Question for SD Realtor, Rustico, etc.

[Jumby]

bump

[Bugs]

I’ve also found out that lenders and appraisers aren’t allowed to discriminate against this type of construction because of its high quality.

It’s not the appraisers or the lenders you need to worry about, it’s the market. There’s what should be and then there’s what is.

I’ve appraised several multi-unit subdivisions involving these things and the reality is that while they compare on a nearly equal basis with the low end site-built construction when they’re new the resale values after a couple years are a different story.

The raised foundation is a killer when it comes to buyer appeal.

[Bugs]

I’ve also found out that lenders and appraisers aren’t allowed to discriminate against this type of construction because of its high quality.

It’s not the appraisers or the lenders you need to worry about, it’s the market. There’s what should be and then there’s what is.

I’ve appraised several multi-unit subdivisions involving these things and the reality is that while they compare on a nearly equal basis with the low end site-built construction when they’re new the resale values after a couple years are a different story.

The raised foundation is a killer when it comes to buyer appeal.

[Bugs]

I’ve also found out that lenders and appraisers aren’t allowed to discriminate against this type of construction because of its high quality.

It’s not the appraisers or the lenders you need to worry about, it’s the market. There’s what should be and then there’s what is.

I’ve appraised several multi-unit subdivisions involving these things and the reality is that while they compare on a nearly equal basis with the low end site-built construction when they’re new the resale values after a couple years are a different story.

The raised foundation is a killer when it comes to buyer appeal.

[Bugs]

I’ve also found out that lenders and appraisers aren’t allowed to discriminate against this type of construction because of its high quality.

It’s not the appraisers or the lenders you need to worry about, it’s the market. There’s what should be and then there’s what is.

I’ve appraised several multi-unit subdivisions involving these things and the reality is that while they compare on a nearly equal basis with the low end site-built construction when they’re new the resale values after a couple years are a different story.

The raised foundation is a killer when it comes to buyer appeal.

[Bugs]

I’ve also found out that lenders and appraisers aren’t allowed to discriminate against this type of construction because of its high quality.

It’s not the appraisers or the lenders you need to worry about, it’s the market. There’s what should be and then there’s what is.

I’ve appraised several multi-unit subdivisions involving these things and the reality is that while they compare on a nearly equal basis with the low end site-built construction when they’re new the resale values after a couple years are a different story.

The raised foundation is a killer when it comes to buyer appeal.

[Jumby]

Thanks Bugs, I appreciate your input. I am concerned, but not overly because I really want to have a nice home, in a good spot that I will live in for my kid’s entire childhood (due next year).

Doing this may allow me to come in at 30% off (give or take) current values and allow me the convenience of home ownership sooner rather than waiting for them to drop.

[Jumby]

Thanks Bugs, I appreciate your input. I am concerned, but not overly because I really want to have a nice home, in a good spot that I will live in for my kid’s entire childhood (due next year).

Doing this may allow me to come in at 30% off (give or take) current values and allow me the convenience of home ownership sooner rather than waiting for them to drop.

[Jumby]

Thanks Bugs, I appreciate your input. I am concerned, but not overly because I really want to have a nice home, in a good spot that I will live in for my kid’s entire childhood (due next year).

Doing this may allow me to come in at 30% off (give or take) current values and allow me the convenience of home ownership sooner rather than waiting for them to drop.

[Jumby]

Thanks Bugs, I appreciate your input. I am concerned, but not overly because I really want to have a nice home, in a good spot that I will live in for my kid’s entire childhood (due next year).

Doing this may allow me to come in at 30% off (give or take) current values and allow me the convenience of home ownership sooner rather than waiting for them to drop.

[Jumby]

Thanks Bugs, I appreciate your input. I am concerned, but not overly because I really want to have a nice home, in a good spot that I will live in for my kid’s entire childhood (due next year).

Doing this may allow me to come in at 30% off (give or take) current values and allow me the convenience of home ownership sooner rather than waiting for them to drop.

[NotCranky]

Hi Jumby,

You could knock that house down and haul it away for a ball park estimate of 15-20k + demo permits. Once again though be careful. Set-backs for the new construction could be different than for the old. Just do a lot of due diligence. Imagine everything that could possibly go wrong and make sure it doesn’t apply to your case. You have to spend a lot of time at the building department.

From a value stand point it is wise to make sure you are not building the best home in the neighborhood. Generally speaking, to do the tear down and rebuild thing, you want to get the worst dump on a nice lot surrounded by much better homes. You might also look around for a project where someone has done most of the leg work and is ready to build but for some reason needs to bail. You could get what they put into it at a discount and/or huge savings of time and trouble.

[NotCranky]

Hi Jumby,

You could knock that house down and haul it away for a ball park estimate of 15-20k + demo permits. Once again though be careful. Set-backs for the new construction could be different than for the old. Just do a lot of due diligence. Imagine everything that could possibly go wrong and make sure it doesn’t apply to your case. You have to spend a lot of time at the building department.

From a value stand point it is wise to make sure you are not building the best home in the neighborhood. Generally speaking, to do the tear down and rebuild thing, you want to get the worst dump on a nice lot surrounded by much better homes. You might also look around for a project where someone has done most of the leg work and is ready to build but for some reason needs to bail. You could get what they put into it at a discount and/or huge savings of time and trouble.

[NotCranky]

Hi Jumby,

You could knock that house down and haul it away for a ball park estimate of 15-20k + demo permits. Once again though be careful. Set-backs for the new construction could be different than for the old. Just do a lot of due diligence. Imagine everything that could possibly go wrong and make sure it doesn’t apply to your case. You have to spend a lot of time at the building department.

From a value stand point it is wise to make sure you are not building the best home in the neighborhood. Generally speaking, to do the tear down and rebuild thing, you want to get the worst dump on a nice lot surrounded by much better homes. You might also look around for a project where someone has done most of the leg work and is ready to build but for some reason needs to bail. You could get what they put into it at a discount and/or huge savings of time and trouble.

[NotCranky]

Hi Jumby,

You could knock that house down and haul it away for a ball park estimate of 15-20k + demo permits. Once again though be careful. Set-backs for the new construction could be different than for the old. Just do a lot of due diligence. Imagine everything that could possibly go wrong and make sure it doesn’t apply to your case. You have to spend a lot of time at the building department.

From a value stand point it is wise to make sure you are not building the best home in the neighborhood. Generally speaking, to do the tear down and rebuild thing, you want to get the worst dump on a nice lot surrounded by much better homes. You might also look around for a project where someone has done most of the leg work and is ready to build but for some reason needs to bail. You could get what they put into it at a discount and/or huge savings of time and trouble.

[Author]

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