» Sun May 13, 2012 11:59 am
Building is definitely a headache. My parents had a house built when I was a teenager, and after going through quite a number of problems, my dad said he'd never build another house again. The worst problem was the guy that my dad hired turned out to be quite shady & incompetent. He used the wrong materials in the wrong places, and the final straw was when he had laid the foundation too close to the road, so they had to re-do it (luckily they caught it before building the rest of the house). My dad fired the guy, who refused to refund the money my dad had already paid him. My dad then tried to sue him, but he claimed bankruptcy and then fled the state.
On the bright side, he ended up hiring a legitimate builder and everything went great after that. Just two years later, he sold it for a decent profit (before the housing market crashed). So, it's all about choosing the right people. Building a house will almost always take longer than what they say...So whatever time amount they give you, It'll probably end up taking twice that.
In terms of buying versus renting, it's all about downpayment. If you can afford to put down a good chunk of money up front, it can drastically reduce your mortgage payments. If you can only do the minimum, depending on your income and the sale price of course, it may not be worth it. That said, it's still a great time to invest in a house right now assuming you'll be in it until the economy gets better (however long that'll take).