We are in the midst of attempting to buy a new house for our family. My wife and I are both 39 and our third child is coming in May.
We purchased our first house new in 2012 for $244,000. It is 2300 square feet which is a nice size. However, the square footage is used quite poorly. Huge family rooms, terrible closets and storage.
The house we are looking at building is 3596 square feet and will cost around $695,000 all in. This comes out to about 193/sq foot. Slab foundation, 3 car garage, master on main, 5 BR, 4 BA, good school zone, not a bad lot (neighborhood greenspace on one side and behind and another house on other side.
Does this seem like a good value? We think it is pretty good since most of the houses in this zip code are usually like $1,000,000+ nowadays. However, this is still a lot of money so wanted to ask.
If this is not the place for this type of question , I will delete and move along. Tennessee.
Posted by PenguinRhin0
4 Comments
Can you afford it? Do you like the quality of what new houses of that type feel like? Does the site have good orientation for sun, sound, and general vibe?
has your agent ran comps for it? what is their feedback?
$193/sq ft for new construction in a good school zone sounds pretty reasonable for Tennessee, especially if comparable homes are hitting $1M+. With baby #3 on the way and your current home’s poor layout, the extra space and better storage will probably feel worth every penny
As a Realtor and former appraiser, I am not a big fan of price per square foot. Don’t get me wrong, you have to adjust for size, but price per square foot doesn’t factor in things like number of bathrooms, basements, size of lots, etc. It is why smaller homes almost always have a higher price per square foot for a similar quality home in the same neighborhood. I would look at the comps. And, break out the differences that contribute to value to properly evaluate the property.