Couple build their own house costing $33,000 to avoid paying mortgage (2024)

FAQs

Couple build their own house costing $33,000 to avoid paying mortgage? ›

Another thing that may astound you is the cost. It comes in at $33,000 and this includes all the appliances. This small home was designed and built by a couple who wanted to be free of the burden of a mortgage and so built themselves a home so that they could live in Oregon on five acres of land that they own.

Cons of Building a Home

Building a home can be a lengthy and expensive process. It requires careful planning, design, and construction, which can take months or even years to complete. This can also be a stressful process, as unforeseen issues can arise and delay the project.

While the average cost to build a house is $298,136 in 2023, most homeowners spend $111,980 – $484,293 to build their homes. Even though you can get a general idea of what you may pay, it's important to keep in mind that there are numerous factors that will impact the cost to build.

Generally, the construction of a house of this size and complexity can take anywhere from 4 to 8 months to complete. This estimate includes the time for site preparation, foundation work, framing, roofing, interior and exterior finishing, and the installation of utilities.

In a seller's market, it's reasonable to consider building your own house rather than fighting it out for an existing home. That said, if time is a factor, you may be better off buying an existing house. Another major factor to consider is the cost of building a house versus buying a house.

Building a foundation is often among the most costly items on this list. Home foundations are built underground and support the structure's weight. A strong foundation must: Assist in support of the above structure.

Under $200,000

At $187 per square foot, you can build a house of up to 1,069 square feet. That's enough space for two bedrooms — three if they're on the small side — and two baths. Homes this size make good starter homes, downsizes, or investment properties.

In general, a plot size of at least 1,000 square feet is considered to be sufficient for a small house. For a larger house or a house with a lot of outdoor space, you may need a plot size of 2,000 square feet or more.

For many, a 1,500 square foot house might seem like a small home, but you can still fit in 2-3 bedrooms, making it the ideal house for a couple or small family.

How to estimate the cost of building a house? ›

To estimate costs for a new project, multiply the home's square footage by the average cost per square foot. For instance, a 2,400 sq. ft. home estimated at $124.16 per sq.

Newly built homes often come in a standard or basic form and may not include everything you need or want. It is quite common for these properties to lack interior essentials such as some appliances and window coverings and exterior features like decks, fencing, and landscaping.

CON: It could cost you more. If a project requires tools that you don't own or building supplies, a DIY project could end up costing more than if you hired a professional. Contractors already have the tools on hand and they often get discounts from suppliers due to the volume they buy on a regular basis.