Housing: Buy vs Build?

[Ave8tor]

In about a month I will be getting my wings and I am currently weighing all my options. The wifey and I have been looking a lot at the housing markets, and we were wondering whether it would be worth buying a lot and building a house, or just buying something. We have found a lot of really nice houses online in the Cherry Point and Beaufort area for a relatively decent price. I'm originally from SoCal, so I know about the houses around Miramar, and I was able to take a tour of the Yuma area when on det at El Centro. We each like different things about all of the four major duty stations, which is why I don't really have a top preference yet.

Unfortunately, we really haven't seen to many houses online that we like in the Yuma area, which leads me back to the overall question. We kinda toyed with that idea also around Beaufort, but we just aren't sure if it would be worth it. We watch a lot of HGTV, and know what we would like to have in a place of our own. Once actually headed toward a final location, we would definitely settle in with a realtor, who would have better access to houses in our price range with the options we want. Until then, all we have is the scattered sources of the interwebs. Back in my E days, there was a guy in my unit that had built a pretty sweet place in Yuma, with a very low price tag, and we have definitely thought about it.

I was wondering if anyone here has built, or knows someone that has built, their own place, specifically around Cherry Point or Yuma. A 4 bedroom, 2000 sqft house on a good sized lot is what we had in mind. Also, if anyone knows any websites that might be able to provide homebuilding info, we would be very appreciative.

Thank you much!

 

[insanebikerboy]

Here's some things to think about.

1. You'll have to rent for anywhere from 3 to 7 months while the house is being built. You can get them built faster than that but that may drive the cost up. You have to find a place to live that will either only lease for a few months or let you out of your lease, plus the associated second move once your place is done.

2. It will be literally your place. Unlike buying an already built home, you can customize everything the way you want it. That can either be good or bad, since you will at some point be moving to another duty station.

3. Cost can be cheaper if you build if you're willing to do some of it yourself, which of course depends on how good of a handyman you are. The idea behind that is you have the contractor leave the interior rough and you finish it up. Again, that makes it yours, and can cut costs, but you also have to deal with living in an unfinished home and also find the time to do the work around your work schedule.

4. As a buyer, there really isn't any disadvantage that I can tell of using a realtor. They do most of the work and help you narrow it down to houses you want. Plus, if you use a realtor referral program (banks like USAA, Navy Fed, etc have them), you can usually get a pretty good realtor to work with.

If it were my choice, I would buy. That's just me, but if you shop around and do your homework, you can likely find a house that pretty much fits your mold.

Good luck, now's a pretty good time to buy, I've read several reports lately that say the housing market is starting on it's way back up.

 

[Ave8tor]

Thanks for the tips and quick reply.

BTW, love the Buba Hotep avatar!

 

[FLY_USMC]

Another big question, do you qualify for the first time homebuyers tax credit offered this year if you build your first vice buy? I bought my first home very recently, it's just about the easiest thing I've ever done, surprisingly actually. Also remember, if you're still in Meridian and get Hornets, you're looking at over a year before you hit your duty station....that's some time to decide where and if to build. Find guys at each duty station on here and have them PM you where to look/build, that' s what I would do. I wanted to build, as my brother-in-law owns a construction company and has always built his own houses. Unfortunately, he lives nowhere near me. Putting up drywall is easy as shit....your a pilot....you can do just about anything by typing "how to" in Google.

 

[Clux4]

There are some good deals, especially if you go the quick sale or foreclosed route. You might have to do some work but some of these homes can be a steal. The process can also be long.

 

[sickboy]

I'll put it this way if you build you get a customized house.
But my Dad and I have been building his house since 1984, and there's still work to be done.

 

[Fog]

In this [depressed] market, I would think you can buy an existing home more cheaply than you can build a new one - assuming you find something that fits your preferences.

 

[phrogpilot73]

Beaufort, Cherry Point, Yuma... Sounds like you haven't selected yet. They are all very different markets, which leads to very different decisions. Ask again after you've selected.

 

[Ave8tor]

Beaufort, Cherry Point, Yuma... Sounds like you haven't selected yet. They are all very different markets, which leads to very different decisions. Ask again after you've selected.

That's the reason why I'm asking now. I'd like to request a place that has really good living conditions. I don't know if I'd rather put Yuma before Cherry Point or not. There are a bunch of pros and cons for each, both for family and flying reasons.

 

[phrogpilot73]

That's the reason why I'm asking now. I'd like to request a place that has really good living conditions. I don't know if I'd rather put Yuma before Cherry Point or not. There are a bunch of pros and cons for each, both for family and flying reasons.

You can get more lot size in the Cherry Point area than you can Yuma...

 

[insanebikerboy]

Another big question, do you qualify for the first time homebuyers tax credit offered this year if you build your first vice buy?

I thought the point of that tax credit was for either buying or building your first home?

 

[Godspeed]

In this [depressed] market, I would think you can buy an existing home more cheaply than you can build a new one - assuming you find something that fits your preferences.

This is dead on. My whole family is in real estate up in the WA area. Overall, it is a time to buy an existing house (strike while the iron is hot if you will).

Up in Washington anyhow, home builders are going out of business left and right, because the cost of literally building the house has been vastly exceeding the cost to buy an existing house of comparable specs.

Of course each market is different... The east coast could be night and day compared to the west (although I sort of doubt it).

 

[Huggy Bear]

I've done the former once and the latter twice. Here are my thoughts and experiences on the matter:

There are some nice points to building. If you build a new home it is nice to know that you are the first to live there, kind of like buying a new car vice used. You can really make it your own in structure and style. It also teaches you much more about how houses work and how to properly care for them. I would go down every week and see the progress on it, make note of where wiring and pipes were placed, etc. One other plus is that you and your neighbors will all move in about the same time and that may lead to better relationships. My last neighborhood was tight. The warranty is nice, too.

However...

While you may get a good deal upfront from the builder you will spend more in the long term. What kind of yard are you putting in? Do you know how much trees cost? Sod? Sprinklers? Expanding your driveway? How is the water in Yuma? You may need filters. etc.

The builder will also try and sell you a ton of 'upgrades' when you buy the house. If I left my wife to her own devices she would have easily added another 100 grand to the price of the home. Granite countertops, hardwood floors, extra cabinetry, etc. really add up. You can usually contract or do the work yourself for much cheaper... if you don't mind waiting to start until the house is complete.

Also consider that you may only be in Yuma for a few years. It really isn't worth throwing that much money into a home. We regret that we got even a single upgrade, and most we did ourselves after moving in. I doubt this is your dream destination where you will spend the next 40-50 years of your life, so why invest that much in making a house you may only live in for two years your dream home?

For our next home we will look for an already built home, 2-10 years old. I say 2 years because that gives a chance for the vegetation to grow up and the neighborhood to become established. New built neighborhoods look so desolate and I don't want to spend a ton on a yard. 10 years because after that age homes start to require some more care and feeding.

 

[Ken_gone_flying]

I'll put it this way if you build you get a customized house.
But my Dad and I have been building his house since 1984, and there's still work to be done.

A house should not take 25+ years to build. It only took about 30 years to build one of these!

 

[scoolbubba]

Proof that you can do anything when you have unlimited funds and an unlimited supply of slave labor.