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Does New Construction make sense for me or just stay where I'm at?

To give a bit of background, I'm in the fortunate position to where I currently live in my family's home paying only about $300 a month.

I work in IT making just a little over 6 figures and have saved close to 300k. Work remote, so no need to head to the city. Single with no significant other.

The homes in my region (IL) are all easily above 400k, new construction being 500k+. Even with what I've saved monthly payments usually amount to $3000+. (3.2% property tax)

I recently found a new construction ranch about 15 minutes away from my family's place, that after adding all options ended up being 462k. Love the house, right next to the train station if I ever want to go into the city. But it's in farmland Illinois in a town that hasn't expanded for over 20 years, has higher than normal property taxes, and is further away from the city. Adding icing on the debbie-downer cake, it's base price has increased nearly 100k since 2 years ago when the neighborhood was being developed.

I'm struggling with my thoughts, I love the house, don't love the location. Being a first time homebuyer, I'm constantly worried about overpaying on overpriced properties in the off chance of a potential market correction. There's no rush for me to move, as folks haven't kicked me out and want me to stay. I want to finally get my own place, but don't want to be scalped for it...

submitted by /u/Master_Pumpkin_6489
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1bllq27/does_new_construction_make_sense_for_me_or_just/
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