Home buying or home building?

Question

My husband and I are wanting to get a house within the next couple years and are working on saving the down payment. 
Which would be better for first time home buying? Something that already exists or picking something a little more your style like a modular home and putting it on your own property?? We arent sure which direction we want to go

Answer

Our first place we bought a condo because we lived in a large city. We moved it but there were always things we wanted to change 😅
When we moved back home to the farming community I grew up in, we had a custom modular home put in. We picked the spot we wanted, my husband took multiple plans he liked and combined what we liked best into a floor plan (within what the company could do). We had a big shower built as it was something we really wanted. We did upgrade a few things like the walls are drywall, upgraded kitchen counter materials etc. over all it was much more affordable than a standard build and we still got basically everything we wanted. 
If you have land or can find an affordable piece- building a modular is an awesome option. Please remember when factoring cost to include septic, electric and a well dependent on the location.

Answer

It honestly always depends on if you’re planning on a forever home, location, or if you know what type of house plan suites your lifestyle. After owning a home and seeing my brother in law build his shop house, I would definitely built. I also know it’s going to be my forever home!

Answer

So true what other commenter said. It probably doesn’t hurt to buy first and build later once you’ve got the hang of the home thing + know more of what you want. 
You don’t know what you don’t know.

Answer

Maybe pre existing with your first home to get a feel of things if you know it’s not going to be your forever home. Also, depending on the market maybe you can make some money on it and get a bigger down payment for a new build. 
We are building and we had to secure the land 160k, the price of them home ($$$), plus an additional 30-40k in upgrades. Then you have to think of landscaping which might be another 15-30k depending how big your home is and what you want.

Answer

If you buy a mod house make sure you go with a company that makes it, ships it, sets it up. We found that out the hard way to try to save some money. 
We just bought one and have had nothing but issues because we had to find each person to do each step! Of course the factory says its the set up crew, set up crew says factory. 
We are now going to talk to a lawyer. I love that we got to pick our house but if you guys aren't wanting to do anything I would go with a stick built on the property you want. If we would have gone stick built my husband would have been no I can do it and never get done. Thats y I agreed with a mod

Answer

Depends. We debated on both. But buying land will cost a lot more, you have to run all utilities etc. 
We are leaning towards a development with a builder after reading up on all the issues with modular homes that have come up quite frequently.

Answer

We custom built. It turned out to be about $75-100k more than we were originally quoted based on changes or upgrades we made along the way... I’d say be prepared if you fully custom build that it adds up. We even had a custom floor plan done.

Answer

It depends on your must haves. 
If it will be your forever home, enough room to grow & make changes as you need. Make a list (: those are helpful.
The way we calculated for our new home was based on our renting expenses. We calculated what we pay for rent, groceries, utilities etc. Came up with a number that would keep us comfortable for a mortgage without drowning us. This is the typical gage for success. When we spoke to someone even though we got approved for way more, we decided to stay within our means knowing it would leave room for any emergencies. Things always pop up. 
Sometimes the process is so exciting & overwhelming at the same time when they’re trying to sell you something it’s important to look at the math, math will never lie. 
Custom homes have a way of starting off great (great location great price add what you want) & sometimes it means the surrounding area is being developed & there may be construction even after you buy. Something to consider when looking into custom is the area. Some things you clearly won’t have a say in. Sometimes they even build homes super close & you just have to deal with it. 
In an already existing home you see the area that you’ll be living in, if you can see yourself growing there it’s worth it.
Whatever you decide, math math math my friend!! Get the best for the long haul.

Answer

I live in Florida. Our first home is currently being built, we decided to buy new construction (not custom build). It’s cost effective, and lets us live in the house 10+ years before we have to worry about roof/major appliances/etc. since it’s not our forever home, it’s most sensible for us.

Home buying or home building?

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