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  • #16
    Originally posted by STATscans View Post

    Why wasn’t a mistake? Did you not like the house? Too much to take care of?
    Like the house very much, but I can like a lot less house very much too. Not so sure the pro's outweighed the cons. Built in my early 30's, fell for the prestige/glamour. The first 4000 sq footer would have been just fine to stay at.

    Hassles, a lot of everything under 10K sq ft roof. Wasted time and energy. Fixing things all the time. 9 built in fridges/icemakers. 4 AC units, elevator, home automation/theater. Maintenance. Pool leaks/solar panel leaks/screen repairs. Appliances are aging. Big lawn to maintain. 7 bathrooms. Lots of cleaning. Outdoor kitchen. Indoor Kitchen. Theater kitchen. 28 ft ceiling LED bulb replacements. 2 story window cleaning/pressure washing. Weary of "fake" friends. Overpriced service quotes (which we can afford, it's the principle). Kids think large $1K/pair sneaker collections and $750 hoodie collections are the norm - why not? - look at the house and cars. All the neighbors are Jones's too. Not the best image of reality for impressionable teens.

    I know others that have built double and even triple. Not my aspiration. Just because you could doesn't always mean you should.

    Living the dream? Stealth wealth. S-I-M-P-L-I-C-I-T-Y.

    Someday.

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    • #17
      That's a lot of land and a lot of house. If you like that and want that - go for it. Envision what you're going to do with the land and have a plan to develop it in whatever phases you go through with each succession of life with the kids -- ie make sure you have side access to the back lot for machinery to get through easily without house damage or asking neighbor for right of access.

      Also, you have to be careful if you'll be top of the neighborhood lot/house. That puts pressure on having all the bells/whistles on the house as well as selling on the backend of the house. With that, you're probably not going to come in at $350/ft putting in builder grade stuff. RH would be bare minimum probably and designer appliances. expected -- that stuff gets pricey....fast.

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      • #18
        I have built before and I consider building more risky then purchasing a home that has already built. There are laws that are supposed to protect you, but there is a lot that can go wrong with a new build, particularly on an undeveloped piece of land. If I were you, I would save up enough to pay for the land in cash and then get a mortgage on the build. This way, if the land purchase ends up being a disaster, you will at least be able to walk away if need be. I think that you guys could afford it, but it is a lot spend on an empty lot.

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        • #19
          I am in a (somewhat) similar situation but in what seems to be a far lower cost-of-living area. My wife and I bought a 6-acre piece of property about 3 years ago with plans to build on it once I am out of residency (11 months from now) and a few years established as an attending. I have had internal debates from time to time regarding how much I am willing to throw into the house. Over the last three years my ambitions have grown smaller and smaller. At first I was gung-ho about building a 750-850k house, but I am becoming more comfortable with the idea of staying between 500-600k. It will be our forever home.

          We have two kids. Plan to have at least one more. They don't need huge rooms. I have never been one to be impressed by big master bedrooms and bathrooms. Just more to take care of and clean, really. My primary focus will be on a big kitchen and living room, as well as a nice wrap-around deck. I don't have high end taste, nor does my wife, fortunately. So I think we should be able to fit into that range appropriately.

          I think I am more looking forward to building a huge barn for my future tractor and workshop, as well as putting in a stocked pond so I can grow old fishing off my front porch

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          • #20
            If you budget 1.5M, it might come out to 2.25M or 3M ?

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            • #21
              Things to watch out for with lakefront property. Flooding. Will you have to buy flood insurance? Has the property ever flooded?
              1.7 acres that needs to be graded but is partially cleared sounds like a bluff type lot. In this area the most valuable lake lots have deep water for year round boat docking, a mile plus view, and are fairly level (fewer steps to water the better).
              Anything wood needs frequent painting and replacing. Wind will remove things from your decking.
              Are there restrictions on docks and boathouses?
              If rural can you get decent internet access.

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