To build or not to build
Hey guys, first time poster. I have city lot just outside of Guelph Ontario. About 48' of frontage and about 100' deep. Probably worth about 120-150k. Not sure if I should build on it or sell? It is an eclectic street with homes selling between 300 and as high as 650k. I am assuming it would cost 150-200 / sq ft to build but I have not approached a builder. Currently I could get 65% of the land value for financing, 80% if I am lucky. Any thoughts on the best\most profitable path?
Most Popular Reply
I agree with @Colin Smith
Do your homework. Every market is different. I almost built my primary home but ended up cancelling the deal. I bought a house much larger in a nicer neighborhood cheaper than I would have built. Look at the upside and down. Good luck.