Refinancing to build?

[Armando Carrera]

Hello, 

Wife and I are needing some advice. We own a plot of land outside the city limits. We have building approval but I am still not pulling the trigger to start building. We have a home that's worth $375k and we owe 12 years/ $145k. We have $150k in savings. Should we refi the home and pull out the $125k In equity to build our dream home or should I consider purchasing another investment property with our savings (no refinancing)?

Any feedback or advice would be greatly appreciated.