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Help with house value

We are in the midst of attempting to buy a new house for our family. My wife and I are both 39 and our third child is coming in May.

We purchased our first house new in 2012 for $244,000. It is 2300 square feet which is a nice size. However, the square footage is used quite poorly. Huge family rooms, terrible closets and storage.

The house we are looking at building is 3596 square feet and will cost around $695,000 all in. This comes out to about 193/sq foot. Slab foundation, 3 car garage, master on main, 5 BR, 4 BA, good school zone, not a bad lot (neighborhood greenspace on one side and behind and another house on other side).

Does this seem like a good value? We think it is pretty good since most of the houses in this zip code are usually like $1,000,000+ nowadays. However, this is still a lot of money so wanted to ask.

If this is not the place for this type of question , I will delete and move along. Tennessee.

submitted by /u/PenguinRhin0
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source https://www.reddit.com/r/RealEstate/comments/1ssnr73/help_with_house_value/
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