Building home on own lot: pro and cons

[GelakoduKri]

3 minutes ago, Kreole_ said:

Did you opt for One time close construction loan? 

multi bro , Had capital in hand so took multi 

[Kurrodu1]

1 hour ago, AFDB__REBEL said:

pro and cons chepanndi bros...

planning to buy land and build custom home....

Not confident on my answers but to my knowledge

Pros : 

- Since you are building, you will save those marketing, listing agents, RE fees, at least 100K depending on the scale of house.

- You can have your own model, amenities in the house.

- Will get more value than what available in market. 

Cons:

- challenges in finding right builder/contractor (This can single handedly screw everything)

- Have to put lots of money as getting loan to construct a house is hard.

- Stress to make sure everything is going as per your taste and quality. Have to go through lots of permits, Engineer reports etc.

[tom bhayya]

49 minutes ago, CooLgUy4U said:

as per my research, spoken to the builders/realtors. you will save good money in the construction. at least 100k - 150k.

I don’t think so my friend company does custom homes and commercial restaurant setup stuff. Custom home lo contractor will charge you retail price on all materials because he doesn’t need them in bulk. Same with labor 

[CooLgUy4U]

6 minutes ago, tom bhayya said:

I don’t think so my friend company does custom homes and commercial restaurant setup stuff. Custom home lo contractor will charge you retail price on all materials because he doesn’t need them in bulk. Same with labor 

I went through different builders and their models w/ packages, compared with built models and their prices.

[tom bhayya]

3 minutes ago, CooLgUy4U said:

I went through different builders and their models w/ packages, compared with built models and their prices.

Built models price is with land kadha only structure cost how did you come up with?

[CooLgUy4U]

Just now, tom bhayya said:

Built models price is with land kadha only structure cost how did you come up with?

yes that was considered too, even after that. construction got commercialized these days, you won't get proper front and backyard for kids.

 

[tom bhayya]

18 minutes ago, CooLgUy4U said:

yes that was considered too, even after that. construction got commercialized these days, you won't get proper front and backyard for kids.

 

Agreed but custom home is not cheap compared to buying a new home from a community in any way, it’s vice versa in India though. In India you pay for amenities but us lo ala kaadhu 

[Anta Assamey]

[sivasilvan]

I’d say consider all your financing options and don’t rush into decisions. Have you looked into bridge loans yet, or are you considering other financing options?

[yogdenon]

I’ve been through a similar process of buying land and building a custom home, and it can be both exciting and overwhelming. One thing that really helped me was using a bridge loan. It allowed me to secure funding for the land and construction without having to sell my current property first. That extra flexibility really made the whole process smoother, especially since things can take longer than expected when building from scratch. While planning everything out, I made sure to budget for unexpected costs, and it worked out great in the end.