To build, to fix, or to merely live

As mentioned in an earlier post, how we think about housing can really shape our actions. At my current stage in life, I see a house as the place I want to raise my young family not as an investment opportunity.

As a mom I am fortunate to work for a flexible company and still make good money. Why is this relevant? Its relevant because I don't think any home project will produce a return equivalent to my hourly wage. In economic speak, fixing or building a house is not worth the opportunity cost of my time. I highly value the time I have with my family and don't want to give that up to work on a house (We already fixed up one house, and I am not willing to do that right now. As discussed when we were looking at a serious fixer this summer).

So for right now, a move-in, or near-move in condition home is what I am looking for even though we aren't likely to find everything on our wish list. I know Mr. BT would love to build a custom home (his family has extensive construction experience). Once the kids are grown and want nothing to do with us, I would be willing to build a home to spend the rest of our days in.

Here are the pros and cons associated with the different strategies:

To Build:
In general building custom is cheaper than buying custom. You get exactly what you want and are willing to pay for. Not much control over how the neighborhood turns out. Very time intensive. Managing contractors can be frustrating and picking out all the trimmings can be a bit overwhelming.

To Fix:
You get closer to what you want for less $$. an be time intensive.

To Merely Live (move-in condition):
You pay more, but you are not spending nights and weekends working on the house or managing contractors. You aren't likely to get exactly what you want. You have a pretty good idea how the neighborhood will age.