Profile picture for user5226058

should I build a new home on a street of older homes

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 29 2013 - Avon Lake
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (1)

It depends.....  If you are using financing to build you have to be careful of the final value. If you are only able to finance so much (due to debt ratio) and if the construction ends up running over budget (and any contingency reserves you put down) you may have to pay cash for any issues that arise or changes you make through the building process.  PLUS, if there are newer homes within a couple streets it's maybe not so bad. So, if you plan to live there the rest of your life AND/OR if do not care about the home's "completed" value then it doesn't matter where you want to build your home. Appraisers most often use the "market value" or the sales price of other homes versus the cost basis (what it cost to build) to determine the value of your home. The bottom line is an appraiser would use those homes (even next door) as comparables as first choice. They use adjustment for age and many other reasons to determine the value of your home. So, if you don't plan to sell, AND you have plenty of cash, no worries.  Otherwise you might want to consider building closer to newer subdivisions that are similar in size and design to what you're building.. Just sharing with you what I would think about if I were in your shoes..Best wishes to you and yours! Kim Lawson Ohio Licensed Mortgage Loan Originator. Contact and licensing information can be found on my profile.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 29 2013
 
Related Questions
What is a short sale?
Profile picture for Brian Nguyen
Latest answer by Brian Nguyen
January 22 | 2 answers
should I build a new home on a street of older homes
Profile picture for Kimberly Lawson
Latest answer by Kimberly Lawson
June 29 2013 | 1 answers
What to do when the house you are under contract to buy comes in 671sqft less than stated??
Profile picture for Ofe Polack
Latest answer by Ofe Polack
August 28 2012 | 5 answers
What features are your buyers requiring most in a home?
Profile picture for Rick Chumsae
Latest answer by Rick Chumsae
March 07 2011 | 4 answers
In your experience, what are the top reasons that caused a deal to fall apart?
Profile picture for Tommy Gilley
Latest answer by Tommy Gilley
March 05 2011 | 6 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 228 Beck Rd, Avon Lake, OH Home For Sale
    228 Beck Rd, Avon Lake, OH 44012

     For Sale: $181,500

    • Beds: 6
    • Sqft: 2143
    • Baths: 3.0
    • Lot: 5662
  2. 117 Norman Ave, Avon Lake, OH Home For Sale
    117 Norman Ave, Avon Lake, OH 44012

     For Sale: $139,900

    • Beds: 3
    • Sqft: 1638
    • Baths: 1.5
    • Lot: 4791
  3. 388 Cascade Ct, Avon Lake, OH Home For Sale
    388 Cascade Ct, Avon Lake, OH 44012

     For Sale: $275,000

    • Beds: 4
    • Sqft: 2164
    • Baths: 2.5
    • Lot: 14374