12-03-2021, 04:25 PM
(This post was last modified: 12-03-2021, 04:28 PM by tikicarver.)
(12-03-2021, 12:59 PM)Ya I know cost/sq ft is very rough estimate. But it is what builders like to talk in. Just to give you a comparison. In your same timeframe, 2019, I was researching building on a vacant lot in Kaneohe area on Oahu. At that time it would cost about $750,000 to buy 50year old, single wall construction, house that was less than 1000 sq ft. So my logic was if I could find a lot for around $300,000 ( there were some) and I built a small new house for around $200-250K, I would be way ahead of the game. I would have a brand new modern construction house for much cheap then a buying a piece of crap eaten by termites...LOLI went to a few house building seminars the local builders have to find clients.Bottom line they all quoted about the same$200-300 / sq ft of house , NOT including the house of hooking up utilitiesSo I would say $115 is really good..The problem with my plan..... the vacant lot prices are too high on Oahu. No one really wants to give you a loan for vacant land. So you have to have a lot of cash. usually like 50% of the cost for a down payment. Even then they want to see that you have plans to build. You can get combination loans like land /construction. But again they want plans and budgets. So basically to go that route you need to know what you are going to build and have it all budgeted out by a contractor they trust, just to get a loan to buy the lot. That might work if all lots were flat and lever, then you could come up with something that would work on any lot. But that is not the case in Hawaii. To me they force you to work the process backwards. You need to have the land before you can make detailed plans of what to build on it.So my new plan...buy a lot in the Puna area. Build a house on it and then retire there...Chas Wrote: I went back and calculated it at $115 per sq/ft. The contract was signed in Feb of 2019.