Home Buying in Orchard Park>Question Details

mmerriam, Home Buyer in West Seneca, NY

Need help with neighborhood

Asked by mmerriam, West Seneca, NY Fri Oct 4, 2013

I own a plot of land I recently purchased for a home to build and when the home estimate was done it was much more than expected. The plot of land is in a first phase of three phase development, average price of house so far about 380k, my home will be 600k. For about about 25k total loss (including clearing of new land, attorney) I can sell this land and buy lot to more upscale neighborhood where average price is 650k and is just finishing 3rd phase. Same town, about 5 minute between plots. Any Suggestions??? I am stumped!

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I don't have anywhere near enough facts to tell you what to do, or what I would do in the same circumstances, but. Chances are if you've never built before you'll run into cost over runs, which will shrink the difference. You'll also be waiting to lock in a mortgage rate, which has just recently come back down from some recent highs.
Unless building from scratch is an experience you've always dreamed of having, you may want to consider the nearly finished home and at least be in a comparable neighborhood at present market value. The next question is how quickly can you sell the lot and how much will you lose going that way?
There are many issues to consider. Please come back and let us know what you decide when you do.
0 votes Thank Flag Link Fri Oct 4, 2013
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