How much are you saving doing this rather than buying a vacant house? I had a relative do something similar, said it paid off nicely but still wouldn't personally do it again.
Skial
DaivdBaekr
Pinker-tan
how can u live in a house with no roof & walls
uhrhuruuhr
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Sir Gooch P Tigglington
I have the same questions as David. Is this work really worth the effort in your opinion? How does one even get started building their own house? Did you hire contractors or are you doing some of it yourself?
PsychoRealm
I obviously did hire contractors. Pretty reputable ones (they have been building in my city for the past 20 years). In regards to paying off - you decide it: 2,500 sq ft house built in 1980 in my city costs ~$320-325k.
PsychoRealm
I'm building BRAND NEW 2,500 sq ft house for $285k (a lot is included in this base version e.g. air conditioning, partial hardwood floor, bathtub, appliances, furniture).
PsychoRealm
Obviously, I already spent ~$35k on upgrades, plus this house comes with unfinished basement and no deck, but it's a NEW house, with foam insulation (which grants you about 30-40% of savings on your gas and electricity), hardwood floors, new plumbing, wiring, and stuff...
PsychoRealm
Plus, it's built the way YOU want it, meaning that you are the one choosing layout of the floors, furniture, wiring, all the stuff.
PsychoRealm
When you're buying old house you will still invest at least $20k in repairs and upgrades FOR SURE. So is it worth paying $350k for old house or is it better to build your own house for $330k? You decide :)