4 ms·

So you are saving ~30% right? Plus the land at probably <250k means $600k max net cost. I imagine the area you live in has $800k-$1m houses.

• mikeg8 5y ago
  About right, might be saving closer to 35%. Land cost was $500k in 2018, but its 3 acres, had existing utilities, and I can re-build another existing structure on the property what was red-tagged and will be 2 bed 2 bath, ~1800sq/ft primary dwelling. The one currently under construction is technically the accessory dwelling unit, but it really is a stand-alone house. With just the new ADU, we will be in ~$850k but appraised value is expected to be $1-1.3m. When we spend another $350-$400k re-building the primary dwelling, it will probably be worth $1.6-$2m with ability to rent one unit. The metric I care most about is my sq/ft build cost which will be around $300/ft. This is incredibly low for a custom home which ranges in the $400-650 ft range for a decent quality custom and $1000+ ft for higher-end residences. The sqft size of units in LA is not mentioned, but based on the video, they are between 400-600 ft. $837k / 600 sqft = $1395 ft. Wayyyyyyy too high for "affordable" housing.