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Sell Land or Build

We outright own a small lot in a highly desirable neighborhood near the beach and just got it approved for a building lot. We currently don’t own a home and are not developers. Similar vacant lots are going for 250k to 350k plus on the neighborhood. Existing homes are selling for 700k to 1 million.

We are looking at building costs around 600k for a 1500 sqft house. We are considering either building on the lot for our first home or selling the land and adding the cash to a down payment on a existing home in the 600k to 700k range.

Any advice on what we should do or other aspects to consider would be appreciated.

submitted by /u/Embarrassed_Plenty19
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1jh6wri/sell_land_or_build/
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