What to do if you like a particular area but like none of the homes available on the market? Well,one way would be to wait for something acceptable to come on the market. However, one often overlooked option is to purchase a lot and then have a builder put together the home you want (build-on-your-lot.)
The type of homes and options are plenty and range from fully custom (expensive) to a spec home with few or no structural options available (less expensive.)
Besides the obvious advantage of being able to build your dream home, how much would such a home cost?
Apart from working out the financing (finance lot, construction loan etc) building a typical new home in Falls Church may include the following:
Purchase Lot (Pimmit Hills lot ~ $275,000), site prep (~$75,000), holding cost(~$25,000), options(~$50,000), home itself (NDI Brittany $274,000) = ~$700,000.
The $700,000 assumes you don’t go totally overboard but get a average home with common new home options. Site prep, permits and possible hookup charges will vary and you have to make sure the lot you choose can support the model and type of home you want (setbacks, resource protect zones, easements and topography of the lot etc.)
There are risks and you will be paying holding cost while the home is being built. But, building a home on your own lot may be a great way to find the dream home for some!
We just listed a few parcels of lands in Arlington that may work great for you to build your own home on – See this post.