Building instead of buying (MA)

I’m almost 30 and it’s time for me to find my own place. I have 80k in cash, 50k in assets and I have ZERO debt. I make 75k a year.

I’ve been pre-approved for well over my budget, my budget being 350k for a house… but I could stretch it to 400k (pre approval was like 550k). My girlfriend will be living with me as well, she makes 75k a year as well and agreed to pay me “rent” to live there… probably like $1,200 a month or something depending on what the costs end up being.

I’ve been looking for houses for over a year now, pretty much daily. And everything is so over-priced it’s discouraging. I know the market is crazy now but my girlfriend is getting impatient and wants to live with me and start a family soon and in order to do that I need a house. But I simply cannot justify spending 400k on these houses that are over 100 years old and don’t even have a garage or any land and all need a ton of work.

Because of that I’ve been doing research on building a home instead. I don’t need anything giant or fancy. Ideally a 3 bedroom 2 bath with a garage. I found a plot of land that is perfect, 3 acres off a cul de sac that is “Zoned Multiple Residence 30” (MR30) for a single family or 2-family home. for $160,000

If I were to build a small home, maybe a ranch with an attached garage could be a 1.5 bath and 2 bed room if need be. I could go modular or even a hit home, I don’t care. I just want something new.

Would it be possible with a budget of around $250k (excluding land) for me to build a decent starter house? I’ve been doing a bit of research and understand that a septic system will cost me probably $20k, electrical $5k, a well or water of some sort, $15k, foundation $20k, among a few other things outside of the cost of the actual house that would chew into my 250k budget leaving me with probably around 180k to buy the actual house if it were a modular (and delivery fee).

I am not worried at all about doing finishing touches, I don’t have a fancy appetite and I can do a ton of the work myself. I’m pretty handy and motivated. I’m just nervous about the whole process because this would be my first home.

submitted by /u/HeroDanny
[link] [comments]

I’m almost 30 and it’s time for me to find my own place. I have 80k in cash, 50k in assets and I have ZERO debt. I make 75k a year. I’ve been pre-approved for well over my budget, my budget being 350k for a house… but I could stretch it to 400k (pre approval was like 550k). My girlfriend will be living with me as well, she makes 75k a year as well and agreed to pay me “rent” to live there… probably like $1,200 a month or something depending on what the costs end up being. I’ve been looking for houses for over a year now, pretty much daily. And everything is so over-priced it’s discouraging. I know the market is crazy now but my girlfriend is getting impatient and wants to live with me and start a family soon and in order to do that I need a house. But I simply cannot justify spending 400k on these houses that are over 100 years old and don’t even have a garage or any land and all need a ton of work. Because of that I’ve been doing research on building a home instead. I don’t need anything giant or fancy. Ideally a 3 bedroom 2 bath with a garage. I found a plot of land that is perfect, 3 acres off a cul de sac that is “Zoned Multiple Residence 30” (MR30) for a single family or 2-family home. for $160,000 If I were to build a small home, maybe a ranch with an attached garage could be a 1.5 bath and 2 bed room if need be. I could go modular or even a hit home, I don’t care. I just want something new. Would it be possible with a budget of around $250k (excluding land) for me to build a decent starter house? I’ve been doing a bit of research and understand that a septic system will cost me probably $20k, electrical $5k, a well or water of some sort, $15k, foundation $20k, among a few other things outside of the cost of the actual house that would chew into my 250k budget leaving me with probably around 180k to buy the actual house if it were a modular (and delivery fee). I am not worried at all about doing finishing touches, I don’t have a fancy appetite and I can do a ton of the work myself. I’m pretty handy and motivated. I’m just nervous about the whole process because this would be my first home. submitted by /u/HeroDanny [link] [comments]

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