The negatives would be that you may not get the exterior color choice or elevation you want because the neghboring home may have already taken it.
1. Construction Loans are very rare and Extemely difficult these days
2. Requires a lot more out of pocket
With a glutton of homes on the market, more than any time in history, do yourself a favor and take advantage of an awesome deal on a Re-Sale or Foreclosure at these current historical low rates and the minimum out of pocket.
Then with the money you didn't sink into dead equity, pay off other Non-Tax Dedictible Debt and/or diversify and invest in retirement savings or more Florida real estate.
This is good advice for 95% of all buyers!
PRO OPTION MORTGAGE/ FLORIDA
888 662 4404
Hope this helps