I finally got in shape in terms of financial matters. Now, I want to have my own house but wonder whether it is better to buy the house or to buy land and start up on my own.
I am very particular about the quality and durability of the materials used in my house.
I would like to know whether my time in construction pays off in every aspect in terms of financial, recreation and self satisfaction. I know it is a stressful work but life is not fun without little bit of stress and I am much into designing and decorating.
If you suggest I buy the house then, what are the things I need to take in to consideration in buying the house.
Regarding mortgage, price of the house and location.
Nice questions! Allow me to give you my 2 cents worth.
Personally, I would find it better to buy a foreclosed home rather than build a new one. There are so many choices on the market right now. Plus they are cheap!
The cost to build a home would be somewhere in the neighborhood of $150-$200 a sq. ft. Then you must buy the land and develop it.
Yes you can choose your own building materials and design. So if you are very determined to have something you design and build, by all means go for it!
On the other hand, chances are good you will find a foreclosed home that you really like, it will still need updating so you can have the satisfaction of doing the remodel plus save HUGE amounts of money.
There are foreclosed homes on the market for less than $50 a sq. ft. They also have grass, a driveway, and much more. This can save you big money.
You just want to check around and be sure you are buying a home in a good school district since that will affect your resale value.
Also, I believe the 3 bedroom ranch home with at least 1&1/2 baths is the best target.
You can look into an FHA 203K loan which will let you buy the house and finance the repairs. Also, unless the guidelines have changed recently, you can do your own work.
According to the FHA lending guidelines, is it possible for escrow to be paid out of packet instead of rolled into the loan? What are the guidelines for a 2nd time home owner? These are answered below…
Would you like some FHA help? Perhaps you are wondering if it is wise to add a significant other to the mortgage? Or why a mortgage company would ask you to go conventional instead of FHA? Find answer…