Tim Mccauley, Home Buyer in James Ct.

I am thinking about building a house in Algonquin. The other houses in the area are selling for around

Asked by Tim Mccauley, James Ct. Mon Apr 14, 2008

240,000 but were built in the 1960's. It would cost me 270,000 to build a house. I purchased the lot a year ago. Would it be a better idea to build or try to sell the lot?

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I believe it would be better to sell the property in question. Here's why... you would have the most expensive (and probably most beautiful) home in the neighborhood. That's always something buyers need to consider when buying a home. You don't always want to be the biggest or best in a neighborhood because the average home price will always be lower than yours. If a future buyer (of the home) would see the value and not mind paying the higher price for a newer and updated home, well that's a chance you will have to take. However, if you feel like you will stay in the home yourself for 10 years or longer and make some natural appreciation on it with a lower neighborhood value, then it might be worth your while. In addition you state that it will cost you $270,000 to build, is that in todays lower contractor prices to build or are you taking previous years costs. One last thought, would a buyer want to buy a custom built home in a non-custom built neighborhood? Something to think about. Hope this has helped you out. I am glad to try and assist you on this difficult decision.
0 votes Thank Flag Link Wed Aug 5, 2009
It would really depend on the type of home you were building, where the lot was located and if you were building the property as an investment or a long term home to live in. There are many different areas of Algonquin. Some with newer homes, some with older homes.
Algonquin is undergoing a tremendous amount of growth and it is a wonderful area to live in. I am a resident of Algonquin myself and Love the area and all that it has to offer.
If you are looking for a great area to move into, Algonquin is one of the great areas to move into. It offers good schools, close to shopping and so much more.

If you would like additional information on this area to help you make your decision, please don't hesitate to let me know.

Thank you
0 votes Thank Flag Link Fri Apr 18, 2008
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