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Old 07-17-2020, 12:44 PM   #41
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Looks like the OP has flown the coop. The OP on this thread was last post.
Profile says they were last online since then, on 7/15. May not be gone?
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Old 07-17-2020, 01:31 PM   #42
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Profile says they were last online since then, on 7/15. May not be gone?
OP is busy interviewing either general contractors or real estate sales agents.
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Old 07-17-2020, 01:55 PM   #43
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Do you think I'm right about the potential loss we could face? [/FONT][/FONT][/SIZE]
Yes. You have listed many good reasons NOT to build there.

What are the population & employment forecasts for that area? Unless the forecasts are strong you should not build there.

I would never do this unless I had super-reliable contractors.
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Old 07-17-2020, 04:44 PM   #44
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We built a home in 2005, and added an RV garage, pool, poolhouse, nice fencing/gating, solar, etc. The total cost to build was a bit over 1.1M. What we didn’t realize as we were building, was that we’d eventually want to leave the state we were in, due to confiscatory taxes, and ridiculous political policies. So, when we bought in the next state over, where taxes and politics were more favorable, we put that home on the market. What we didn’t realize was that the area we were in had a very very small appetite for million+ dollar homes. We lost over $200k on the sale (but we gained most of that back on another home we had bought in another state but eventually decided we didn’t like the area). Many of the other million+ homes that were on the market when we sold ours (a year ago) are still on the market. If you do build, make sure you are comfortable that there will be a good enough market to recover your investment. Signed, been there, done that...it wasn’t pleasant.
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Old 07-17-2020, 05:12 PM   #45
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We built a home in 2005, and added an RV garage, pool, poolhouse, nice fencing/gating, solar, etc. The total cost to build was a bit over 1.1M. What we didn’t realize as we were building, was that we’d eventually want to leave the state we were in, due to confiscatory taxes, and ridiculous political policies. So, when we bought in the next state over, where taxes and politics were more favorable, we put that home on the market. What we didn’t realize was that the area we were in had a very very small appetite for million+ dollar homes. We lost over $200k on the sale (but we gained most of that back on another home we had bought in another state but eventually decided we didn’t like the area). Many of the other million+ homes that were on the market when we sold ours (a year ago) are still on the market. If you do build, make sure you are comfortable that there will be a good enough market to recover your investment. Signed, been there, done that...it wasn’t pleasant.
Overbuilding is always an issue particularly if you have the "forever home" theme song playing in your head.
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Old 07-19-2020, 04:41 PM   #46
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This has been an enlightening thread for me. I am looking to move out of Florida in 2 years and go to Tennessee. The available houses I'm seeing do not typically have construction features that I am used to and, quite frankly, what I am looking for. That has had me thinking that I will need/want to build to get what I want.

I have already learned that there is a dearth of builders in the areas I am interested in. The GC's that are there have terrible reputations. With a lack of reputable contractors plus what I have read in this thread, it has me thinking that I need to change my expectations and lower my standards.
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Old 07-21-2020, 05:59 PM   #47
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There a building supply shortage right now including lumber.
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Old 07-21-2020, 06:35 PM   #48
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The only reason I did the landscaping now was to keep my BIL's business afloat.
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Old 07-21-2020, 06:38 PM   #49
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There a building supply shortage right now including lumber.
Heard today that a neighbor is planning a large ag building and is looking for bids. .the bids come with the disclaimer numbers good for 24 hours.
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Old 07-21-2020, 07:46 PM   #50
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I wanted to build a dream retirement home on Hawaii Island. But the cost with a pool and land would be about $300K+ higher than buying a pre-built home with a pool. The home we found has us compromising a bit here and there, and it's not as custom as we wanted, but it fits 98% of what we wanted, and we don't have the stress trying to build in the time of COVID and dealing with supplier and labor shortages. And hopefully, we can move in just two months!
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Old 07-22-2020, 10:47 AM   #51
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Seems like a massive house to build. I would consider a smaller house and build a great backyard, resort pool, etc. That may give you plenty of living space but without the large house. Congrats for being in a position to build a $1.6M house too!
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