Just finished building home 40 pics inside.. ask questions

24 Replies

Hey everyone Tony here. As promised in my introduction, i have the pictures to the a new home i just built. Well i wish i would have taken more pictures during construction (i forget to take them every time and regret it big time later) but here are the pictures.

If anyone has any questions about the process, NY permits (stress), or materials used ..im here to help. Im extremely proud of the work we did on this home, it came out absolutely beautiful and i would like to share my experiences with any curious newer developers and/or investors.

I just bought another home (smaller) which i am renovating now, i plan on keeping it as a rental for retirement... I will go over numbers on that one...Pictures will be up in two months, this property was purchased off the MLS. It was considered condemned so it was not eligible for a mortgage.












































Hi Tony,

Congrats! The house looks great.
How long did it take you from start to finish?
What was approximate cost/ft to build it?
Maybe you could walk us through some of the number, what you bought it for, cost to build and what you expect to sell it for.

Good luck!

Great job Tony

Congrats

Nice Job Tony, looks like a quality Job. Is this a spec house or did you build it for yourself? I am still in the process of putting the finishing touches on the home I built for my family in Hampton Bays and appreciate the detail you included i this home.

Looks good Tony!

Is it an optical illusion or is the foundation wall pretty thick. I'd guess 12". Maybe it's just my eyes, but they seem thick to me.

What did you use for the exterior entry way/porch posts and trim? Kiln dried, treated or something else?

Medium e3logo smallEmilio Ramirez, E 3 Design Shop | [email protected] | 7204413083 | http://www.e3designshop.com | CO Contractor # Class B

Hey guys let me just say that you for the support, i appreciate the compliments.

Guys, also i made an error above, i did not buy this through the MLS. I bought the new smaller home i am renovating to keep in my retirement portfolio off the MLS. Anyway im on my way back from the deli just picking up some coffee and i see an old man staking a sign into the ground on the side of the road. The sign said .. "property for sale" written in magic marker. I pulled over, took the sign out of the ground and knocked on the guys door... here we are today, i have always been a believer that the early bird get the worm.

@GabeCole

i would feel more comofrtable talking about price pr sq ft. once the house is sold, not sure if its good to put it out there just yet. Ok well the house took 4 months to build from land to complete. The funny part is we had a huge hold up for State Road Opening Permit in order to obtain water service. NYS thank you! 5 month delay...... So overall it was 9 months, but only took me 4 to actually build it. Thanks Gabe.

@Sergiu
Thank you

@Michael

This is a spec house i built. Thank you, its almost my biggest fault at the same time, its difficult to grow a business when you spend time making little things "perfect" all of the time. I know many contractors that do some pretty rough work but get huge jobs
...... it has always puzzled me, i have no stress though, when its done, i can walk away knowing its done right. Thank you for compliment Michael.

@Emilio

Hey Emilio, the walls are 10" inches thick because the basement height is 9'.

I used Asak on the exterior way porch/posts/trim, its easier to work with, will not rot, and lasts forever.

@Tony Licen I LOVE....LOVE... LOVE.. that house!! It reminds me alot of my house in Redding, CA. Unfortunately, when the market crashed, we decided to lease it out and relocate to So Cal, where there's a better real estate market.

How many square feet is that house? Bedrooms, baths, etc.? The finish work is impeccable. The colors you used are great. What do you have it listed for?

Medium house plansKaren Margrave, Parlay Investments | [email protected] | http://www.parlayinvestments.com | CA Contractor # 680782

I really like the chair rails and kitchen color contrasts
( lighter cabinets , medium color counter tops , darker wood floors)

Any plans for the basement ?

Did you find it more feasible to
build versus rehabbing in your market ?

Nice work

Jenkins Ramon, JMWPS Ventures, LLC | [email protected]

Karen M. Thank you, its 3100 sq. ft. 2 1/2 bathrooms, 4 bedrooms, id rather not put price i do not want this to seem as a solicitation, im new in this community, thank you for the compliments, i put some real effort into this one.

@Jenkins Ramon
Thank you, and i am leaving the basement as is. Well considering the purchase price of property i decided to develop. I renovate also though. Im doing one right now to keep for retirement, it is coming along really great, completely stole it, ALOT of people came to see the house but no one picked it up couldent believe it, some people are so short sighted.

****UPDATE*****

Hey guys sorry for the late update. Great news, this home was sold in under 60 days at an all cash offer of $757,000.

I will be doing another write up on a new property soon!

holy! congrats! OK now what was your cost to build per sq foot?! $200?

The house looks amazing. The only thing I would have done different is the stairway railings. Those round knob oak railings just look so 80s to me. Then again, I don't like any natural oak except flooring. Natural oak just has that 80s/90s look and feel I grew up in. Ill take dark wood, white or wrought iron.

That aside, thank you for your post, the house looks great, and I am happy that you closed, with a cash offer!! That is amazing!

Originally posted by Tony Licen:
****UPDATE*****

Hey guys sorry for the late update. Great news, this home was sold in under 60 days at an all cash offer of $757,000.

I will be doing another write up on a new property soon!

Congratulations Tony! And your profit....?

@Shane Johnson

Thank you Shane, im always battling what I want to do vs. what i think has more "selling appeal". From the past that's what seems to be a good selection for mass market.

@Jon Klaus undefined

Hey Jon, im not sure i would feel comfortable just yet for various reasons but i will say this:

I listed the house at $799,999, i never intended to list it for more, even when standing on the vacant lot. I never price dropped it, and it sold for under 60 days for just $43,000 under asking. So i think with that in mind, its obvious to say im happy, and everything went as planned. Im happy and the new owners absolutely love the house, cant ask for more than that.

note: One broker said the house would never sell because it was on a flag lot + bad economy, keep that in mind next time you get negative feedback along the process.

House looks beautiful Tony, love the detail! And Congrats for a quick sale!

Have you ever worked in NJ before?

regards,

Chris

Just like how some people run from homes close to the train tracks, and others absolutely love hearing the trains rumble by...


Just so Tony doesn't have to bust out the numbers for now - (maybe he will later)

I am going to make a wild guess with no market knowledge in his area, based on materials in picture, that it cost Tony $200 per sq ft including lot and permit costs, putting his profit around $137k gross. Maybe some day I can find out how far off I am. :)

@Chris Masons

Hey Chris, i have not worked in New Jersey, primarily Long Island.

Originally posted by Tony Licen:

note: One broker said the house would never sell because it was on a flag lot + bad economy, keep that in mind next time you get negative feedback along the process.

Congrats on an excellent build.....4 months You must have great subs :)

Based on sale price that home would pull at least $28k in property taxes around here & we get constant tax objections by RE agents etc when planning a high end new build for resale.

What product did you use for the flooring? Hardwood/Engineered veneer?

We laid veneer in one & the Assessor insisted on it being hardwood so it should be assessed higher???

My guess $175 sq/ft including ALL ancillary costs :)

I actually own my own company doing all phases of construction, so a lot of the work is done by my crew, and i sub when it makes sense to sub. We're already doing this day in and day out for other people, building homes was something that just fell into place over the years. Because of this, it does give me a competitive advantage. It's also great because if were ever slow it keeps the crew busy. Also to add, the profit is in the purchase price, not the cost to build, that's my outlook. I would focus more on getting a great deal rather than the cost to build believe it or not.

If you've purchased a home to renovate or vacant lot for 30% less than its real value, you've already won. If you pay 100% of its true value, then try to renovate or build... you've already lost most of the time.

@Tony Licen - exactly. I have a builder friend locally, GC's at least 30 homes a year (or maybe it was on pace for 50 this year? dont remember) The example he showed me, he doubled his profit on a $400k home build, simply because of what he purchased the lot for.

@Pat L.

Ok fine, I am going to say $174 a sq ft then Mr Barker. :)


PS - 28k in prop taxes?!?! on how big of a lot? that is INSANE.

What is the mill rate? I think we are around 1.7% here, which I am sure will go to like 2% when they build a much overdue high school.

Tony, you should know that when you post this type of stuff here, the first thing that most of us are going to be interested in is cost to build. Not even pictures. I dont think it gives any competitive advantage to withold that as most people here are professionals and like to compare. I think J scott just wrapped a build a little while ago and he posted everything through out the process. He even got some folks interested. Folks will buy a good product at the price you ask for it if its fair, regardless of what you pay for it. After all we all know walmart pays next to nothing for all the chinese junk on the shelves but we still buy it gladly cause its a good valu

Originally posted by Shane Johnson:
@Pat L.

Ok fine, I am going to say $174 a sq ft then Mr Barker. :)


PS - 28k in prop taxes?!?! on how big of a lot? that is INSANE.

What is the mill rate? I think we are around 1.7% here, which I am sure will go to like 2% when they build a much overdue high school.

taxes run $42-$50/$1000 depending on the county/town etc

& the assessed value % they may use.

but we can still make money on REI deals !!!