House vs barndominium

[BrianL]

A 3000 square foot barndo costs around 290k according to one of the sites I looked at.

I have 6000 under roof(living, shop, porches) and about 1/2 that cost. I could have built even less (prob $30K) than that if I had wanted to and cut back on ADDS and site prep.

As far as interest, my local rate was 0.25% higher than a secondary. I still could have split the house and land, carried two notes and got the lower 0.25% home loan, but raw land loan would have been 1% higher, so it actually saved money on financing.

[GatorBait]

That's cool. I just started looking into them. I thought that price seemed a little high

[BrandonA]

Capital Farm Credit will finance them no problem. FYI.

If it is on a minimum of 5 acres.

[houhunter]

No prob.

If it is on a minimum of 5 acres.

I got right at 40 acres.

[Fightinaggies]

I used Capitol Farm to finance my land but if you guys are doing a construction permanent loan shop around. I wanted to use them because the experience was so good with the land financing but they couldn't touch he rates from RBFCU. Almost a two point difference after the correction with the dividend check for CF added in.

[panhandlehunter]

I own my property outright. Still unsure if I want to finance, or just pay cash. I plan on subbing out various parts, and doing a bunch of it myself. $290k for 3000 sq. ft. seems way high. I haven't dove deep into it yet and crunched the numbers, but it looks like it should be less than $100k for 2400 sq. ft.

[bphillips]

House just in case you ever have to sell. Barndo is extremely difficult to get financing on

This^^ Plus they don't look near as good as a custom home to me. If you like the look thats no problem though.

[kry226]

A 3000 square foot barndo costs around 290k according to one of the sites I looked at.

I think I know the site you're talking about, and for what it's worth, I think their prices are very high.

This^^ Plus they don't look near as good as a custom home to me. If you like the look thats no problem though.

Um, I think we already addressed the financing myth. It used to be that way, but no longer.

[In-Yo-Grill]

If you already have and existing shop then I'd build a house not a barndo. You can still build a ranch house and give it some bardominium appeal on the exterior materials. Just need the right home designer. Did you ever say what square footage you are looking to build?

[Tmag]

I've heard that the Barndominium style is also more difficult to insure, but that's still what I plan to do one day. I think they are awesome.

Actually my barndo is cheaper on insurance due to the metal frames and skin.

We did our 1800sf (30x60) with 3 br and 2 baths under 100K and used metal studs and double insulation. Subcontracted all the work ourselves.
http://discussions.texasbowhunter.co...ighlight=house

[bloodtrailer28]

I own my property outright. Still unsure if I want to finance, or just pay cash. I plan on subbing out various parts, and doing a bunch of it myself. $290k for 3000 sq. ft. seems way high. I haven't dove deep into it yet and crunched the numbers, but it looks like it should be less than $100k for 2400 sq. ft.

Just depends on how much of the work you want to do yourself and finding the right subs for the rest. We have 2400 living area with 3600 total and we will finish out around 125-130k.

[Fightinaggies]

I think I know the site you're talking about, and for what it's worth, I think their prices are very high.







Um, I think we already addressed the financing myth. It used to be that way, but no longer.

Still not a myth, depends on where you live. Good luck getting a comp for a barndo in Comal County. Maybe these are popular some places but around me its all custom homes. You may be able to get financing but none if the bigs will touch them still. Just not much of a market to resell a barndo. Capitol Farm will fiancé them but your going to be at a higher interest rate then if you built a house and used a non specific lender as I pointed out in an earlier post.

[BrianL]

Still not a myth, depends on where you live. Good luck getting a comp for a barndo in Comal County. Maybe these are popular some places but around me its all custom homes. You may be able to get financing but none if the bigs will touch them still. Just not much of a market to resell a barndo. Capitol Farm will fiancé them but your going to be at a higher interest rate then if you built a house and used a non specific lender as I pointed out in an earlier post.

I can't speak for Comal county, but for most every where else it isn't an issue. Comps are available, financing is a non issue and you can even go secondary as long as the barndo value is at least 80% if the requested loan, insurance is cheaper, lower taxes, construction is considerably less.

All that being said, there is a place for barndo construction. Last place i would want to build a barndo is in a custom or tract home development area. People that build and buy barndos want rural at the least cost and maintenance possible. When building on 20 to 200 acres, you already make your property harder to sell, but barndo actually increases potential buyers by keeping resale prices lower. Imo.

[solocam_aggie]

I didnt have an issue with financing by going local, nor were there any issues locating comps. The only thing that I had heartburn about, and couldn't find a way around it, was the variable interest rate.

[jakeb03]

I've heard that the Barndominium style is also more difficult to insure, but that's still what I plan to do one day. I think they are awesome.

Not any harder than insuring a house. Also much cheaper to insure than a house.