Feb 22, 2015

Researching Neighborhoods In The Area

So to be clear, we aren‘t against master plan neighborhoods. In fact, we live in one now and it’s actually pretty nice. It’s just if we had a preference we would like a little more variety and opinionated design in our house. We sometimes go and check out new developments just to see what they’re doing and how they lay out their houses.

In this case, we visited a local neighborhood called Whitemore Oaks by KB Homes. It’s still being built as we speak but we went to do some informal comps to help us understand where our house needs to appraise at. Remember, banks base how much they lend to you on homes in the area and how they compare to your design.

There were two homes that were in direct comparison:

Model Home One

  • 5 bedrooms, 3 bathrooms
  • loft
  • and small multi purpose room modeled as a workout room
  • 3200 square feet,
  • 2 car garage
  • around $320,000

Model Home Two

  • 3 bedrooms, 2.5 bathrooms
  • one story
  • formal living and dining
  • large home office (that could be converted to a bathroom)
  • two car garage
  • laundry room off garage

Based on the fact that these homes are built on small 60' lots, I think our initial budget of $350,000 should be in line with comps in the area. The houses were actually pretty nice, just not our style.

Posted in Land stage