To Chose a Home with the Best Lot for Our Family, or the Most Exit Strategies
Hello, We are going to be moving to a new subdivision, new construction home. We are uncertain as to choose a less expensive home with more exit strategies, or a lot that is perfect for our family. The floor plans would be the exact same, just the lot and ability to add options would vary. This is what I mean:
House 1: 0.57acre, mostly level lot (very uncommon in my area), no neighbor to left (land is unbuildable), no home directly across, end of cul-de-sac, lake view, backs up to nature preserve, holding pond borders lot, utility easement (grass, not a dirt road) across the front and along side of property, limited to 2 car garage and driveway, sunken basement (no walkout option), plumbing rough-ins in basement. Additional note: all the homes on the opposite side of the street are $1M+, while our's is $580K.
House 2: 0.15acre, steep lot, neighbors on both side, middle of street, backs up to limited woods and highway below, no nearby common area for kids to play (would have to play in road), no water feature, 3 car garage, walkout basement, can finish basement with bedroom, bath, and mini kitchen and the total cost of home would be $40K less than House 1. The additional parking, separate entrance, and finished basement would allow us to rent out the space without sharing our living area with the lessee (If we ever needed/desired to rent out that basement in the future).
What would a seasoned real estate investor do in this situation? We do plan on keeping the townhome that we currently live in as a rental. However, per our HOA covenants, the minimum lease term is 360 days (yes, 360, not 365), so long term rental it is.
Any advice is appreciated.
Thank you,
Clarissa