Getting cold feet. Should I close on my new Ashburn house? (2014, new house)

[Panu16]

I am getting cold feet in closing on a brand new house in Ashburn. Here is the link to the community - The Preserve at Goose Creek: Preserve at Goose Creek Single Family New Home Community - Ashburn - VA / DC Metro, Virginia | Lennar Homes. Mine is the Belmont model. The overall square footage is about 4,650 sf including the basement. The lot is .16 acre with thick tree line behind the house. The community is at least 18 months from being completely finished. The price is about $730k. A similar house was closed in November 2014 and their price was about $10k less based on the county record. If I renege, I will lose the $25k deposit and the $5k I spent in custom wirings and security system. I feel that I will be overpaying for the house. Walkthrough is next week and closing by the end of month. Should I go through with it?

[JfromReston]

Originally Posted by Panu16

Should I go through with it?

Yes

I don't get it - you are concerned about paying $10K too much on a $730K house and willing to loose $30K. $10K is less than 2% as many may say "that is in the noise".

Close on the house and enjoy your spacious new home.

[BOS2IAD]

Yes, you should go through with it.

[Panu16]

I did a Zillow search for the area and most similar size home are listed at less than $700k. There were a couple of houses in the community that closed for over $740k. But those were houses built by another builder in the community and they probably loaded up on options.

[acgood]

So new construction is going for a less than 5% premium over existing stock? Doesn't sound like much.

Close on your dream house, move in enjoy it, and stop looking at every transaction until you are ready to sell!

[spencgr]

Originally Posted by Panu16

I did a Zillow search for the area and most similar size home are listed at less than $700k. There were a couple of houses in the community that closed for over $740k. But those were houses built by another builder in the community and they probably loaded up on options.

oh, yes, trust Zillow. That's the information and research you should base decisions on.

[Panu16]

Ok. Ok. I guess I am just sad to see a large portion of my lifetime savings going to the down payment and afraid to be out of cash.

Below is the picture of the kitchen from a few days back.

[bmwguydc]

And your savings thus far are funding your new home, you're not losing anything as you will be getting a new house in exchange for your down payment. Close on the house. The neighbors likely did not have your custom wiring, and may not have had other options that you do, hence the $10k difference in price. It is meaningless to have a variance of 1.4% between their closed price and yours in a new community, so you should not worry that you are paying too much.

[Panu16]

For the wirings, I worked with the low voltage contractors to put in 28 Cat6 drops (2 for every possible TV location, 6 for the whole floor audio distribution keypads on first floor, 2 for outdoor security camera location), one 5.1.4 speaker pre-wiring in the family room, a 7.2 audio zone, 6 stereo zones, and conduits from basement storage room going all over the place. I bet that my neighbors will hate me. I hope that it pays off when it is time for me to sell.

[fcyolo]

Sorry to be the bearer of negativity but if I were buying in Ashburn I would expect a whole lot more land. I could see the value of buying this amount of land closer in but not out there. The building depreciates, the land appreciates. We have friends who bought a home built in the mid 2000s that is about the same size and has 1/4 acre for around 700k.

The only issue is your deposit, so I don't think it's worth losing.

Here is one near you w/ .3 acre lot, 5000SF and 3 car garage, 700k and I bet you could negotiate lower
https://www.redfin.com/VA/Broadlands.../home/12043972