Should I build
Well the subject says it all. I am a long term lurker. I have wanted to build for several years now and have enjoyed reading this forum. My wife and I have sold our home and have spent the last 2 months reviewing and modifying a Frank Betz plan that we purchased. We had a preliminary cost to construct figure from our builder based on prior Betz plans that the builder had built. Imagine my surprise when the building cost went from an estimate of approximately $500,000 to well over $600,000 after the bids came in. Even worse is the fact that this is with the builders estimates for cabinets, floors, fixtures, etc and before we start picking anything specific.
I have certainly learned about roof lines and wasted space and footprint and all of the other factors that can add to the cost. As I am sure you all know like I do now, you cannot multiply the square footage shown for the plan by an estimate square footage cost. It just does not work.
So back to my question. We can afford to build the house as currently estimated and would have an allowance for overages. That is not the issue. The issue is that I can buy a 5 year old house, with pool (which the above does not cover), with more square footage, similar finishes for at least 100K less all in with the pool, which is something that we want. In fact, we found the same floor plan that was built without our modifications, and in an area that is not convenient for us, for about $120,000 cheaper than it will cost to build the plan (I do not believe the mods added to the cost - mostly moving interior walls). Again, finishes are not what we want, but that is certainly eye opening.
In our market the resale market is so much less than the new construction market. There are things about the floor plan of the resale home we do not like. There are some finishes choices we would not have made if we built this house. Many of these can be fixed with money and still be less than building and if you built you still would not have the pool. I am having a hard time justifying the additional cost and the headache of building.
What made you build? Is the chance to get exactly what you want worth the 20-25% premium?