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Return Value on Custom Home

I own a piece of property in Shoreacres, Tx on the water and my wife and I are wanting to build a house on it. The issue is the research I have been doing shows builing a 3000 sq.ft. house is about 300000 give or take. The problem is there are close to that houses selling for much less. Typically are you always going to take a huge hit on resell price building a new home rather than buying one already built.
  • October 23 2012 - US
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Answers (5)

Profile picture for user4402559
Also, we do plan on staying there forever i just don't want to lose my a$$ if somethin ghappens that requires a move....
  • October 23 2012
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Profile picture for user4402559
See the biggest issue I am having is the neighborhood it is in has homes valued from 160-275k with the properties on the water being from about 220-275k. The houses on the water are about 200sqft. smaller than what I want which is something close to 3000 sqft. Also, these homes are on single lots where mine is a double lot. Seeing that makes me think I would definitely be the top of the price range but, down a few houses on the waterway which is a different neighborhood, the houses can be valued up to 600k.
  • October 23 2012
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Profile picture for Ofe Polack
It is said that in community,  you do not want to be the highest priced nor the lowest priced property.  Maybe the community in which you want to build would not warrant such a costly home.
  • October 23 2012
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Profile picture for wetdawgs
There are times and locations when cost of construction is far higher than the market value of a property.   If you are wishing to build with resale value as a primary consideration, it appears you've gather the data that says don't do it.  If you wish to build a home that you'll enjoy for the next 30 to 50 years and will to the grandkids, then you may decide the financial considerations are fine.    

Having the most expensive home in a neighborhood does affect its resale value.

  • October 23 2012
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I believe the answer is yes. New is better than old. plain and simple. everything has an average life span- even a coat of paint. Many things effect a price. Finding something with needed maintenance or upgrades will save you money BUT you can pay a premium for repairs if unable or unwilling to do the work yourself (sweat equity).
The Property is generally where the value goes up (historically speaking),especiallyy in a desired location such as water front, where space is limited- supply and demand.
  • October 23 2012
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