Building/rehabing your own house is not for the faint-hearted. It’s a lot of work.
Now is not the time to build anything. Better to buy a ready-to-move-in house if you absolutely have to buy. You want to build at the bottom of the market when architects and contractors are begging for work. They will appreciate your business a lot more and give you better service.
This Old House on PBS is a good show on how to build/rehab a house. I think it’s pretty realistic. The difference is that on TV, everything goes smothly. Build only if you feel ready for it otherwise, buy. Prices on old houses are now such that rehabing doesn’t pay.
cristalight, I truely believe that if you wait for a few years, you can buy in a better location than Del Cerro.