What to do if you like a particular area but like none of the homes available on the market? For many, the answer is to purchase a lot and then have a builder put together a home. The options range from fully custom (expensive) to a spec home with few or no structural options (less expensive.)
Besides the obvious advantage of being able to build your dream home, how much would it cost?
Apart from some challenges with 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), home itself (NDI Brittany $274,000) = ~$650,000.
The $650,000 assumes you don’t do any major changes and updates to the standard model. Also, site prep is often an unknown and you have to make sure the lot you choose can support the model you like (setbacks, resource protect zones 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!