One Year in....Starting Over?
As August approaches, we approach the one year anniversary of finding 'the lot' - desirable area, walkout, over 3/4 acre, cul-de-sac.... Went in wanting to spend $600K for the lot and the house.
Thru several cycles with the builder and architect, we have whittled a 3800 sq ft ranch for $950K to a 3000 sq ft ranch for $800K. Of course that includes finished basement and all the HOUZZ we wanted.
In the interim, a 2 story has sprung up next door, and today that went up on MLS - $575K.
I'm torn - I don't want to be the most expensive house on the block, but that is sure to happen now. But our lot just doesn't exist anywhere else in the subdivision now - the only similar ones are $50K to $100K more.
Maybe I don't need a 3000 sq ft home, but this was to be our 'forever' home. We've been in our 2800 sq ft 2 story for 17 years - wanted to spend the next 25 or more in this one.
Should we just start over and move to a lot, while not as desirable, that has homes closer in price to what we want? Or find a way to build a home closer to my original price target on my desired lot? We have learned that our original budget number may not have been realistic, based on the size and finishes we wanted in a home.