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So we're choosing between two homes (new construction), across the street from one another, going for the same asking price. Both homes are beautiful, well built, The question is this:
Home #1:
PROS: 4 floors, exquisitely appointed, MBR steam shower, ceiling mounted tub filler, smart home system in place, sauna, lots of wow factors one expects to find in high end construction. If we were to put more money into it, it would be to add to what's already there.
CONS: 3-car garage, about 3000 - 3500 sq. feet smaller than the other house
Home #2:
PROS: Considerably bigger home, expansive feel, quite larger bedroom suites, 4-car garage, larger corner lot, but perhaps less useable land space than House #1 because this one backs to a ravine
CONS: Lacks the wow factors one would expect to find at this price point (such as steam shower & sauna, smart home technology, etc). Well appointed by most people's standards, but not nearly as well as Home#1. We would have to spend quite a bit to correct many of the builder's terrible choices (ex. exchange wood railings for wrought iron, replace all light fixtures and faucets, restain the extensive hardwood floors and door/window trims, replace front door, rip out master shower to turn it into steam, panel library, repaint about 5 rooms, change one of the powder rooms and start over + other minor stuff).
We've gone back and forth on this decision, but are currently inclined to go with size (+ the extra garage), since we feel these will be more important factors in the long run for resale purposes. What do you think?
So we're choosing between two homes (new construction), across the street from one another, going for the same asking price. Both homes are beautiful, well built, The question is this:
<SNIP>
We've gone back and forth on this decision, but are currently inclined to go with size (+ the extra garage), since we feel these will be more important factors in the long run for resale purposes. What do you think?
What's your primary purpose in buying the property? Is it to live in, enjoying a particular lifestyle there with your family? Sometimes the things you want aren't the things everyone else wants. Do you need four garages, or is three sufficient? Will you be happier in the slightly larger house, or in the smaller house with all those attractive ameneties? If it's more important to have the more easily saleable home, is the second one really all that much more saleable? Is the size of the first out of line, smaller than most in the neighborhood? Do most homes there have four garages, so the one with only three will seem inferior and undesirable?
What would be the cost to upgrade the second house to what you think should be there? Add that to the price of the house. Would you still be thinking about it if it were priced that way? By the way....can the builder change out some of the things for you?
I'd reccomend going with the first choice as it would be "immediately" nicer to live in, plus in the future you wouldn't have to worry about the extra space to clean/heat/cool/etc. Do you need the extra 3000sq ft of space and the extra garage? Would your interests/children/hobbies be better served by the better backyard, where a pool/area to run around/garden/have 4th of July parties and the like wouldn't work as well with a ravine. With the same price across the street you may have better luck negotiating the price down on either house by listing on the basis of what you've said here.
We've gone back and forth on this decision, but are currently inclined to go with size (+ the extra garage), since we feel these will be more important factors in the long run for resale purposes. What do you think?
Sounds like house 2 isn't right for you and house 1 is. Since they are priced the same, why not buy something you can immediatly enjoy?
I'm not so sure the larger size will be a good thing for resale, it may actually hurt.
I think the question is what do you value more, the move in condition of house 1, or the extra house of #2?
If it's a purely financial decision, buying the larger house and performing the upgrades yourself will usually yeild a slightly higher return on what you put in. At your price point though, I'd defer to your local expert on that opinion.
Normal real estate mantra's goes out the door in certain area's/prices
So we're choosing between two homes (new construction), across the street from one another, going for the same asking price. Both homes are beautiful, well built, The question is this:
Home #1:
PROS: 4 floors, exquisitely appointed, MBR steam shower, ceiling mounted tub filler, smart home system in place, sauna, lots of wow factors one expects to find in high end construction. If we were to put more money into it, it would be to add to what's already there.
CONS: 3-car garage, about 3000 - 3500 sq. feet smaller than the other house
Home #2:
PROS: Considerably bigger home, expansive feel, quite larger bedroom suites, 4-car garage, larger corner lot, but perhaps less useable land space than House #1 because this one backs to a ravine
CONS: Lacks the wow factors one would expect to find at this price point (such as steam shower & sauna, smart home technology, etc). Well appointed by most people's standards, but not nearly as well as Home#1. We would have to spend quite a bit to correct many of the builder's terrible choices (ex. exchange wood railings for wrought iron, replace all light fixtures and faucets, restain the extensive hardwood floors and door/window trims, replace front door, rip out master shower to turn it into steam, panel library, repaint about 5 rooms, change one of the powder rooms and start over + other minor stuff).
We've gone back and forth on this decision, but are currently inclined to go with size (+ the extra garage), since we feel these will be more important factors in the long run for resale purposes. What do you think?
Is Home #2 the largest home in the development? If so, I wouldn't touch it. How much square footage is the larger House#2?
Like others have said, it totally depends on what size your family is, your lifestyle, how much "stuff" (junk) you need to store, etc.. Does each family member need 1000 square feet each to be happy? 2000 square feet each?
It's a bit of a personal decision, so hard to comment on.
I personally would favor the smaller, better built home. Many people favor large homes and then find they have an excess of "dead space" that they almost never use, just end up heating, cooling and furnishing. Trends seem to be swinging back towards downsizing too, so excessive size may not be to your advantage.
Quality over quantity every time. That is my mantra.
One consideration I might offer - and, it is a fairly common one: Re-sale
When you go to sell the property, who will buy it? Remember, the baby boomers are turning 60+ and two + story homes may become a problem -Access to upper floors (or basements)
Perhaps you might take into consideration the ability to adapt, now or in the future, a home elevator (do a Google search on home elevators - it might astound you the choices).
Many new home builders are starting to offer a home elevator as an option -
Is Home #2 the largest home in the development? If so, I wouldn't touch it. How much square footage is the larger House#2?
Interesting comment. Could you please expand?
Thanks to everyone for your thought-provoking comments. Re: some of your questions, the 4-car garage appeals to us since both our kids drive. They also appreciate having a larger room (17x18 vs. 12x12) with more closet space, particularly now that we're adding a season to our wardrobe. I don't think we'll be building a pool since the window of use is so short, and we have one now that is barely used. We might be in this house for the next 5 years, perhaps more, but we're not sure. That said, I personally like the smaller house better since it "looks like us", which the other one doesn't, but the hubby likes #2 (but can be swayed ).
I don't think Home #2 is the largest on the block. It's comparable to a few others, but skewed to the right. The neighborhood is not a development per se; it's composed of older homes and others that have been torn down and replaced with new construction. Most of the homes have 2 or 3 garages, so having 4 may be an advantage.
Now, re: the sq.ft. of Home #1, I'm rather skeptical about the numbers provided by the builder. Our calculations differ by about 2000 sq.ft. so I'm still working with them to determine what the right figure is.
Another factor affecting the choice is each builder's willingness to negotiate. Home #1 has been on the market for 1 month; Home #2 for 9 months. Maybe that will be the deciding factor. Stay tuned!
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