New or used home. Which is the better deal?

[admin]

Ok, guys, are you looking to buy a new or used home? Why or why not?

I’m buying in the Temecula or Murrieta area between now and the next 6 months. I prefer new, but I’m not seeing the builders meeting the prices of bank owned and desperate sellers. So, I guess if I want the best deal, I’ll have to buy used, right?

Builders are offering money off. $50k off in one development in wolfcreek. Still, I’m seeing that their prices are still too high. How low will they go?

So, what direction are you guys leaning toward? new or used? why?

[meadandale]

If you buy new, you better have significant cash reserves so you can landscape the place. You will not get a home equity loan on a new house in a market with declining property values.

Otherwise, you’ll be one of ‘those’ people who has a dirt yard 5 years later and thinks that they can get top dollar for their house because it has hand rubbed brazilian hardwood and italian marble.

[meadandale]

If you buy new, you better have significant cash reserves so you can landscape the place. You will not get a home equity loan on a new house in a market with declining property values.

Otherwise, you’ll be one of ‘those’ people who has a dirt yard 5 years later and thinks that they can get top dollar for their house because it has hand rubbed brazilian hardwood and italian marble.

[meadandale]

If you buy new, you better have significant cash reserves so you can landscape the place. You will not get a home equity loan on a new house in a market with declining property values.

Otherwise, you’ll be one of ‘those’ people who has a dirt yard 5 years later and thinks that they can get top dollar for their house because it has hand rubbed brazilian hardwood and italian marble.

[meadandale]

If you buy new, you better have significant cash reserves so you can landscape the place. You will not get a home equity loan on a new house in a market with declining property values.

Otherwise, you’ll be one of ‘those’ people who has a dirt yard 5 years later and thinks that they can get top dollar for their house because it has hand rubbed brazilian hardwood and italian marble.

[meadandale]

If you buy new, you better have significant cash reserves so you can landscape the place. You will not get a home equity loan on a new house in a market with declining property values.

Otherwise, you’ll be one of ‘those’ people who has a dirt yard 5 years later and thinks that they can get top dollar for their house because it has hand rubbed brazilian hardwood and italian marble.

[(former)FormerSanDiegan]

I’ve always preferred used. I’ve owned four houses in my life. Newest one was 33 years old when I bought it. Some people call these existing homes.
Here’s why:
1. Location: I like to be closer to my job. Older established neighborhoods tend to be closer to the job centers.
2. Location: Older established neighborhoods tend to be closer to entertainment and amenities, like the beach, downtown, Zoo, Bay, etc. Places we would take the kids.
3. I don’t like to pay HOA or mello roos.
4. Character of the house. Older homes typically (not always) tend to have more character than cookie cutter developments.
5. Character of the neighborhood : Older neighborhoods have more variety of population. Newer neighborhoods are built and sold out over a short period you end up with similar price points, resulting in relatively narrow slice of demographics. (Some people like that aspect, I don’t).
6. Lot size to house footprint tends to be higher. I hate the thought of my next door neighbor calling to borrow sugar or butter and having them hand it through our side windows.

[(former)FormerSanDiegan]

I’ve always preferred used. I’ve owned four houses in my life. Newest one was 33 years old when I bought it. Some people call these existing homes.
Here’s why:
1. Location: I like to be closer to my job. Older established neighborhoods tend to be closer to the job centers.
2. Location: Older established neighborhoods tend to be closer to entertainment and amenities, like the beach, downtown, Zoo, Bay, etc. Places we would take the kids.
3. I don’t like to pay HOA or mello roos.
4. Character of the house. Older homes typically (not always) tend to have more character than cookie cutter developments.
5. Character of the neighborhood : Older neighborhoods have more variety of population. Newer neighborhoods are built and sold out over a short period you end up with similar price points, resulting in relatively narrow slice of demographics. (Some people like that aspect, I don’t).
6. Lot size to house footprint tends to be higher. I hate the thought of my next door neighbor calling to borrow sugar or butter and having them hand it through our side windows.

[(former)FormerSanDiegan]

I’ve always preferred used. I’ve owned four houses in my life. Newest one was 33 years old when I bought it. Some people call these existing homes.
Here’s why:
1. Location: I like to be closer to my job. Older established neighborhoods tend to be closer to the job centers.
2. Location: Older established neighborhoods tend to be closer to entertainment and amenities, like the beach, downtown, Zoo, Bay, etc. Places we would take the kids.
3. I don’t like to pay HOA or mello roos.
4. Character of the house. Older homes typically (not always) tend to have more character than cookie cutter developments.
5. Character of the neighborhood : Older neighborhoods have more variety of population. Newer neighborhoods are built and sold out over a short period you end up with similar price points, resulting in relatively narrow slice of demographics. (Some people like that aspect, I don’t).
6. Lot size to house footprint tends to be higher. I hate the thought of my next door neighbor calling to borrow sugar or butter and having them hand it through our side windows.

[(former)FormerSanDiegan]

I’ve always preferred used. I’ve owned four houses in my life. Newest one was 33 years old when I bought it. Some people call these existing homes.
Here’s why:
1. Location: I like to be closer to my job. Older established neighborhoods tend to be closer to the job centers.
2. Location: Older established neighborhoods tend to be closer to entertainment and amenities, like the beach, downtown, Zoo, Bay, etc. Places we would take the kids.
3. I don’t like to pay HOA or mello roos.
4. Character of the house. Older homes typically (not always) tend to have more character than cookie cutter developments.
5. Character of the neighborhood : Older neighborhoods have more variety of population. Newer neighborhoods are built and sold out over a short period you end up with similar price points, resulting in relatively narrow slice of demographics. (Some people like that aspect, I don’t).
6. Lot size to house footprint tends to be higher. I hate the thought of my next door neighbor calling to borrow sugar or butter and having them hand it through our side windows.

[(former)FormerSanDiegan]

I’ve always preferred used. I’ve owned four houses in my life. Newest one was 33 years old when I bought it. Some people call these existing homes.
Here’s why:
1. Location: I like to be closer to my job. Older established neighborhoods tend to be closer to the job centers.
2. Location: Older established neighborhoods tend to be closer to entertainment and amenities, like the beach, downtown, Zoo, Bay, etc. Places we would take the kids.
3. I don’t like to pay HOA or mello roos.
4. Character of the house. Older homes typically (not always) tend to have more character than cookie cutter developments.
5. Character of the neighborhood : Older neighborhoods have more variety of population. Newer neighborhoods are built and sold out over a short period you end up with similar price points, resulting in relatively narrow slice of demographics. (Some people like that aspect, I don’t).
6. Lot size to house footprint tends to be higher. I hate the thought of my next door neighbor calling to borrow sugar or butter and having them hand it through our side windows.

[Anonymous]

FormerSanDiegan, thanks for your perspective. Meandandale, thanks for yours too. My response: I’m a new grad just starting out with a new career after being married for 10 years, I definitely don’t have significant reserves.

If I were to buy new and the builder didn’t landscape the backyard, I’d have some sod thrown down and little else. I don’t have 50K to go in and do up a backyard as soon as I move in. That’s one reason to buy used.

For some reason, I’ve been a new home snob. I don’t think I can continue to entertain that if I want a good deal in today’s market. Like I said, are the builders going to meet bank owned prices between now and 6 months?? Maybe a resale will be best for me anyway.

Let me hear from more of you.

[Anonymous]

FormerSanDiegan, thanks for your perspective. Meandandale, thanks for yours too. My response: I’m a new grad just starting out with a new career after being married for 10 years, I definitely don’t have significant reserves.

If I were to buy new and the builder didn’t landscape the backyard, I’d have some sod thrown down and little else. I don’t have 50K to go in and do up a backyard as soon as I move in. That’s one reason to buy used.

For some reason, I’ve been a new home snob. I don’t think I can continue to entertain that if I want a good deal in today’s market. Like I said, are the builders going to meet bank owned prices between now and 6 months?? Maybe a resale will be best for me anyway.

Let me hear from more of you.

[Anonymous]

FormerSanDiegan, thanks for your perspective. Meandandale, thanks for yours too. My response: I’m a new grad just starting out with a new career after being married for 10 years, I definitely don’t have significant reserves.

If I were to buy new and the builder didn’t landscape the backyard, I’d have some sod thrown down and little else. I don’t have 50K to go in and do up a backyard as soon as I move in. That’s one reason to buy used.

For some reason, I’ve been a new home snob. I don’t think I can continue to entertain that if I want a good deal in today’s market. Like I said, are the builders going to meet bank owned prices between now and 6 months?? Maybe a resale will be best for me anyway.

Let me hear from more of you.

[Anonymous]

FormerSanDiegan, thanks for your perspective. Meandandale, thanks for yours too. My response: I’m a new grad just starting out with a new career after being married for 10 years, I definitely don’t have significant reserves.

If I were to buy new and the builder didn’t landscape the backyard, I’d have some sod thrown down and little else. I don’t have 50K to go in and do up a backyard as soon as I move in. That’s one reason to buy used.

For some reason, I’ve been a new home snob. I don’t think I can continue to entertain that if I want a good deal in today’s market. Like I said, are the builders going to meet bank owned prices between now and 6 months?? Maybe a resale will be best for me anyway.

Let me hear from more of you.

[Author]

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