Where To Build
The appraisal is a major key on where to build. You'll find that better areas will have better appraisals. In turn, this means the most profit. If you think an area's good and the appraisal comes in low, then you know you misread the area. The appraisal is an acid test on where to build. Before I became acutely aware of appraisals, I learned the following important lessons:
1. Competition vs. No Competition
When I first started building in Metro Atlanta there were two areas. One area was where there was a lot of competition and big builders. Then there was one where there was little or no competition. I decided to go into the area with little or no competition. I built a beautiful home. An individual came along and saw the home. He loved it. He bought it. After all the dust settled, that was it. What I'm leading up to is had I built that beautiful home in a booming area, there's no telling how many jobs I'd have gotten from that one home. Instead of one buyer I'd have had many potential buyers. People driving by to see other homes would see mine. In an area with little or no competition, there wasn't much traffic and very few people would see the quality product that I was building.
Also, the big builders in those high competitive areas are spending a lot of money on advertising. All those people responding to their advertising would have driven past my home. So if I had it to do all over again, I'd find the two or three hottest areas for the size home I wanted to build and I'd build my home as close to one of those areas as possible.
Yes, big builder would beat my labor and material cost; but ทาวน์เฮ้าส์มือสอง I found I could beat the socks off him in overhead. Big builders have a tremendous amount of overhead in job superintendents, draftsmen, interior designers, advertising and marketing. I could compete directly against big builder. The message: Don't be concerned about competing against big builder.
2. Subdivisions
I want to discuss building in a subdivision as opposed to building on a random lot outside a subdivision. We all have the idealistic concept of having several acres of land and a big estate. But many people have children and when they have children they want to be in an area where there are other children. Even childless couples want to be in an area where they feel a certain amount of security. When I say security, it's the security of knowing what will be built around them. I've found that homes in a good subdivision tend to sell quicker than homes that are not. Also, subdivisions that have amenities like tennis and swimming pools sell better than those subdivisions with no amenities.
3. Schools
If you're building in the price range and area where people normally have children, then you've got to consider the school district. Even when building luxury homes, you can't assume the owners will send their children to a private school. You've got to be aware of the school district.
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