Is it better to build a house or buy an old one and renovate it?
Monday, March 8th, 2010 at
3:17 am
Say that you buy a 3 bedroom detached house,restore it and sell it.Would it probably cost more than building one from scratch?
If you’d build one you get the perfect house.
Rent Back Fast
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Filed under: property renovation
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Not at all! Totally just fix up and old house.
I love a good fixer. The sense of satisfaction in restoring a property to glory is a rush. Besides, you can negotiate a steep dsicount on a fixer, thus building in a profit margin. But that is just me. The answer depends on your temperment. Both routes can be frustrating at times. You will need access to more expertise building from ground up, less doing a fixer. You will need more time for a ground up construction than a rehab, and thus more money. You will probably have access to more fixer candidates in suitable neighborhoods than vacant lots for sale in desirable areas. This could affect your ability to get back out after completion. Just a few thoughts. I have more you want to contact me.
Presently the cost of land, materials and labor are higher then buying a already made house. It is also 1000 x easier to get remodeling permits then new construction ones.
It is far more expensive, presently, to build. The cost of material and labor has NOT fallen along with the housing market.