My McMansion - Investment or Home?

So the biggest debate I am having now is whether this McMansion will be an investment or my home. And as Michael Caton says... You can buy a house, but you can't buy a home.

I purchased the land for such a cheap price, it would be very tempting to just put a simple 4 bedroom house on the land and flick it.

You can have the 4 bedroom, 2 bathroom "Delta" for $160,000 or spend $480,000 on the 5 bedroom  5 bathroom "Imperial 54"

This weighs heavily in my mind when choosing how much you want to spend on the house. The house might cost $300,000, but then there's connection costs, site costs, it doesn't include the driveway, there's only one light in each room, and so forth.

If I'm planning on living here for the next 10-15 years, than surely a higher investment now will pay off over the long run. Maybe not $480,000 worth, but definitely something in between.