Buying vs Building in today's market

[teocalli]

Having read opinions and comments for months from the cornucopia of various perspectives, I'm keenly interested in having current opinion on the most financially beneficial choice between buying an existing property or building a new home, considering that my objective is a home comparable to higher quality construction in Rosemary Beach, Alys Beach, or other similarly built homes. Also, can one still have a gulf view for a new home in an area that is sufficiently high or protected to withstand big storms without being decimated?

I'm looking forward to your thoughts and opinions.

Thank you.

 

[seacrestkristi]

Journey I don't know. Either way is a wonderful investment in your life though. If you can afford it and want new then build but I think there' a lot of good buys already out there. Do you want more privacy with a yard that some of those places you mentioned might not have? If not then why not buy in those places? A lot less headaches... Dang it sounds like I should be a realtor myself. I am not.

 

[SHELLY]

I'm keenly interested in having current opinion on the most financially beneficial choice between buying an existing property or building a new home,

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Expand on your definition of "the most Financially Beneficial."


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[Chickpea]

Having read opinions and comments for months from the cornucopia of various perspectives, I'm keenly interested in having current opinion on the most financially beneficial choice between buying an existing property or building a new home, considering that my objective is a home comparable to higher quality construction in Rosemary Beach, Alys Beach, or other similarly built homes. Also, can one still have a gulf view for a new home in an area that is sufficiently high or protected to withstand big storms without being decimated?

I'm looking forward to your thoughts and opinions.

Thank you.

My 2 cents: IF you can afford it, buy a lot now that you love and build. Construction costs are down and many great builders are hungry for work and prices so much more competitive than they were years/months ago. When and if this market picks up (which we all hope happens at some point), construction prices will rise again, builders and subs will be harder to deal with, etc, etc.... Good luck.

 

[PC Snoop]

If you want help with building it green, sustainable and energy efficient give me a PM. I an a source for a huge variety of green building systems and products. And a little good advice.

 

[pk305]

Having recently gone through the building experience, I would highly recommend taking a good thorough look at existing construction first....if you can find what you want for the right $$, you will possibly do yourself a favor. I'm very pleased with our finished project....but would I do it again....very doubtful. Yes, we captured a lot of equity because we had owned the lot for awhile, but the playing field now is so much different....and this could at least make buying existing a more feasible option than previously.

 

[teocalli]

Shelly,

"Financially beneficial" was an imprecise choice of words. Specifically, I meant the cost savings of building over buying or vice versa.

I thought that the recent thread about the current advantages of renting might've implied that the current market's weakness affords opportunities to build at a cost not attainable in several years.

 

[Smiling JOe]

It all depends on the property. In general, since lots aren't moving as quickly as homes, you might strike a better price with a lot, but some home owners are willing to sell at attractive prices. One thing to note is the change in building codes in 2002 and more recently, 2006. If you want the house to withstand major storms, I suggest considering well-constructed homes built after 2006, and so will your Insurance Company.

 

[dsilvar]

This is exactly my conundrum.
Currently you CAN buy a home on a lot in desirable neighborhood for LESS than building a home on a lot.
At $200 a sqft for a built home and lots at about $300,000 plus...the same combo can be had for $500 thousand to $600 thousand.
Of course there are variations on the theme that can make one option more economical than the other. For instance, since I already have my lot I intend to be my own general contractor and build for cash..no rigid time line. I will contract out the major parts and do as much myself..ie painting, electrical fixtures, tiling and some plumbing.
I shall wait 1 or 2 more years.......

 

[SHELLY]

Shelly,

"Financially beneficial" was an imprecise choice of words. Specifically, I meant the cost savings of building over buying or vice versa.

I thought that the recent thread about the current advantages of renting might've implied that the current market's weakness affords opportunities to build at a cost not attainable in several years.

Is this going to be your immediate primary residence?


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