I have the land and around $120,000 budget?
July 2nd, 2009 | 
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How much house can I afford to build? It will be outside city limits, already has electric and water running to the land. I’ll list what I need, then what I want in order of how bad I want it, anyone familiar with pricing, please tell me if it will be doable, or if I need to cut down? I’ll be getting a builder but I like to have a clue what I’m doing before I involve professionals who talk over my head.
I need at least 3 bed, 2 bath. Everything should be of a med-high to high quality. At least 1300 square feet though more would be better. I need a well designed, open-plan kitchen with alot of storage space, and can likely get reduced price on cabinets because my uncles make and sell them.
What I’d LIKE
What I would like:
4th+ bedroom
Wood flooring in living room and hall, tile in the kitchen and bath Wood flooring in beds would be better. I’m willing to get repo
At least one bay window, for a breakfast nook
I’d like to it to be two stories
An attic or garage, or both
A Fireplace, preferable wood burning
A fence around an acre
Cement driveway
Jet tub in the master bathroom
A sitting room or my living room set in such a way as to have at least two easily definable areas
A large pantry, and there or elsewhere having room for an extra freezer.
A small, minimalist room with large windows to use as for yoga etc
Victorian influenced style would be wonderful
Though this is probably the point where I have waaay more then crossed the line, a pool =P
Thanks in advance, I know its alot of info but I dont know where else to go for a general idea of this kind of thing
I live in arkansas, where i am told building is relativley cheap. To buy a house of the size I have in mind being built in a suburb would be a little less then my budget, they are well built, brick, single story, and come with a little land
First of all you do need to meet with a builder and give them this list of items that you want. They generally can run you a cost estimate for the pricing in your area. Construction loans to build normally finance 85% of your projected appraised value. Once you pick the design the builder will need to give you blue prints/specs that an appraiser will use to get a subject to completion value. If you already own the land most lenders will let that stand for your 15% down. Good luck.
Posted in Kitchen Storage Cabinet
I work for one of the largest banks in the country. We are one of the top construction lenders in the country as well. I finance properties all over the place. You should contact a local home builder / contractor in your area. Prices can vary depending on location and availability of materials. Contact an architect to sketch your dream home.
I live in CA and the cost to build a custom home is around $300/sq foot for luxury, and maybe $150-200 for average quality. With your math (120K and 1300sq feet) you are talking less than $100 a sq foot. Run from any builder who promises he can built it for that much. Even modular/kit homes cost more on average. That is also another choice if you have less money to spend. The "pre fab" homes are assembled on site. Saves money over stick built.
Since you own the land you can take out a construction loan. The loan will make "payments" while the house in under construction so you can live in your other residence until it’s time to move in (without making two payments). You need credit and sounds like you have equity already.
If you already have utilities that is very good. Running utilities to your land can cost a few grand if your neighbor has them otherwise hundreds of thousands of dollars to dig trenches!
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it would help if we knew what state/city you’re near – mid to high quality-you could spend 50-70,000 just on the baths and kitchen. I just started calling around for pricing for same situation for myself in NE Pa. – if you need a septic system – that could run you $8000 or more. a 4′ crawlspace foundation may be around 8000, a full basement could be $12-15,000
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First of all you do need to meet with a builder and give them this list of items that you want. They generally can run you a cost estimate for the pricing in your area. Construction loans to build normally finance 85% of your projected appraised value. Once you pick the design the builder will need to give you blue prints/specs that an appraiser will use to get a subject to completion value. If you already own the land most lenders will let that stand for your 15% down. Good luck.
References :