Click To View Links

Buying Old House or Construct One?

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.


Hello Friend,

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.

Hopefully this gives you some ideas.



Comments for Buying Old House or Construct One?

Click here to add your own comments

Buying vs. Building
by: Kristal

Very interesting, I actually thought that it would be better to build so I can have the home the way I want it.

But, I had never considered a foreclosed home and fix it up. I can just about have the same thing for less.

I see a lot of homes boarded up. I will definitely check that option out.

Thanks a million!

Click here to add your own comments

Return to Ask The Expert.

Recent Articles

  1. Alabama First Time Home Buyer Grants

    Mar 06, 20 11:56 AM

    Itching for Alabama first time home buyer grants to purchase that home? Find the best grants for home buying in Alabama and other home mortgage programs available on this page!

    Read More

  2. Rhode Island First Time Home Buyer Grants

    Jan 01, 20 03:08 PM

    Searching for Rhode Island first time home buyer grants to purchase a home? Find cool grants/programs for home buying in Rhode Island available on this page!

    Read More

  3. First Time Home Buyer Grants State Lists

    Nov 13, 19 09:36 AM

    Looking for first time home buyer grants state lists? Find the coolest list of agencies by state helping you locate down payment help for that first mortgage.

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans

Follow Us On Twitter

follow me on twitter