[natedog7700]

Originally Posted by Xiaoxi

I've been hashing out what to do for housing for quite some time, and after talking with a friend, came up with something that sounds ideal for both of us.



1. how much would it cost to contract out a build? I'm thinking 2 stories + 8 car garage.
Thanks in advance for any advice / insight. Let me know what you guys think!

FTFY

[natedog7700]

Originally Posted by jpnh

No

Not just no.....HELL NO

+1

[GoHokiesGo]

Originally Posted by 08njSTEP

Unless you have full cash asking price you are in line behind those that do. The real estate agents hook up with investor friends to grab marketable properties and block regular buyers. There are a lot of other reasons also, but those are the 2 biggies. Like all things...those with connections have easier access....those with investment money have more leverage to make profit.

This was my experience as well with my first house in the DC area also, granted it was back in '08-'09. We bid on over a dozen properties at full asking price and were losing out on all of them, and some sold for $100k+ over asking/list price. The one that we finally were accepted on turned out that my realtor was frat brothers with the bank listing agent back in college, which was the only way we got in at list price for the place.

That being said - we made out pretty good on the deal and turned a nice profit when selling. Just moved into a new home that was semi-custom built, and it worked out to about $180/sqft when all was said and done; I would expect with a full custom home that the $200/sqft number mentioned earlier is spot on.

[Mr Tonka]

Originally Posted by csu87

These are at cost pricing. The water/sewer fee is low. Usually that tap is 30K + depending on the city.

The permit fees are right in line with what I pay for a small $300-400k project from every municipality around here. I usually budget 5% of total cost in permits. And the Architect/Engineering fees would depend on if you went full custom or use a base plan and build from there.

But like i said, this is 3 years old and pricing isnt adjusted for nice finishes, location, etc. this is the mid level house with carpet/laminate throughout and probably laminate countertops and cheap appliances/fixtures. Hell you can spend 20-30k on just appliances if you want to, and they only have 4k budgeted.

It's cost, what it cost the GC provide and install. Most tract home developments only budget for base grade finishes and appliances. $4 k will get you a fridge, stove/range/hood combo and dishwasher no problem. But it's rental grade stuff. We've done plenty of tract homes and these prices are pretty common for base budget.

But i hear ya, those prices don't include the GC and other fees which are all listed separately above the line.

[csu87]

Originally Posted by Mr Tonka

It's cost, what it cost the GC provide and install. Most tract home developments only budget for base grade finishes and appliances. $4 k will get you a fridge, stove/range/hood combo and dishwasher no problem. But it's rental grade stuff. We've done plenty of tract homes and these prices are pretty common for base budget.

But i hear ya, those prices don't include the GC and other fees which are all listed separately above the line.

Do you do residential construction? Ive only done industrial and very minor commercial.

OP, was talking with a buddy in residential construction at lunch today and he said that with a lot of the major homebuilders, you can sometimes have them do a custom plan for you. Material costs are down since they buy a lot of their materials in bulk than if you went with a custom home builder. Might try that route if you are still looking at building.

[Xiaoxi]

Originally Posted by natedog7700

FTFY

No lie, that's what I was shootin for. The garage practically matters more than the house.

Anyways, big thanks to everyone for their input. Really informative. Sorry for the delay, it was a hectic week. What I've gathered is that this is a bad idea and I'm in way over my head lol.

Completely shelved the idea, there's no chance in hell my local zoning will allow for the apartment / separate house thing. Like some of you mentioned, the land would have to be split off into a separate entity / address, and I'm not about to get into that.

Naz24 I really appreciate the offer to discuss! I'll definitely hit you up soon.
I aim to deep dive into real estate stuff this weekend and get schooled up.