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Lets Play What would you do :) hah
We love this neighborhood that I have been eyeing ALOT....
Reasons I like it
1. 3.5 Kids per house average (All younger) So TONS of playmates for my DD and DS tons of SAHM's for me to hang out with
2. You drive through and its like... you went back 40 years, everyone is outside/hanging out with one another/kids are playing in front/back yards and everyone waves. Its just amazing.
3. 1/2 acre Lots so LOTS of room in the backyard
4. Neighborhood Pool/park/walking trails/fishing pond/basketball goals and BASEBALL field- how cool is that?!
5. Very close to MDO/Elementary School
So we really like it... We have the opportunity to build on a lot a house brand new that would be 4 bed/2 bath + Study with all the "extras" like Granite/back spalsh/covered porches/etc. We can get this done for aroun $235
But there is one house in the same neighborhood that was build 4 yrs ago (The lot we would build on is the last lot avaialble for sale and was the construction entrance why its still available) ITs in a shortsale, 3400sq 5/3+ 2 livings (so 1 would be a study)+ game room loft upstairs- we could get this for 210K But we would need to put probibly 20K into repainting and recarpeting and some exterior work so probibly 230K (they paid 270K and its worth right around 260K in current condition) The exterior and yard need some work, the intererior needs to be pained and recarpeted. I love the space but with young ones I am worried about 2 stories (3 bedrooms are upstairs) And neither of us our "in love" with the exterior either. But its a steal... And we would definately have room to grow
I am leaning towards building... Way towards it... But I know financial wise it makes more sense to go with something like the fixer upper in the same neighborhood but we don't *Love* it 
What would you do?
Re: Lets Play What would you do :) hah
If you really love the neighborhood and know its where you want to be I would build. I mean, there is always a chance with the short sale you will not get the home and then your lot might be gone.
Good luck! Sounds lovely!
I would only build if you are going to stay there long term - really long term. If you think you are going to out grow the house and have to move, buy the existing construction and do the work to it.
New constructions are only new to you and the chances that someone is going to be willing to pay new construction prices for an existing construction if you have to sell it in the furture are pretty slim. (just ask the people with the 4 year old house)
I'd personally go for the existing construction because its the more financially smart choice.
Hundreds of thousands of people with kids have two story homes and it works out fine.
I would be inclined to buy the fixer upper and do all the painting and carpeting as a DIY. How much paint and carpet do you need that it would be a $20K job?
My son is 7 and my daughter is 3. Both my homes have two stories.
They both learned how to use stairs much earlier than their peers and when they're super young, you just slap baby gates up. No worries.
Coming from the standpoint of someone who has built a home twice, there are expenses even with new construction. Most large builders will only paint one color plus the trim, so you'll have to repaint anyway. Some builders will give you seed, but only 10 or so feet from the house and a lot of builders don't do much beyond that for landscaping...so you would have to factor that into the new build as well. If you build, will it also be 3400 SF?
Only 4 yrs old make them comparable imho. I'd go for the better layout. Visualize walking down the halls, into the rooms. What feels better and more natural?
I am a value kinda girl so I'd probably go for the fixer upper with the extra br.
If the other home was a regular sale, I would say go for it in a heart beat.
I wouldn't touch a short sale with a 10 foot (or longer) pole, especially since you have the opportunity for a sure thing by building. Too many factors could prevent you from getting the short sale home and then you are out your dream neighborhood.
pinterest
Exactly what I was thinking.
Our house building adventure (UPDATED 8/20/12)
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