So we are thinking hard about buying/building a new place out here in IL and need to come up with a plan in the next 3-4 months or so. I've looked over pretty much every available property I can find and really not seeing much that seems to fit our style of home and also preferred lot/location. I'm starting to think more and more about building something so that it fits our tastes and also so we aren't buried in ongoing cost of upgrading/renovating. If we were to build, we really aren't looking for anything over the top. A simple 1500-2000 sq/ft ranch 3-4br place would be just fine. We would prefer to put the $$$ into things like a really nice porch, garage, and a killer private lot just out of the suburbs. So who's built in the past? Any advice or recommendations? What did you end up paying per sq/ft? Any advice on modular vs. stick built homes? Would you do it again? Keep in mind this would likely be a place we would end up staying in for 5-10 years, so preference would be to end up in something that would build equity and not nickel/dime us to death.
First off most people do not understand the difference between a modular and a manufactured home. Modular homes adhere to state guidelines and manufactured homes adhere to national guidelines. Typically a modular home features more quality and a better condition rating than a manufactured home. A manufactured home is not appraised the same way a stick built home or a modular home is appraised and loan terms are not the same either. Is it possible to claim there is a stigma attached to modular/manufactured homes? Maybe, maybe not. Some are built better than some of the stick built homes I have sold/appraised, however if I was planning on selling in 5 to 10 years I would be concerned with resale. (1) I have never once had a buyer tell me they will not buy a stick built home, however many buyers over the years have told me they will not purchase a manufactured or modular home. (2) Modular homes in the finance and appraisal world really are the same as a stick built home, however if you are selling a manufactured home you need to understand you are limiting the amount of people that can qualify to buy your home because of the different guidelines involved in the appraisal and finance world. It sounds like you have your heart set on building, but I would keep searching rehab properties to, I believe at this point in time, it is cheaper to rehab than build in a lot of cases.
Quality control is a bit spotty, but it's definitely improved by leaps and bounds over the past decade. My sister had a Cape style modular "built" back in 2006. The upstairs was left unfinished by request. My dad finished it for her last year and found a lot of areas where the subfloor wasn't flush where the sections of the home met. Not sure if it was due to settling, or more of an issue with the QC during the build/assembly phase. There was also small issues where corner stud framing was absent in the pantry leaving unsupported drywall in the corners. With that being said, it's a very nice home. The home is built in an environmentally controlled area, and the assembly/dry-in takes very little time compared I think the only hesitation I would have is with resale. The average buyer may see modular as "manufactured" and be hesitant on pulling the trigger for fear of quality even if it's unfounded. A home like you're describing is pretty straight forward. I would be placing emphasis on kitchens and baths as well. Along with budget minded energy efficiency. Edit-I see Frenchbritt pretty much covered it while I was typing :D
I'm not a builder, but have several friends who are and we actually just got into an discussion last weekend. They both agreed that in today's market, you can buy way more house then you can build. Like I said, I'm not a builder but I trust these guys. When I bought my house I had them come to the do a walk through and check things out. Building is $$$$$, they said you can buy more house for you r dollar and do renos to make it "yours". I do not mean to thread jack, just passing a long thoughts from a convo I had this weekend.
Definitely not the case everywhere. I will be buying in next year or so but would love to build 5-10 years down the road.
I have built 2 homes in the past, one acting as my own general contractor and the other hiring a general contractor. I would agree that in most areas buying right now is probably more cost effective than building but you have to be satisfied with the lot and available houses on the market. You can renovate if you can find something that is suitable and you can buy cheaply enough. Building lets you put your stamp on something but can consume most of your time during the construction as there are literally thousands of decisions that you will have to make from door knobs to paint and on and on and on. The advice of spending money on kitchens and bathrooms is spot on from a resale perspective. Quality of the construction being a key and having a quality contractor is paramount to getting a quality finished product. There are many building contractors that don't have good reputations so be careful and check many references before settling on one. I don't have any experience with Modular or Manufactured homes.
We are in the market for a new home. We have found 14 acres of land we like and we are deciding whether to build or go modular. We had the first home we bought stick built and it has its advantages. It is still a toss up right now.
Sorry things got out of hand at work but I see everyone else chimed in and I agree with what they said. Resale isn't that great and you take out a portion of potential buyers. If you find a good builder they can have it a house built in the same or better time frame as a factory built home. I would be patient for another month before buying land unless the perfect piece come up
We did a stick built home with a commercial national builder. If you do so, spend the time looking at/talking with their GC and subs about their Quality Control (materials, subs, standards, practices, etc). Stupid crap like putting a 4" stand pipe in a 2x4 wall; scabbed lumber, fit, insulation, etc are all important. You can rule out several cos just looking at their work and product. Another suggestion, take pics vid of all the systems (plumbing, electrical, hvac, even structure) a few years down the road you will want to know exactly what is behind that part of the wall.
