New or used home. Which is the better deal?

[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.

[dharmagirl]

We’re buying a 20 yr old house that is an REO.

My Reasons:

1. I like the privacy of larger lots. Our new house is on .60 acres and I won’t have to listen to my neighbors arguing, or their kids screaming all of the time.

2. Many of the new floorplans in Temecula are geared to families of 4+ people. For a married couple, it’s lots of wasted space. We don’t need a “loft” or hobby/game room in addition to 4 bdrms. If we have a master, two rooms for offices and a guest room we’re happy.

3. I’ve heard that older construction is more solid. During the boom, builders put together homes as quickly as possible to meet the heavy demand.

4. I prefer an established neighborhood that is NOT full of owners who did 100+% financing in the last 3 years. The number of NODs/REOs within a 2.5 mile radius of Redhawk is substantially higher than it is for my new ‘hood.

5. The building materials used in the new homes I’ve seen seem cheap.

HOWEVER, Marion, if I were in your shoes – and single – I would probably opt to buy a newer home that doesnt need a lot of maintenance.

There are existing homes out there that are in decent shape. I saw a house in Crowne Hill some months ago (Hussar Ct) that was built in 2005 and NEVER lived in (I think an investor had purchased it). It was nicely done, about 2800 sq feet, 10K sf lot, and the price wasnt bad. I think it’s an REO now.

So much of this is really about your own personal tastes and needs. There is something to be said for being able to choose your own cabinet colors, tile, carpet, etc.

Let us know what you end up doing.

[dharmagirl]

We’re buying a 20 yr old house that is an REO.

My Reasons:

1. I like the privacy of larger lots. Our new house is on .60 acres and I won’t have to listen to my neighbors arguing, or their kids screaming all of the time.

2. Many of the new floorplans in Temecula are geared to families of 4+ people. For a married couple, it’s lots of wasted space. We don’t need a “loft” or hobby/game room in addition to 4 bdrms. If we have a master, two rooms for offices and a guest room we’re happy.

3. I’ve heard that older construction is more solid. During the boom, builders put together homes as quickly as possible to meet the heavy demand.

4. I prefer an established neighborhood that is NOT full of owners who did 100+% financing in the last 3 years. The number of NODs/REOs within a 2.5 mile radius of Redhawk is substantially higher than it is for my new ‘hood.

5. The building materials used in the new homes I’ve seen seem cheap.

HOWEVER, Marion, if I were in your shoes – and single – I would probably opt to buy a newer home that doesnt need a lot of maintenance.

There are existing homes out there that are in decent shape. I saw a house in Crowne Hill some months ago (Hussar Ct) that was built in 2005 and NEVER lived in (I think an investor had purchased it). It was nicely done, about 2800 sq feet, 10K sf lot, and the price wasnt bad. I think it’s an REO now.

So much of this is really about your own personal tastes and needs. There is something to be said for being able to choose your own cabinet colors, tile, carpet, etc.

Let us know what you end up doing.

[dharmagirl]

We’re buying a 20 yr old house that is an REO.

My Reasons:

1. I like the privacy of larger lots. Our new house is on .60 acres and I won’t have to listen to my neighbors arguing, or their kids screaming all of the time.

2. Many of the new floorplans in Temecula are geared to families of 4+ people. For a married couple, it’s lots of wasted space. We don’t need a “loft” or hobby/game room in addition to 4 bdrms. If we have a master, two rooms for offices and a guest room we’re happy.

3. I’ve heard that older construction is more solid. During the boom, builders put together homes as quickly as possible to meet the heavy demand.

4. I prefer an established neighborhood that is NOT full of owners who did 100+% financing in the last 3 years. The number of NODs/REOs within a 2.5 mile radius of Redhawk is substantially higher than it is for my new ‘hood.

5. The building materials used in the new homes I’ve seen seem cheap.

HOWEVER, Marion, if I were in your shoes – and single – I would probably opt to buy a newer home that doesnt need a lot of maintenance.

There are existing homes out there that are in decent shape. I saw a house in Crowne Hill some months ago (Hussar Ct) that was built in 2005 and NEVER lived in (I think an investor had purchased it). It was nicely done, about 2800 sq feet, 10K sf lot, and the price wasnt bad. I think it’s an REO now.

So much of this is really about your own personal tastes and needs. There is something to be said for being able to choose your own cabinet colors, tile, carpet, etc.

Let us know what you end up doing.

[dharmagirl]

We’re buying a 20 yr old house that is an REO.

My Reasons:

1. I like the privacy of larger lots. Our new house is on .60 acres and I won’t have to listen to my neighbors arguing, or their kids screaming all of the time.

2. Many of the new floorplans in Temecula are geared to families of 4+ people. For a married couple, it’s lots of wasted space. We don’t need a “loft” or hobby/game room in addition to 4 bdrms. If we have a master, two rooms for offices and a guest room we’re happy.

3. I’ve heard that older construction is more solid. During the boom, builders put together homes as quickly as possible to meet the heavy demand.

4. I prefer an established neighborhood that is NOT full of owners who did 100+% financing in the last 3 years. The number of NODs/REOs within a 2.5 mile radius of Redhawk is substantially higher than it is for my new ‘hood.

5. The building materials used in the new homes I’ve seen seem cheap.

HOWEVER, Marion, if I were in your shoes – and single – I would probably opt to buy a newer home that doesnt need a lot of maintenance.

There are existing homes out there that are in decent shape. I saw a house in Crowne Hill some months ago (Hussar Ct) that was built in 2005 and NEVER lived in (I think an investor had purchased it). It was nicely done, about 2800 sq feet, 10K sf lot, and the price wasnt bad. I think it’s an REO now.

So much of this is really about your own personal tastes and needs. There is something to be said for being able to choose your own cabinet colors, tile, carpet, etc.

Let us know what you end up doing.

[dharmagirl]

We’re buying a 20 yr old house that is an REO.

My Reasons:

1. I like the privacy of larger lots. Our new house is on .60 acres and I won’t have to listen to my neighbors arguing, or their kids screaming all of the time.

2. Many of the new floorplans in Temecula are geared to families of 4+ people. For a married couple, it’s lots of wasted space. We don’t need a “loft” or hobby/game room in addition to 4 bdrms. If we have a master, two rooms for offices and a guest room we’re happy.

3. I’ve heard that older construction is more solid. During the boom, builders put together homes as quickly as possible to meet the heavy demand.

4. I prefer an established neighborhood that is NOT full of owners who did 100+% financing in the last 3 years. The number of NODs/REOs within a 2.5 mile radius of Redhawk is substantially higher than it is for my new ‘hood.

5. The building materials used in the new homes I’ve seen seem cheap.

HOWEVER, Marion, if I were in your shoes – and single – I would probably opt to buy a newer home that doesnt need a lot of maintenance.

There are existing homes out there that are in decent shape. I saw a house in Crowne Hill some months ago (Hussar Ct) that was built in 2005 and NEVER lived in (I think an investor had purchased it). It was nicely done, about 2800 sq feet, 10K sf lot, and the price wasnt bad. I think it’s an REO now.

So much of this is really about your own personal tastes and needs. There is something to be said for being able to choose your own cabinet colors, tile, carpet, etc.

Let us know what you end up doing.

[Multiplepropertyowner]

I gotta agree with the others on this. I have always liked the character of an older place with mature landscape, plus I like putting in a little sweat equity. Also,I will never pay mello or HOA (EVER!)All it does it take away from what you can afford.

The only thing I would ever buy that completely goes against that logic is a new downtown condo. Hard to get away from HOA downtown, but it would be killer to have a tiny little studio to escape to on weekends with the wife. We are hoping to see something near the ball park in the low 200s. Still too expensive down there, but I digress.

[Multiplepropertyowner]

I gotta agree with the others on this. I have always liked the character of an older place with mature landscape, plus I like putting in a little sweat equity. Also,I will never pay mello or HOA (EVER!)All it does it take away from what you can afford.

The only thing I would ever buy that completely goes against that logic is a new downtown condo. Hard to get away from HOA downtown, but it would be killer to have a tiny little studio to escape to on weekends with the wife. We are hoping to see something near the ball park in the low 200s. Still too expensive down there, but I digress.

[Multiplepropertyowner]

I gotta agree with the others on this. I have always liked the character of an older place with mature landscape, plus I like putting in a little sweat equity. Also,I will never pay mello or HOA (EVER!)All it does it take away from what you can afford.

The only thing I would ever buy that completely goes against that logic is a new downtown condo. Hard to get away from HOA downtown, but it would be killer to have a tiny little studio to escape to on weekends with the wife. We are hoping to see something near the ball park in the low 200s. Still too expensive down there, but I digress.

[Multiplepropertyowner]

I gotta agree with the others on this. I have always liked the character of an older place with mature landscape, plus I like putting in a little sweat equity. Also,I will never pay mello or HOA (EVER!)All it does it take away from what you can afford.

The only thing I would ever buy that completely goes against that logic is a new downtown condo. Hard to get away from HOA downtown, but it would be killer to have a tiny little studio to escape to on weekends with the wife. We are hoping to see something near the ball park in the low 200s. Still too expensive down there, but I digress.

[Multiplepropertyowner]

I gotta agree with the others on this. I have always liked the character of an older place with mature landscape, plus I like putting in a little sweat equity. Also,I will never pay mello or HOA (EVER!)All it does it take away from what you can afford.

The only thing I would ever buy that completely goes against that logic is a new downtown condo. Hard to get away from HOA downtown, but it would be killer to have a tiny little studio to escape to on weekends with the wife. We are hoping to see something near the ball park in the low 200s. Still too expensive down there, but I digress.

[seattle-relo]

New construction is nice, but there are hidden costs that can ready get you…especially if you are like me and like to decorate. 🙂 New construction usually means at least blinds for ALL the windows (can easily be $1,000-3,000), new fridge, water softener, deocrative window treatments, sprinkler system, etc…even just putting sod down is quite expensive.

I prefer the charm of older, established neighborhoods with mature landscaping and the character of an older home; however the I do apprechiate the “newness” of brand new contruction – everything is so sparkling and smells fresh. I have lived in both. One of the best ways I believe is to buy a home that’s 2 years old – it’s still very new, yet the previous owner has probably already shelled about the money for the hidden costs and has made the builder fix all the little problems that show up in new contruction. However in this market finding a 2 year old house that isn’t distressed would be pretty hard. Plus I am not so confident in the quality of homes built in the last few years. A good friend of mine in North Carolina just bought her dream house (and I mean DREAM house), it was about 18 months old, just beautiful and still so brand new, yet they didn’t have to put a alot of money into the little upgrades (window treatments, etc) that can nickel and dime you to death.

Good luck!

[seattle-relo]

New construction is nice, but there are hidden costs that can ready get you…especially if you are like me and like to decorate. 🙂 New construction usually means at least blinds for ALL the windows (can easily be $1,000-3,000), new fridge, water softener, deocrative window treatments, sprinkler system, etc…even just putting sod down is quite expensive.

I prefer the charm of older, established neighborhoods with mature landscaping and the character of an older home; however the I do apprechiate the “newness” of brand new contruction – everything is so sparkling and smells fresh. I have lived in both. One of the best ways I believe is to buy a home that’s 2 years old – it’s still very new, yet the previous owner has probably already shelled about the money for the hidden costs and has made the builder fix all the little problems that show up in new contruction. However in this market finding a 2 year old house that isn’t distressed would be pretty hard. Plus I am not so confident in the quality of homes built in the last few years. A good friend of mine in North Carolina just bought her dream house (and I mean DREAM house), it was about 18 months old, just beautiful and still so brand new, yet they didn’t have to put a alot of money into the little upgrades (window treatments, etc) that can nickel and dime you to death.

Good luck!

[seattle-relo]

New construction is nice, but there are hidden costs that can ready get you…especially if you are like me and like to decorate. 🙂 New construction usually means at least blinds for ALL the windows (can easily be $1,000-3,000), new fridge, water softener, deocrative window treatments, sprinkler system, etc…even just putting sod down is quite expensive.

I prefer the charm of older, established neighborhoods with mature landscaping and the character of an older home; however the I do apprechiate the “newness” of brand new contruction – everything is so sparkling and smells fresh. I have lived in both. One of the best ways I believe is to buy a home that’s 2 years old – it’s still very new, yet the previous owner has probably already shelled about the money for the hidden costs and has made the builder fix all the little problems that show up in new contruction. However in this market finding a 2 year old house that isn’t distressed would be pretty hard. Plus I am not so confident in the quality of homes built in the last few years. A good friend of mine in North Carolina just bought her dream house (and I mean DREAM house), it was about 18 months old, just beautiful and still so brand new, yet they didn’t have to put a alot of money into the little upgrades (window treatments, etc) that can nickel and dime you to death.

Good luck!

[seattle-relo]

New construction is nice, but there are hidden costs that can ready get you…especially if you are like me and like to decorate. 🙂 New construction usually means at least blinds for ALL the windows (can easily be $1,000-3,000), new fridge, water softener, deocrative window treatments, sprinkler system, etc…even just putting sod down is quite expensive.

I prefer the charm of older, established neighborhoods with mature landscaping and the character of an older home; however the I do apprechiate the “newness” of brand new contruction – everything is so sparkling and smells fresh. I have lived in both. One of the best ways I believe is to buy a home that’s 2 years old – it’s still very new, yet the previous owner has probably already shelled about the money for the hidden costs and has made the builder fix all the little problems that show up in new contruction. However in this market finding a 2 year old house that isn’t distressed would be pretty hard. Plus I am not so confident in the quality of homes built in the last few years. A good friend of mine in North Carolina just bought her dream house (and I mean DREAM house), it was about 18 months old, just beautiful and still so brand new, yet they didn’t have to put a alot of money into the little upgrades (window treatments, etc) that can nickel and dime you to death.

Good luck!

[Author]

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