All Forum Posts by: Lowell Bailey

Thanks for the input Chris! Does that mean you're advocating for a a cheaper or modular build or that you're advocating that building out a lot is never going to be as profitable as buying and selling (and renovating) existing homes.

-LB

-LB

Thanks for the input. Does that mean you're advocating for a a cheaper or modular build or that you're advocating that building out a lot is never going to be as profitable as buying and selling (and renovating) existing homes.

-LB

 Thanks Michael,

These are all really helpful thoughts.  I will look in to the coverage suggestions you mentioned and see what that would do to the premium.

I thought I would throw out there the policy I got back from Travelers. I told the rep that I was going to have one longterm and one STR and he said no problem on the loss of income portion (as long as that loss is caused by damage and not just a voluntary or market-driven loss of occupancy). He said the policy will cover anything from smoke damage to fire and complete loss, whether it's caused by the longterm renters or the STR renters. Here's what the toplines look like on the policy quote. Curious what you all think? What would you change? What are some red flags? FYI, the appraisal pegs the replacement cost as $368k. I have a quote from a reputable off-site builder for $170-240 sq ft. new construction, which would translate to $340-$480k.

Thanks All, that is good advice.  In the course of asking around, it does seem that there are a lot of companies in the market now.  I appreciate all of the input! 

Thanks all for your thoughts on this.  It certainly seems like there's plenty of pros and cons to each. I've been talking with a builder out of Vermont, that does modular with a wide array of different build-types - wall assemblies range from standard 2x6 assemblies to double-stud R41 walls.  The appeal for me is the fact that when I can look on a website, pick out a design (or close to the design I want), have a call, and come out the other side of that process with a decent build budget and a timeline of less than a year until finished.  Perhaps I'm naive, but I can't seem to find a similar type of process with site built companies.  The timelines seem longer and less definitive, as in, "Yeah, I can build a house but subs are hard to get right now and I'm booked out until next year so I won't be able to start until then."  To be honest, I would rather go with a custom design, but I think the timelines and budgets are not going to be comparable.

Hi All,

Thanks for the info on Proper.  I've talked with them and have a few policy options.  In consideration of due diligence, it would be nice to get at least two other quotes from other providers.  Does anyone else out there use other providers besides Proper for this type of thing?  Curious if anyone has experience with the following;

- Using a local broker/agency (our primary residence is insured with a local agency and I like working with the owner/broker).

- Big box national companies like Geico or Allstate?

Thanks for any and all input!

Thanks Allan,

I'm going to look into panelized construction, with the thought that I could have some control and customization of design, but would benefit from the economies and efficiencies of offsight building.  It would still require a GC and site crew but definitely less time on-site than a classic site-built home.  Thanks for the feedback... super helpful. 

Thanks to all of you for the input.  This is super helpful.  I will look into the policies and providers y'all mentioned. -LB

Hi All,

My wife and I are planning to subdivide a property in Chittenden County, VT which will result in a 1.5-acre building lot.  Upon some initial research, it seems like a modular home might be the right option for us if we can achieve a high-enough quality and energy-efficiency standard.  Our goal is to build something that is energy-efficient but that we could sell in a few years for a profit.  Are their any recommendations on new construction practices and/or modular/prefab builders that find the balance between energy-efficiency and value?  Specifically, we would want to be able to list the home for sale in 2-3 years and have it appreciate in value so that our basis is less than our sales price (less real estate commission)?  I have heard that it's hard to make a profit on new builds so I'm wondering if anyone has experience in this area and would be willing to share their thoughts.

Thanks in advance.

-LB

My wife and I are under contract for a 2-unit home in Chittenden County, VT.  The home sits on 3 acres and we plan to subdivide.  I've checked with the building, water, and sewer depts. and they all have verbally confirmed that it will be possible to subdivide the lot into two 1.5-acre parcels.  We plan to either sell the 1.5-acre parcel or possibly build a single-family home on that lot.  I have the following questions relating to the process:

- What are some "do's" and "don't's" in residential subdivision?

- What are best practices in terms of the steps to take?

- What players should I be hiring?  

- What are the general costs related to a subdivision of this nature?

- What is the general timeline from start to "ready to build on" or "ready for market"?

Thanks in advance!

-LB