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We are planning on moving out of the city and buying a house. We currently have one toddler but weâre expecting another next spring, so we definitely need more space than a 2BR apartment in the city. The two options are either a new construction house or continuing to look for a preowned home. My wife has high-ish standards for her living space (as one should), but we never seem to agree on homes that are for sale. The homes that she does like end up being too expensive, or she doesnât like the fact that the homes are 30-40 years old even though theyâve been completely renovated.
There is a new construction home in a very nicely developed sub-division in a good township. The sub-division is well known, and weâve driven through it and itâs very clean with lots of great walking trails, parks, and playgrounds. The school district for this neighborhood actually falls into a school district for the next town over, which is widely considered to be one of the most sought after towns in the area. This sub-division was built in the 80âs I believe, so the homes are going to be a bit older but everything is well maintained. This one vacant lot was held onto by an investor for a long time; now itâs owned by a custom home builder whom weâve been in contact with. The proposed home is 2500-2600 sqft, 4bed, and will be about $750K. The potential problem is that the next expensive home in the sub-division (at least in terms of comparable size) is closer to $550-$600K. The neighborhood hasnât experienced mass home-renovations or tear-downs yet, but it probably will in the future.
My wife has been SO stressed about trying to find a house, and now itâs worse because we have a deadline with a second baby. The timing for this house would be summer next year, which would be perfect for us. However, there are pros and cons to it and weâre honestly torn, because we havenât had much luck finding something we like preowned either. Every day we take delaying our decision or being indecisive adds to the construction timeline. Appreciate any thoughts!
Pros:
-Great sub-division â very well maintained, clean homes, walking trails, sports fields, playground, etc.
-Brand new house, high quality finishings/features. Good floorplan
-The house is not too big (we donât want to have a huge house)
-Top school district. The elementary school and high schools are top. Certainly helps resale
-We believe in 10-20 years this neighborhood could boom, as the âhotâ town next door gets saturated and people start moving into this one.
-Reasonably convenient location in terms of grocery store, shopping etc.
Cons:
-It will be the most expensive house in the area, or close to it. Right now, I think we would be very happy living there, but we wonder about resale value later on. Maybe itâll be OK, but given that the comps in the neighborhood arenât at the same price level (yet), we wonder about its resale value
-We wonder if some buyers might think the size (~2550 sqft) could be small for the price?
-There is a walking trail that cuts behind our house, so unless we put up a fence our backyard wonât have complete privacy. No other house facing that direction has a fence up though so I donât think people mind. The walking trail is really only used by residents of the neighborhood
-Not close to public transportation â I would have to drive to the train station in order to get into the city, which is about 8 minutes away.
-Not super close to the highway
-The price premium associated with new construction
Thanks all. There are pros and cons to the situation here but I think one of the biggest benefits is that my wife wouldnât have to lose hair over this. We could just have this home being built and be done.
Pro
Kudos to you for being able to write such a detailed post! That said, what is the advice that you are looking for? I canât really think of a way to help you with so many unknowns. Sounds like you are just seeking a validation of your decision from random strangers.
I guess the questions are generally - would you build a house for that price given the details I mentioned, would you be concerned about resale value given the price of the new home versus comps on the neighborhood, and what other reservations would people have who have gone through the home buying process. Thanks!
Whatever timeline the developer is telling you, don't believe it... if that's factoring into your convo to move before the baby is here. It always takes longer and costs more.
I wouldn't be in a rush to get a house before the baby. You'll be able to manage for a least several months in a 2BR with baby in your room. If your building has 3 BR, that's an easy move to make as well for the interim.
On the house, I think it doesn't sound terrible as long as you're ok with the potential of the resale value not materializing. If your house eventually sold at current neighborhood comps, would that fill you with regret? How long you plan to be in the house I think also matters for this. If it's 3-4 years, I would worry much more about resale value vs. planning to stay until the kids are done with school.
Here is what helped me and my wife.
1. Finding 2 top priorities for both of us that we both could not have compromised on.
2. Compromising on other priorities. You will never get a house which 100% meets your needs for the price. Those houses are usually 200k above your budget đ
3. You gotta take the leap of faith at some point. This is very important. Also, once you make the decision, stick with it and make it work.
Hope that helps
Would you be ok sharing the location? Perhaps, I can offer better advice if I have more insights on the area..