For this home class, I would agree $195/sqft is very reasonable, certainly consistent with early bubble 02 pricing. Haven’t visited the development in a while, but regarding first impressions, we didn’t like Stonebridge and would not buy a home there due to a combination of factors such as long single point entry, power lines and industrial park visibility, and the lack of a “well planned out feel” to the community. However, other folks clearly like it perhaps due to the floorplans, lot size and overall designs tipping the scale towards purchase worthiness. In any case, if you’re there for the long haul resale considerations are not relevant.
Regarding your question, my initial thought was your interior finishing and exterior landscaping budget. Builder front landscaping is of little value as it typically gets torn up during real landscaping. Finishing a large new house is really expensive and this is a hidden pitfall not frequently discussed. Most homeowner can initially afford their house, but once interior & exterior finishing pressures hit, many deplete their savings, get a heloc, or refi cash out into a bad loan ultimately getting into trouble. It took me 3 yrs to fully finish my house using the pay as u go approach, whereas many of my neighbors somehow coughed up 200k/300k to finish in 3-6 months. A few of them had to eventually short sell. Another consideration is that as you become empty nesters, do you really want to be stuck cleaning and maintaining a large house? Why dampen your new found freedom during your golden years. Even if you pay for a regular maid & gardener, daily housework and yard maintenance is still required by the homeowner. Finally, did you decide on a 15/20 yr loan so that the house can be free and clear near retirement? It may be worth it to consider the slightly higher rate, peace of mind lower payment with a 30/40 yr loan and attempt to pay it off in fewer yrs as cash flow permits.
