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To build a house or buy one. Pros and cons?

Smawgunner2

Smawgunner2

Active Member
1,415
63
Athens County
I'll be retiring in 5-6 years and moving out of state..not sure what state yet. I'll be spending my remaining years on this planet at this place so I've been looking for a low maintenance, minimal stairs ranch house with 30+ wooded acres where I can hunt. The problem I'm finding is that there isn't much that fits the bill. We're considering buying land and building later. I'm 100% clueless when it comes to building a house.

How much more is the cost to build vs an existing home? For example if a 30 acre parcel has an existing home with a price tag or value of 400K (100K land + 300K home), what would it cost to build that same home on the same land assuming electric, water, sewage all there. Maybe there are too many variables to solve that equation.

And how would you search for a reputable builder in an area you're not familiar with?

The biggest pro I can see is that it's easy to find a perfect piece of property, and being able to build the perfect home is a win win.

My wife thinks that all new build homes are garbage...and looking at the new builds I've been in, she has a point. I see short cuts, shoddy construction and shit left unfinished.

Thoughts?
 
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mike hunt

Junior Member
380
61
If building, I would make it totally accessible, wide doors, bathroom, shower, like you were already in a wheelchair. The guy that designed my house was in a wheelchair, all the doors are 3' wide. I would put the shower floor flush with the bathroom floor. Put backing in the walls for hand rails. My $.02
 
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Sgt Fury

Sgt Fury

Sgt. Spellchecker
24,392
184
Southern NJ/Vinton county Ohio
When building a house you can design it exactly like you want. Even after building a new home and moving in, you’ll find things that you wish you included but didn’t think of it at the time. If you decide to put a barn, garage of shed and want to run electric/water to it, that’ll be another project…but everything will be new, and you shouldn’t have any problems for years to come.
On the flip side, if you find the perfect place, you won’t have to deal with all of the headaches. The costs vary depending on which state you move to also…some states will give you more bang for your buck. Don’t move to NJ!😂 I know I could sell my house here in Jersey and buy a larger house with a lot more acreage in Pennsylvania and have money left over. I’d try to find a place with a pond so you could do some fishing/swimming too. If it’s going to be the place you plan on spending your remaining years, don’t skimp…get exactly what you want.
 
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Bigcountry40

Bigcountry40

Member
4,730
127
giles said:
I did my best🤣

I also couldn't imagine diving into a project like this at retirement. Retirement is for relaxing.
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I’m not trying to go down a rabbit hole or change the subject, I don’t know how many of people our age and younger will truly retire. @Smawgunner2 just make sure who ever does the electric and the plumbing are all qualified/certified and not “helpers”
 
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5Cent

5Cent

Dignitary Member
Supporting Member
12,836
238
North Central Ohio
We went through the process from 2015-2020. Location ended up trumping all. We searched for both the right land/house combo, but couldn't find anything. We then decided to build, so focused on land. Found what we wanted in 2017 then built during the height of covid in 2020. Overall I'd do it again in a heartbeat.

Somethings have changed which makes it harder in current conditions. Inventory is still slim and while prices are dropping, their still way up overall. High interest rates makes affordability even more difficult.

Since you asked, my answer would be: If I knew exactly where i wanted to be, then I'd buy land and build, as long as it was paid off same time as current home/retirement plan (i.e. you planned it this way). If not, and it changes my retirement plan, I'd be looking to buy one with least amount of impact and get to living.
 
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Hedgelj

Hedgelj

Senior Member
Supporting Member
8,218
189
Mohicanish
5Cent said:
We went through the process from 2015-2020. Location ended up trumping all. We searched for both the right land/house combo, but couldn't find anything. We then decided to build, so focused on land. Found what we wanted in 2017 then built during the height of covid in 2020. Overall I'd do it again in a heartbeat.

Somethings have changed which makes it harder in current conditions. Inventory is still slim and while prices are dropping, their still way up overall. High interest rates makes affordability even more difficult.

Since you asked, my answer would be: If I knew exactly where i wanted to be, then I'd buy land and build, as long as it was paid off same time as current home/retirement plan (i.e. you planned it this way). If not, and it changes my retirement plan, I'd be looking to buy one with least amount of impact and get to living.
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Great response.

Our complete custom build has the intention of it being our last home. Its a ranch with all the necessities on the main floor with our bedroom. The only things that will be in the basement are the hot water heater, furnace, electric panel. Building it right now is probably 100Kish over buying a similar home on a smaller lot. BUT between the driveway, a new well, septic and lot improvement costs that's almost at least 100K right there.

What priorities do you have? Relaxing and enjoying your retirement? Or fussing over finding the "perfect" place? Because the location and lot is the key, the rest can fall into place for the most part. Also how will your finances in retirement hold for a buy and build vs just a buy?
 
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Fletch

Fletch

Senior Member
Supporting Member
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136
Can't help ya much in this dept... Only advice I would give is if buying an existing home... Check out the septic system as it can be a costly repair down the road... I know in Jersey to have a new one installed it runs around $30,000...
 
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CJD3

CJD3

Dignitary Member
Supporting Member
14,778
215
NE Ohio
Find the land first. Play with it, sculpt it, make enhancements. Plant trees. Make habitat improvements. Cut a winding driveway so the home can’t be seen through the trees.

You can copy a house plan or duplicate a desirable lay out. Build an addiction or add an outbuilding anywhere. But the purfect plot of land… priceless.
 
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P8riot

P8riot

Active Member
944
39
Carbon, In
Depends on how deep your pockets are. I was looking for the same thing and the prices were way too high. I had to go 2 states West and got 20 acres. The house is completely liveable, but it has been one project after another.

You have to factor how long you want to wait for the house vs move in now and deal with how it was built.
 
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mike hunt

Junior Member
380
61
Master bath, do not get a jacuzzi tub, total waste of space and money, don't do, you won't use it. Build a big fuck shower. Make an enclosed toilet room, internet cafe, with an outlet to charge your phone, grab bars when your leg have no feeling, and a pack of moist wipes for when the rash sets in.
 
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Smawgunner2

Smawgunner2

Active Member
1,415
63
Athens County
mike hunt said:
Master bath, do not get a jacuzzi tub, total waste of space and money, don't do, you won't use it. Build a big fuck shower. Make an enclosed toilet room, internet cafe, with an outlet to charge your phone, grab bars when your leg have no feeling, and a pack of moist wipes for when the rash sets in.
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Well the advice started out good….but then got to the point to where I want the Dr. Kavorkian special. 😆
 
Spencie

Spencie

Senior Member
5,046
145
Constitution Ohio
I went through this exact scenario in 2019/2020. Best thing I ever did. Got a great piece of property and a solid house. Sure there are things that aren’t perfect. Never going to have perfection. Some things we wished we had done differently too. But it added a few extra years before I can retire. I have what I always wanted….. other than 170” bucks behind every tree 🥴.
Prices have gone up a lot since then though. I will be following along to see what you do. Good luck
 
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