Thinking about building a home

Here a link: www.boutiquehomeplans.com...

Amazing that a new home now cost over one million dollars. Is it that way across America. Actually in the country for where I live an upgraded home, you are looking over $400 thousand and the houses are still actually small, but 2 story homes.

a reply to: musicismagic

I don't know how young people today can afford these sky-high home prices! I bought my 1st home in 1980 for $29,000.00. Interest rates at that time on it were 12% though!

originally posted by: GlobalGold
a reply to: musicismagic

I don't know how young people today can afford these sky-high home prices! I bought my 1st home in 1980 for $29,000.00. Interest rates at that time on it were 12% though!

Yep, we bought our first home in California the same year as you for $44,000.00. and yes, interest rates were at 12% and points, I don't recall.

It's a great process if you are creative and that's what drives you. For me, it was something I had always wanted to do. The cost is huge though, in time and money.

Tore the old house down and started in 2007, structurally done but still have plastic for most windows, plywood sheets for doors, but it's rural so no one cares here and the bank doesn't own it. Money became an issue for finishing in a timely manner but the house is warm and cosy, which is all that matters.

originally posted by: GlobalGold
a reply to: musicismagic

I don't know how young people today can afford these sky-high home prices! I bought my 1st home in 1980 for $29,000.00. Interest rates at that time on it were 12% though!

I paid 33,000 for a brick home just built .
3 bedroom , 2 bathrooms and an acre of good , flat land .

originally posted by: musicismagic
Here a link: www.boutiquehomeplans.com...

Amazing that a new home now cost over one million dollars. Is it that way across America. Actually in the country for where I live an upgraded home, you are looking over $400 thousand and the houses are still actually small, but 2 story homes.

After shopping contractors for a forest property, I have a little info..

$160 sq ft.. for a long home.
Fitted and furnished 2200 sq ft. Cabin on 20 acres 550K.. usually avg price

BUT, any decent city, a normal home on the nice side of town, yes. 1 million..easy.

The cheapest I can find to buy near my property right now lands around $180-200 per square foot of "building" - so a small home for this area being around 1200sqft would start around 215k. Of course, that's in a condition that most people wouldn't consider ready to move in, and with little land.

The cost of a NEW build on a larger piece of property starts around $400/sqft- assuming you already own a 25+ acre plot to put it on.
I was just quoted 450-500 per square foot- in the half to three quarter million dollar range... to build on my own property, that I already own.
That was about a week ago.

The construction market is still booming, but they're running out of new jobs to keep their pipeline full due to the insane cost of manhours and materials combined with the rapidly increasing interest rates.
I was quoted almost 6% for that loan- I know of people who refinanced existing loans in the past year for under 4%.
Double the cost of building and then double the interest rate- see what happens. The new homes market is about to evaporate, but I'm not sure what to think will happen with existing home prices.

originally posted by: GlobalGold
a reply to: musicismagic

I don't know how young people today can afford these sky-high home prices! I bought my 1st home in 1980 for $29,000.00. Interest rates at that time on it were 12% though!

They can’t, multi-generational housing is becoming a thing again.

I sure wouldn't want to build a house these days. I built my house, along with the well, septic tank, driveway, and two garages and five and a half acres of land for around 80,000 bucks in 1990. Now it is supposedly worth around 260,000 bucks..

That number was from around a year and a half ago, who knows how much it is worth now...and I don't care. It is not for sale, it is paid off, the daughter can inherit it with the stipulation it stays in the family for a generation....we will put that in the will and limit what it can be sold for to one of my grandkids...fifty grand maximum.

Money does not impress me, it never has. What does impress me is honesty and living within ones means.

Wishlist of retirement cities.
Each one is well over a million for a nice house..

Portland, Maine
Bozeman, Montana
Boston, Massachusetts
Anything in or near Marin county
..

Anyone know about the

originally posted by: LastFirst
Wishlist of retirement cities.
Each one is well over a million for a nice house..

Portland, Maine
Bozeman, Montana
Boston, Massachusetts
Anything in or near Marin county
..

Anyone know about the

I sold my first house in Portland Maine around the time I thought Hillary was going to do exactly what Biden is doing now.

Missed the mark on economics, but it's such an awful place I try not to visit the area.

originally posted by: musicismagic
Here a link: www.boutiquehomeplans.com...

Amazing that a new home now cost over one million dollars. Is it that way across America. Actually in the country for where I live an upgraded home, you are looking over $400 thousand and the houses are still actually small, but 2 story homes.

A new build does not cost over a million dollars. Well, some might.

I just built a home and I did not pay anywhere near a million. It is in Texas and it has every upgrade and it is not small.
Location is everything.