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This article discusses
cost of building a home, build a new home guide, construction house work.
With the cost of home construction skyrocketing, the economics of
building your own home look increasingly attractive to people thinking
of a second home, or for people who have $150,000 to sink into
construction, but a desire to live in a $250,000 house. Problem:
Mastering the skills required to build a house.
One solution: A course in one of the do-it yourself homebuilding schools
proliferating now. The courses: Up to three weeks, in which everything
from plumbing and wiring to budgeting is taught. Also: Specific
construction skills. Example: How to convert a house to a solar heating
system.
See
building home
for more information.
Cost of courses: $350 to $500. Saving: Since lab or, on average,
represents 50% of home construction costs, a saving of up to 50% is
theoretically possible.
Recommendation: Look into a middle route between contracting out for
construction work and doing it all yourself. Possibility: find an
amateur homebuilder with low overhead costs willing to negotiate an
arrangement whereby you do some of the work and the builder does the
rest.
Caution: Finding mortgage money for do-it yourself homes may be
difficult now.
Note: The work is always more time consuming than expected. Rule of
thumb: Plan to spend 1 V2 hours for every square foot of living space
you are working on.
Are you considering renovating an old
house ? The positive aspects of renovating an old house are enticing: A
sense of accomplishment, an outlet for creativity, and the possibility
that it will be a good investment. However, the experience of returning
a house to its former glory can be frustrating and overwhelming to
anyone who attempts it for the first time without proper understanding.
The worst aspects, according to old-home buffs:
Not knowing what you are getting into. Living amid the chaos of
reconstruction for very long periods.
Some things to consider when buying an old home to renovate:
Choosing the right neighborhood is the most important element on the
investment side. If many homes are being renovated in your neighborhood,
chances are good that your choice will be expensive. Best: Find a
neighborhood where one or two homes have been renovated on your block
and several more a few blocks away. There is a strong possibility that
the neighborhood will blossom and values will rise.
Speak to owners of similar homes in your area before you purchase.
Concentrate on the steps they took.
Get a good
engineer's report about the home, and focus on foundation, plumbing,
electrical, and mechanical systems. These are the most difficult to
restore. Choose an engineer with considerable experience in old homes.
If you want a modern interior and expect to gut most of the house and
substitute modern fixtures, find a house that's just a shell. Reason:
Old homes with fine architectural details such as marble mantels and
restorable wainscoting cost more.
Don't put your last penny into a down payment and take a big mortgage.
The fixing-up process can be extraordinarily expensive even if you
expect to do much of the work yourself. Expenses vary nationwide,
correlating most closely with lab or costs in your area.
Don't get an architect to draw up a master plan for your house
immediately. It usually takes a while to know what you want out of a
house. Unless you have lived in it at least six months to a year, you
will probably make expensive mistakes.
Learn how to deal with contractors. You can't do everything yourself.
You must hire experienced people. Read the contract. Make sure the
contractor is bonded. Possibility: If you are fairly handy, call in a
professional to do a small portion. Watch carefully. You may be able to
finish the job yourself.
Gutting an interior can be done easily by anyone. All you need is a
crowbar, sledge hammer, old clothes, and elbow grease. Most homes can be
gutted in a weekend. Keys: Hire neighborhood teenagers to help. Find a
dumpster for the plaster.
Don't be discouraged by broken beams, crumbling interior plaster, or
even a leaking roof. As long as the exterior walls and the foundation
are solid, shabby interiors are secondary.
Study local zoning laws before you make major changes. Reason: Removing
a pipe or a wall frequently requires a building permit.
However, after you get the permit, your tax assessment will be raised,
probably by as much as the value of the renovation. Important: Be
prepared to try negotiating with the tax assessor. Related topics: building a new home guide, cost to build my my home, amateur construction house work, how do i build my home, how to build my home.
Most expensive changes: Changing the location of the kitchen or
bathrooms. Why:
Plumbing. Don't do it if you can possibly live with things where they
are.
Way to boost resale value: Organize a walking tour of restored homes in
your area. These walking tours are great sales tools.
Source: Consumer Information Center
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