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Is it more affordable to buy a home, or build your own?

I will soon have my credit to income ratio to the point where I will qualify for about a $150,000 home loan. Our income is not high enough to get much more than that. We will need a 3 bedroom home for our family of five, but there is very little in my price range with that may bedrooms unless I want to move an hour or more away from our jobs. Would it be significantly more cost effective to build our own home? Where can I get more information on this? Googling offers me alot of junk and useless information that doesn't help. If I built my own I would have to contract out for the major things like foundation, roofing/trussing, etc. I may be able to reduce costs by doing my own drywalling, siding, etc. though. The question is wether or not it's practical enough to be worth my time.

Asked By: Lee - 1/14/2007
Best Answer - Chosen by Asker
Building a home will be the biggest headache of your life!!! DIY'ers have no business building houses unless you have been a carpenter and been on a new home job site at least four or five times. I have worked for a general contractor for a number of years and allow me to lend you this example... More
Answered By: dogdoggdoggie - 1/14/2007
Additional Answers (3)
your bottom line -worth my time- how much you worth per day and will you have a partner--now you talk sweat equity-act and be the builder--sub out all you can't do---go to the bank--they'll help you decide
Answered By: myktb53 - 1/14/2007
 
In my mind, there is no question that you'll get more for your money by doing it yourself. But, be judicious, you cannot do it all yourself. Think of being more of your oun general contractor, but be ready, as you suggest, to do as much as you can do yourself, where you can do it well, and keep on schedule. Having... More
Answered By: cottagstan - 1/14/2007
 
If is cheaper to act as your own contractor when getting a home built. You don't have to pay the contractor fees. Having said that. there are a couple of things to consider. First it is a rare bank that will lend money to someone who has no experience to do this yourself. Even if they are willing they are going to... More
Answered By: cece - 1/14/2007
 
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