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Building, Buying or Selling, What's First...
...Which came first - the chicken or the egg? Good Question. What should come first - selling or buying? Good Questions. I wish I had a nickel for every time I am involved in the "what if we have to move before our new home is finished" consultation. If you are reading here for an answer to that question you will be disappointed. There is no answer that satisfies everyone.
CONSIDER THE MARKET IN YOUR NEIGHBORHOOD. If you hold off the marketing of your home because of the timing of your construction, will you pass the market peak? What if your home doesn't sell by the time your new home is finished? What will the three mortgages cost you? (The mortgage on your present home, the bridge loan and the new home loan). What is the average days on the market statistic in your area for homes in your price range?
WHAT IS ENOUGH TO MAKE YOU MOVE TWICE? Let's assume your offer comes in too soon. They want your home now--not later. compute the cost of renting and moving twice, compared to the holding costs if you can't close another buyer before your home is finished. Statistically, owning an extra home costs about $2,000 per month. Consider the cost of the gamble and proceed accordingly.
For more on building, go to the online directory for building and home improvement products and information www.build.com. It is a business site. Start here and look for other related links on the web such as:
www.bobvila.com
www.yournewhouse.com
Building...
... I have heard it said, "If your marriage survives while you are building a home, you have it made for life!". That may be an exaggeration. It does, however, allude to the troubles that can pop up as you make reality of your dreams.
The first thing you have to do, of course, is find a place to build your home. But, you already know that. One of our kids found their lot and then picnicked there for a couple of years and brought their "Uncle Harry's" Ice Cream Cones out to the lot until they were ready to build. The best advice I can give you for your search process is to keep in touch with the REALTOR® of your choice, be patient, and the perfect spot will come along.
Next, you should pick your builder. Choose your builder by referral and reputation. Be sure to talk to past customers and check with organizations like the Better Business Bureau. I think there is a lot to be said for choosing a builder who routinely works in the area of your lot. I also think there is merit to working with a builder who uses local contractors for the major construction and mechanicals. If the guys who did the work live within your community, there is less anonymity and more incentive for the contractor to help you in case something isn't right after the closing. Just don't forget to get testimonials and do a good job of researching the builder before you sign on the dotted line. You might ask some of the local contractors in the area for their opinions, too. Tradespeople usually have had dealings with most of the builders who come into the area. They may have some good insight to help you make your choice. The REALTOR® who helps find your site may have recommendations, too. Some builders who work in my community are listed further on in this site.
After you have chosen your house plans and shopped and compared builders, sit down with your top choices for builders and compare package prices and services offered.
As a service to you, I am attaching a list of components found in a home. A builder that I used to work with came up with the list. You will find that different builders give quotes based upon different criteria and quality. The model home that you are looking at is seldom the home that matches the base price. The base price may be $99,000, but, if you want door knobs, hinges, and "other luxuries", your home can end up costing thousands more than you were expecting.
Here is a list of most of the components of a home. Print it out and set up a comparison chart to help you when you seek quotes from the builders:
| ITEM | COMMENTS | PRICE |
Some local builders that you may wish to interview:
| Mike and Dick Kempken Kempken Builders 414-534-5438 | Lemel Homes Milwaukee |
| Keeker & Sons Norm Keeker 414-534-3435 | Fred Chart Construction 414-534-7278 |
| Kettle Creek Homes Waukesha |
| Real Estate Page | Buyer's Guide | Seller's Guide | Welcome Home | Back to the Top | E-mail Verna |
| Verna Acker, CRS Waterford, Wisconsin 262-534-7400 |
CONSTRUCTION PRICES AND FEATURES