I have moved to this area one year ago and have been on the lookout to purchasing a home.  For a years now, I check home listings weekly, drive around to checkout the neighborhoods every month or so, and have been asking my colleagues about where they live, what are good neighbors, etc.  My conclusion is that there are few existing houses that I would seriously consider purchasing.  Most of the seemingly “nice” homes are in neighborhoods I don’t like or that seem risky to maintain value over time.  Just so you have an idea, I have only found one home that I seriously thought was a good purchase during 12 months of research, and that home is now sold.  However, I have found neighborhoods I really like.  Existing homes in such neighborhoods are too big and beyond my budget.  But according to my research a plot of land in such neighborhoods, plus the costs of preparing the lot, etc, plus the cost of constructing a custom built home (for which I already have an estimate) does fit my (pre-qualified) mortgage budget, being a tempting option.  This would mean I ‘should’ be able to get my dream home for a cost that is about the same of those that are not my dream homes.  This sounds too good to be true, so I keep thinking I may be missing something.  Does this situation happen elsewhere?  Does anyone see something I am forgetting to consider?  I have about one full year until my intended purchase or move-in date, so I have time to do further research and plan my home purchase.  Many thanks!

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Filed under: Real Estate

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