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CNN Money Magazine says our city's average home price is $278,634.
Don't know if that info helps or not, but with that being said, what do you think is my best option of the two listed below...
Option 1: Purchase a house that we really like, current listing price is $399K (reduced from $425K), 2600 sq ft, built in 2001, 2.4 acres of land. We would probably offer $380K for it contingent on the sale of our current home.
Option 2: Purchase 1.25 acres of land for $90K (original asking price was $112) that we really like and eventually build on it. This land is next door to where we currently live so we could build and oversee the process easily from our current home and then sell our current home when the new home is completed. (I know 90K sounds high to some of you, but where we live it's not a bad deal actually).
The current home we have is on 0.6 acres and we could sell it in today's market for $340K... it's only 2 years old at around 2400 sq ft. The reason we are even looking elsewhere to move is that we realize now how we need a flat yard for the kids (we live in the mountains). Option 1 gives us a flat yard, not a huge yard, but at least it's flat. The house itself is in overall great condition but needs about $15K worth of yard work for us to get it to where we would want it outside. Option 2 is completely raw land where we'd have to clear the trees, grade it, put in the sewer, etc. We've never built before and our family keeps telling us not to, but the location of this property is ideal and if we can buy it now and build slowly over the next few years, then it's an option we still want to entertain...
Any and all advice would be greatly appreciated to help us decide which route to take... Thanks!
Don't know if that info helps or not, but with that being said, what do you think is my best option of the two listed below...
Option 1: Purchase a house that we really like, current listing price is $399K (reduced from $425K), 2600 sq ft, built in 2001, 2.4 acres of land. We would probably offer $380K for it contingent on the sale of our current home.
Option 2: Purchase 1.25 acres of land for $90K (original asking price was $112) that we really like and eventually build on it. This land is next door to where we currently live so we could build and oversee the process easily from our current home and then sell our current home when the new home is completed. (I know 90K sounds high to some of you, but where we live it's not a bad deal actually).
The current home we have is on 0.6 acres and we could sell it in today's market for $340K... it's only 2 years old at around 2400 sq ft. The reason we are even looking elsewhere to move is that we realize now how we need a flat yard for the kids (we live in the mountains). Option 1 gives us a flat yard, not a huge yard, but at least it's flat. The house itself is in overall great condition but needs about $15K worth of yard work for us to get it to where we would want it outside. Option 2 is completely raw land where we'd have to clear the trees, grade it, put in the sewer, etc. We've never built before and our family keeps telling us not to, but the location of this property is ideal and if we can buy it now and build slowly over the next few years, then it's an option we still want to entertain...
Any and all advice would be greatly appreciated to help us decide which route to take... Thanks!
That will save you tons of money.
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