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My fiance and I are planning to move out of NYC to build or buy a home north of the city, preferably in the Sleep Hollow/Tarrytown area. We are drawn to the proximity to the city, but mostly to the charm and family/kid friendly feel of these villages. Not to mention the ethnic diversity. She is all on board, but admittedly it has always been my dream to eventually settle in the Hudson Valley.
We are currently saving up for a hefty down payment to keep our mortgage cost manageable. An ideal lot size would be 7,500 sq feet. We are also open to buying a cheaper house with the intent to renovate. Understanding that most homes cost more, we would like to stick within the $400K range for a house or total amount for the land and building a new house. Any insight you can provide in regards to buying land/building a home would be greatly appreciated.
My fiance and I are planning to move out of NYC to build or buy a home north of the city, preferably in the Sleep Hollow/Tarrytown area. We are drawn to the proximity to the city, but mostly to the charm and family/kid friendly feel of these villages. Not to mention the ethnic diversity. She is all on board, but admittedly it has always been my dream to eventually settle in the Hudson Valley.
We are currently saving up for a hefty down payment to keep our mortgage cost manageable. An ideal lot size would be 7,500 sq feet. We are also open to buying a cheaper house with the intent to renovate. Understanding that most homes cost more, we would like to stick within the $400K range for a house or total amount for the land and building a new house. Any insight you can provide in regards to buying land/building a home would be greatly appreciated.
I don't think $400k is going to be enough for new construction. Even if it were, I bet taxes on any new construction would be over $20k, which would be a huge amount if you're budgeting around a $400k house. IMO buying an old home and renovating is your only realistic path to ownership.
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