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 Expert
Posts: 1304
 
| Just looking for opinions and personal experiences. My SO and I are looking at houses and properties. He really wants 75-200 acres and I can do with less as long as I can have a horse. Lol. He also wants more timber, or equal timber equal pasture on the property. We've found a 63 acre property with half timber, half pasture with a nice double-wide on a foundation and full basement and a barn. We really like it and obviously have been doing our homework, looking at other places, and have seen the house and barn but have to walk the property. We're on the fence though. We wonder should we buy a place like this, or buy the amount of land he really wants and build? I've also been trying to research the value of the house itself as I know manufactured houses depreciate, but a foundation/basement probably help it out some. We do really like it, but he wants what he wants too in acreage so we're unsure. I am personally fine with this amount of acreage, but want him to be happy as well. We live in Northern WV and property is steep price-wise in the area we want to be in so that's another consideration that we're taking into account. This property is secluded and only 20 minutes away from where I will most likely work after I finish my Masters so that's a plus. It's affordable which is nice too and is about 45 minutes-1 hour from where we really want to be. This property is also one of the few we've looked at that seems like it's not straight up and down in these WV hills! My SO also works with sub-contractors on a daily basis and doesn't necessarily like the thought of having to build a house and deal with that, but we both know we'd get exactly what we want. We both don't want to jump the gun and just buy a property without not being happy in the long run. What did you all do? Buy property and build, or buy property with a house on it already? Pros and cons? | |
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  That's White "Man" to You
Posts: 5515
 
| We built 2 years ago I wish we would have just purchased. We could have purchased in the $90/ sq ft range and bulding took us to about $130/ sq ft range for the house alone. Then you have the yard and any outbuilding, etc. I would just find one that I like and buy it. | |
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| This is all going to boil down to your budget. In my area, building new cost more than buying existing. One thing to keep in mind if this is your first home is garden hoses, tanks, shovels, rakes, rock, grass seed, lawn mowers, etc.........add up like crazy (and the list is never ending)! To build a 5-wire fence here is $10,000 a mile. Fences and outbuildings don't hold their value even though us horse people appreciate it tremendously. The same is true with a new hvac system. We may like the fact that it has a new system, but it doesn't add $10,000 to the value of your property.
It has been my experience (remodeling houses) that all the nice extras add up fast. I'm speaking of faucets, hinges, knobs, cabinets, counter tops, light fixtures, ect....I have to let my brother-in-law pick out all that stuff, because I pick out the stuff that is a touch nicer even for a rental or flipper. Over the course of the job, it will be thousands of dollars. It would be hard not to go over-budget in a personal house. My BIL gets the silver hinges that look nice and do the job for $2.50, but I pick out the brushed bronz that cost $15.50.
Edited by NFM 2016-07-28 10:53 AM
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Expert
Posts: 2531
Location: WI | This is my current dilemma. There aren't many properties that match our criteria, but I have a feeling building is going to cost more and we'll still probably go over budget! | |
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 The Bling Princess
Posts: 3411
Location: North Dakota | NFM - 2016-07-28 10:16 AM This is all going to boil down to your budget. In my area, building new cost more than buying existing. One thing to keep in mind if this is your first home is garden hoses, tanks, shovels, rakes, rock, grass seed, lawn mowers, etc.........add up like crazy (and the list is never ending)! To build a 5-wire fence here is $10,000 a mile. Fences and outbuildings don't hold their value even though us horse people appreciate it tremendously. The same is true with a new hvac system. We may like the fact that is has a new system, but it doesn't add $10,000 to the value of your property. It has been my experience (remodeling houses) that all the nice extras add up fast. I'm speaking of faucets, hinges, knobs, cabinets, counter tops, light fixtures, ect....I have to let my brother-in-law pick out all that stuff, because I pick out the stuff that is a touch nicer even for a rental or flipper. Over the course of the job, it will be thousands of dollars. It would be hard not to go over-budget in a personal house. My BIL gets the silver hinges that look nice and do the job for $2.50, but I pick out the brushed bronz that cost $15.50. Most of these are incidentals in home ownership in my opinion and in the grand scheme of things don't add up to very much. Unless your having to landscape etc, than yes that is a huge expense. What will sock it to you if you build on property vs buying an existing structure is running the power to your structure, drilling a well, building a road etc. For us they were VERY costly necessities when my husband and I built. We also had additional expenses of fencing off our property, building a structure to provide protection to our horses, building our arena etc.
Edited by WYOTurn-n-Burn 2016-07-28 10:40 AM
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Expert
Posts: 1304
| Thank you for the responses! I've always thought building would be more expensive, but at the same time if you're handy and savvy you can save a lot of money. I like the thought of building, but it seems more complicated to me because of every little detail that goes into it. The plus to this property is it already has two fenced pastures and hand pumps for water up to them, of course the house, and a 4 stall barn with two storage rooms. I can definitely see these expenses adding up if we started from scratch, but I'm just not sure which would be best! We're waiting to hear back about a day we can walk the property too so we can get a better feel for things and if it would satisfy us or not. | |
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Veteran
Posts: 154
| Just remember that this is land that has the potential for natural gas fracking. If you don't get the mineral rights when you purchase your property you may still have to deal with a pad site in your future.
Please check who owns the leases on the minerals and check to see where they plan to set up sights for pads, potential lines and roadways. They should be able to give you a rough idea of how they are going to develop the unit in question. Always subject to change, but I am sure you don't want to purchase land that they plan to put a staging ground site or drilling rig on.
Just a few thought for whatever you choose in this area. | |
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Industrial Srength Barrel Racer
Posts: 7268
| From my personal experience, I would never, EVER own a mobile home again - even if it IS on a perm foundation as mine was a total nightmare to sell. Most lenders won't touch them.
I think if I was to build, I would lean towards putting up a metal building with a small apartment in it that could also be the barn, then building the house as finances permit - always having the barn apartment for guests. Have to remember when building, most likely, you'll have to have electricity, sewer, water, possibly propane, put in - quite an expense. | |
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 Shelter Dog Lover
Posts: 10277
| We have built 3 houses, my husband builds multi-family so he builds our homes. We are able to build cheaper than we could buy but costs can get out of hand. Our current house cost twice as much as what we initially thought we would spend, we decided to finish it out with very high end fixtures, floors ec. The minimum you could probably expect to spend building is $100/square ft unless you are able to do a lot of the work yourself or really cut back on finishes. If you are hiring a contractor they most likely wil not let you work on the house so they are not held liable for any work you do etc, in case something goes wrong, does not work, etc. If you are contracting it out yourself be sure you know what you are doing, more details and decisions than you could ever imagine. If building you need to be there every day checking on it. We rarely had issues, used a lot of my husbands subs who went above and beyond. In one house though, my husband did not like the way they finished out some walls, he walked around with a hammer and punched holes in the wall where he wanted it redone. You do get what you want when you build, our current house is my dream home. Good luck! | |
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The Bling Princess
Posts: 3411
Location: North Dakota | blccwgl55 - 2016-07-28 10:20 PM Thank you for the responses! I've always thought building would be more expensive, but at the same time if you're handy and savvy you can save a lot of money. I like the thought of building, but it seems more complicated to me because of every little detail that goes into it. The plus to this property is it already has two fenced pastures and hand pumps for water up to them, of course the house, and a 4 stall barn with two storage rooms. I can definitely see these expenses adding up if we started from scratch, but I'm just not sure which would be best! We're waiting to hear back about a day we can walk the property too so we can get a better feel for things and if it would satisfy us or not.
That's a good plan. Check out the house, if it is structurally sound and all it needs is updates, it may be easier/cheaper in the long run to do a little remodeling. The first house we ever purchased was a fixer upper. We put a little money into remodeling, paint, cabinets, & flooring and were way ahead of the game financally, but we didn't hire a contractor; we did all the work ourselves. TBH that was a PITA. My suggestion would be to put a pencil to paper and break it down that way if you like the property:) If you decide to build get a good contractor and make sure they are insured. Good luck with whatever you do! | |
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 It's not my fault I'm perfect
Posts: 13739
Location: Where the long tails flow, ND | I'm in the middle of building, and moving a modular on some land right now. If we took out the bank, we would be just fine but they have royally messed things up for us and now we are in an extreme time crunch and kind of losing our minds. I keep telling myself it will be worth it, and it will but holy crap buying would have been so much easier but there is nothing around and we've been looking for 6 years, settled and bought in town in the meantime. We sold this spring and started the process that we are in now.
Good luck!
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Expert
Posts: 1304
| Thanks guys! I appreciate all of the responses. It's been deep mined as everything in Monongalia County basically has been, but it hasn't been stripped! We need to look more into the mineral rights but there's a gas right of way that butts right up beside the property so we thought they wouldn't try and put another one, but we have to look more into all of that! This house actually doesn't look like a double wide. They put "stick built" in the ad but obviously when we got there and the agent told us, that was wrong. It's in really good shape and needs very few things really done, but I was concerned about the depreciation of a manufactured home. Everything's in good shape and has a lot of pros to the house we like: open concept kitchen/living room, storage and closets, a huge basement with tons of potential, a big nice deck, etc etc. We're both falling more and more in love with the place, but we still are waiting for the agent to get back to us to walk the property. Still some cons like everything has. I like the thoughts of building but not the expense and time. So much to think about!! | |
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 Worst.Housekeeper.EVER.
Location: Missouri | We are 19 months into a nightmare build. We checked references and did everything we could to pick the "right" builder and we still got screwed. I never had a desire to build, but like you, we couldn't find anything to fit our needs even after several years of looking. Still, I wish we would have done something differently. Even move away? This has taken a toll on our entire family. I feel like I have missed out on my kids, I haven't had time to ride, I can't do anything except house stuff. Never again!
Maybe someday we can look at this place and be proud, or finished even. But it's so much work, time, and money that we haven't been able to enjoy it yet. | |
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 Toastest with the Mostest
Posts: 5712
Location: That part of Texas | blccwgl55 - 2016-07-30 7:10 PM Thanks guys! I appreciate all of the responses. It's been deep mined as everything in Monongalia County basically has been, but it hasn't been stripped! We need to look more into the mineral rights but there's a gas right of way that butts right up beside the property so we thought they wouldn't try and put another one, but we have to look more into all of that! This house actually doesn't look like a double wide. They put "stick built" in the ad but obviously when we got there and the agent told us, that was wrong. It's in really good shape and needs very few things really done, but I was concerned about the depreciation of a manufactured home. Everything's in good shape and has a lot of pros to the house we like: open concept kitchen/living room, storage and closets, a huge basement with tons of potential, a big nice deck, etc etc. We're both falling more and more in love with the place, but we still are waiting for the agent to get back to us to walk the property. Still some cons like everything has. I like the thoughts of building but not the expense and time. So much to think about!!
Does the house fit your needs for right now and the next 10-15 years? It may be that you both would be better off buying this property now with plans on building a house later on when the manufactured home starts having major problems. Sometimes later in life you have more money to spend on building something new and honestly, you can build smaller when your kids have left the nest. Otherwise you may get stuck with a huge mammoth house like mine that is way to much space for 1-2 people to live in since it was built more for a large family. Plus, who cares what the kids tear up in this house? The really nice one is for when they get older and don't decide to create a crayon mural on the hallway walls. :)
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Expert
Posts: 1304
| The house is really something I could've seen myself living in for a long time. We're both not extravagant and I'd rather have a smaller than bigger house because I don't want to keep a big house clean! Lol. It was a single level with three bedrooms and one bathroom, and then the basement. But now a 104 acre property came up for sale a couple days ago in the same area with the land we want, and for $155,000 cheaper..so now we're looking at that place as well. If we built, we both like a cape cod style, and I'd say would keep it between 1200-1500 square feet. I don't like too fancy and shiny, I prefer comfy/cozy/country so hopefully our interior expenses wouldn't be as much as it could be. Lol. We're going to look at that land Wednesday. So we shall see! | |
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 Witty Enough
Posts: 2954
Location: CTX | Hopefully early next year we will be in the same situation, so I am very curious as to what you will choose.
Good luck!
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Expert
Posts: 1304
| I'm sorry you're going through all of that!! I pray it gets better for you  | |
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Expert
Posts: 1304
| And thank you! I'm curious as to what we'll choose as well. I think if this property pans out to what we think it is, we'll end up going with it. $1,200 an acre now of days is cheap and would be hard to pass up! Although building is long and strenuous I know we'd be getting what we wanted. The downfall is the time and the additional things that won't be already done on the property: fencing, buildings, etc. | |
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 I Don't Brag
Posts: 6960
| We have not tried to sell our place but we were aware of the added difficulties of someone getting financing on a manufactured home if we were to sell. But we decided to go with what WE wanted, not with selling in mind, so we put a manufactured home up and still love it after 18 years....and it still feels new and like a "real" house.
As far as depreciation goes, I don't know, but I DO know that the insurance company keeps raising the value of the home for coverage. Right now if we were wiped out we would get almost double for the house of what we paid. | |
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 Chasin my Dream
Posts: 13651
Location: Alberta | We started from scratch and as much as we love the fact things are coming along as we want, we are still plugging away at it 9 years later (so yes budget is a factor).
I haven't read all the posts, but ALOT of factors go into starting from scratch.
*Utilities(water, gas, power, septic)permits for each and installation to all buildings you'll need-house,barn etc
*road access (if no proper driveway)
*building permits (house, barn,garage)
*contractor and trades
*we built everything ourselves and while it cuts labour costs it can take time longer since we had "real jobs" so 100% wasn't into the builds.
*fencing, water system for animals (in our area that involved additional trenching of water lines)
I know there is stuff I missed, but best of luck with your decision. | |
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