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Brand new construction on the Market or build one ground up in Massachusetts?

We are looking for a brand new homes in Lexington MA. The inventory on the market starts from 2.5M for brand new homes. Cons are Homes are huge 6-7 beds but the plot side is smaller. (6000 sq ft home on average 0.25-0.35 acre land) We are real estate investors so I understand the math only works if the builder builds giant homes to make any profit after expensive acquisition and higher interest rates. These homes closer to 2.5M are not on the ideal location. Usually on a very busy street.

Our timeline is flexible even if it takes longer than 1 year or even more. We have never done a project to build a home ground up so while I really want to give it a try, what are some of the things you have learnt from your experience?

Run down home with 0.5-0.75 acre land is 1.2-1.3M Builder gave estimate of 1.2M (+ 20% buffer) for a home he built that we really liked. By doing this we pretty much spend the same (atleast that’s what I am thinking) but get a bigger plot and hopefully on a quieter street. We also get to pick the floor plan we like. We want one bedroom with attached full bath on the 1st floor for our parents when they visit. Plus of course a half bath for common areas. It’s hard to get that in the floor plan for already built homes. I have to calculate the money we will losing in interest during this time. Builders estimate is ~8 months.

But overall would you consider doing a project yourself with a known builder? What advice you have for someone new to this kind of project? He has given us references we will be calling to know about his work. Can we rely on a builder to check for us about the permits before we put an offer?

submitted by /u/pinkyj123
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source https://www.reddit.com/r/RealEstate/comments/16l1hos/brand_new_construction_on_the_market_or_build_one/
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