37 pm
amother [ OP ] wrote:
I wasn't specifically looking for NJ but in the tristate area.

regarding the pricing, I'm surprised. sometimes people buy/sell a house OOT for 100k. so are they losing money by selling? did they spend 300k to build a house and then sell it for 100k? how does anyone profit from building houses then?

I thought I was told by someone who had a summer house upstate that it cost them about 100-200k to build, and it was a big house with a finished basement and second floor, jacuzzi. perhaps I was given misinformation, it was years ago.

I was hoping a basic home could be built for less.


In the past few years building costs have gone up astronomically.
About 7 yrs who my SIL built a simple 3500 sq ft home for 350k. Last year her builder told me the same home is 550k. I’m sure today it’s closer to 750k.
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amother
Crimson


 

Post Tue, Oct 05 2021, 6:47 pm
Amarante wrote:
Building a home is more expensive than buying a home because there are no economies of scale that a builder of inexpensive tract home would have.
What does this mean?
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widowed




 
 
    
 

Post Tue, Oct 05 2021, 7:24 pm
I would say starting at 500,000 for a simple home. The problem with a home not in good condition is you can end up in the end spending more depending on how bad condition the house is in. The pipes could be carried, might need a new central account unit. The best bet would be to compare a fixer upper with a brand new simple home. I made the mistake of buying a fixer upper home and ended up paying a lot more in the end bcz every month was a big project that became a emergency like my septic tank had to be repaired, or my living room roof came crashing down bcz a pipe burst etc,etc,etc
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amother
Lavender


 

Post Tue, Oct 05 2021, 7:49 pm
amother [ OP ] wrote:
I wasn't specifically looking for NJ but in the tristate area.

regarding the pricing, I'm surprised. sometimes people buy/sell a house OOT for 100k. so are they losing money by selling? did they spend 300k to build a house and then sell it for 100k? how does anyone profit from building houses then?

I thought I was told by someone who had a summer house upstate that it cost them about 100-200k to build, and it was a big house with a finished basement and second floor, jacuzzi. perhaps I was given misinformation, it was years ago.

I was hoping a basic home could be built for less.


Those out of town houses selling for 100,000 are probably around 75-100 years old. I bought my out of town house for about 150,000 8 yrs ago, although we did get it below market value. It was built in the 1930s. It sold for 75,000 in the 90s and was probably a lot cheaper before that. Newer houses cost more than old houses do. Building costs have risen tremendously in the last century and even more so in recent years.
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Amarante




 
 
    
 

Post Tue, Oct 05 2021, 9:16 pm
amother [ Crimson ] wrote:
What does this mean?


When someone is in the business of building a house, it is much less expensive for them than when an individual has a custom home built for them.

A professional builder - especially a builder who is building tract homes - has "economies of scale" because he is building multiple houses at the same time so it is like an assembly line. He is able to purchase the building materials wholesale and he has crews of workers that just go in and do multiple houses at the same time - moving from house to house so there is no down time.

He also generally has expedited permits and inspections for multiple houses at the same time.
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