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So the cost of basement thread got we wondering. How is a new build cost effective? Considering I had to insure my house for $130/sq finished (which equals $347,000) yet I just had it appraised and sold for $237,200. It seems to me a person could easily be at least $50,000 – $100,000 under water the second a person takes possession of the new build.
Not sure what insurance costs have to do with building costs. I built my home in 2010,small house , just over 1000 square ft and my insurance is just over $300.00 a year,good deal I think. As far as being in the red or the black when building,I am a carpenter and did the bulk of the work myself,minus the usual subs.When I closed the construction loan I had $60,000.00 in equity, day one! So I guess that’s how its cost effective,sweat equity.