U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-17-2013, 02:07 PM
 
162 posts, read 597,060 times
Reputation: 98

Advertisements

Quote:
10 reasons old houses are a good investment in any kind of market

1. There is a finite number of them, unlike new construction that just keeps on sprawling.
2. They are getting rarer. There will never be a glut of old houses on the market.
3. They are solid. There’s no comparison between plaster lathe walls and sheetrock, or wide-board plank floors and glued-on squares of oak ‘parquet.’
4. They are built to last. They’re made out of stone and brick and actual timber instead of plywood and 2x4s and god knows what kind of composite and manufactured materials.
5. They have already passed the test of time by lasting 150 or 200 years through all kinds of weather. Ever notice how, in a hurricane, it’s the cheap new construction that gets destroyed, not the historic houses?
6. They have“detail.” Moldings, baseboards, panel doors, plasterwork, marble fireplaces, turned staircase balusters.
7. They are generously proportioned. High ceilings, big windows, wide hallways. (Unless they’re cozy cottages, with smaller rooms and low ceilings to prevent heat loss.)
8. They’re greener than new houses. Just the act of re-using an old house instead of building or buying a new one saves tens of thousands of dollars, plus energy and resources. Most new construction materials are full of chemicals.
9. The places where the housing market has tanked are those where the housing stock is made up of new homes, in the fastest growing cities of recent years, like Vegas, Phoenix and San Diego. It’s not just the mortgage situation, but also the fact that the buildings themselves have no intrinsic value.
10. Old houses have barely suffered in the recent market downturn. It’s the new crap that’s taken a beating in the market.
I have to agree with MikeyKid here... based on your definition of old, it seems you are talking about something 100+ years old. Here is my 2 cents:

1-2: this is more about location. Really old homes are rare because there were fewer people, and because some got torn down. As far as a glut... that is a supply demand question. Go to Detroit, there are lots of "old" houses there and no one wants them. You don't have to watch too much DIY Network to realize that really old houses are full of problems.
3: Plaster vs. Sheetrock... I will take sheetrock any day, it isn't like plaster adds to the structural integrity of a house. And have fun hanging paintings or doing any renovation work on plaster.
4: This I agree with to an extent, but old homes are very likely to have been renovated multiple times. This opens up all kinds of very serious issues like:
  • Wiring and other electric problems (aluminum wiring , old knob and tube etc), circuits overloaded, not to code.
  • Old plumbing, drainage issues, improperly interfaced pipes (old vs. new) likely hood of mold.
  • Improperly graded land, standing water, damp crawl spaces, poor footings.
  • Use of asbestos products in siding, flooring or pipe insulation during a renovation.
  • Bad chemicals in finishes... wood stains, lead paint, old carpet.
For new homes, I do worry some about the extensive use of OSB in flooring and manufactured joists. Laminated beams OTOH are very strong.
5: see comment about old homes that get torn down... how many oceanfront homes were there 100 years ago?
6-7: totally agree, there is character worth preserving if the homeowner wants it. Good luck doing renovation though, you can't pickup custom molding at Lowes. There is a lot of money in the salvage business for this reason. In terms of architecture, some of the construction materials used now allow for much more open floor plans than homes built before the early 1990's.
8. This I totally disagree with... new homes are much more efficient than homes built 15-20 years ago. There are minimum insulation specs per building code. My brother has a 1950's home and there wasn't any damn insulation in the walls. He had $500 utility bills in peak season for an 1100sqft house. Yes, cheaper new homes get "cost cut"... thin insulation in attic, crappy HVAC, all kinds of holes in subflooring / ceilings for electric/duct that can ruin efficiency, but a lot of that can be fixed (I did so in my home)
9-10. Agreed, but this is a supply/demand issue, not a reason to buy a really old house vs. a new one. If you think demand is coming back, buy a home based on location first, in an established neighborhood and focus on bang for your buck.
Reply With Quote Quick reply to this message

 
Old 07-17-2013, 02:18 PM
 
533 posts, read 762,456 times
Reputation: 369
Quote:
Originally Posted by chapsme View Post
If you think demand is coming back, buy a home based on location first, in an established neighborhood and focus on bang for your buck.
Agreed.
Reply With Quote Quick reply to this message
 
Old 07-17-2013, 02:38 PM
 
37 posts, read 32,548 times
Reputation: 42
Basically, it comes down to personal preference. Some people are just "new home people" and see a preowned home as someone else's dream...not theirs. Some people just aren't interested in changing someone else's wallpaper or countertops. Others desire the established look of an older neighborhood and enjoy the pride of "do it yourself" projects and upfits. An older home is not worth more than a new one. An appraisal is an appraisal. Truly, it's still location, location, location. Sounds like you're already doing your homework as far as schools and such are concerned.

My best advice to buyers new to this area? 1) Get a REALTOR. Home builders from all price ranges are constantly keeping them informed of special programs, incentives and special "spec" home pricing in their new neighborhoods. Let them do the legwork for you....it's also their job to ensure you know everything about exactly what you are buying. 2) Think resale. Whether you choose new construction or not. Ranch homes and master down 2 story plans appeal to almost all age groups. Large kitchens are nice as well. Don't focus so much on upgrades. It's cheaper to go for square footage and add small upgrades later if you are in a position to need to choose between the two. Stay away from busy roads, homes with steep driveways, powerlines and landfills or wastewater treatment plants. Other than school assignment, those seem to be the quickest turn offs for resale.
Reply With Quote Quick reply to this message
 
Old 07-17-2013, 02:54 PM
 
Location: Union County
5,777 posts, read 8,396,956 times
Reputation: 4813
Quote:
Originally Posted by Sloante74 View Post
Making mistakes? Most certainly not classified as not making any money...always broke even on the HUD1 with new construction compared to initial buy price (aka equity). I might as well have rented, in the end it was the same financially. 30% of the neighborhoods turned into rental property. Brandon Oaks, Berewick? These were huge prospects all sold on being grand and great yada yada. Not ghetto sold RE. And I realize the market crash of 2007 had a lot to do with this..Again, just providing info, life experience here. What exactly are you providing Mike? Of course new construction varies. Was talking most about spec/prefab homes, which is what 90%+- of new construction at a 250k budget (OP's budget) 10-15 miles from DT Charlotte. It's a rip off...and energy efficient? Chemically made 2x4s, thin plywood, cheap weatherstrip (if your lucky), cheap vinyl, sheet rock and no insulation inbetween.... The AC/Heat ran non stop when it was really hot or really cold (again, perfect for the utility companies, horrible for the consumer)...
You clearly represented buying new as a "mistake" - that's how I read it... which I disagree with. Brandon Oaks isn't a high end neighborhood, but you consider it ghetto now? and Berewick... don't even know where to begin on that choice - you went in completely the wrong direction and further out. Building in those 2 neighborhoods does not make you an expert on all tract builders. Neither community is really close enough for the OP's requirements - BO might work. I think the Indian Trail area is an excellent choice for many people.

As for the cheap stuff that went into your new houses, I believe you are exaggerating to try and make a point. Homes were not automatically built better because they're 10, 30, 50, or 100 years old. Spec/prefab... they're not even close to being the same thing. You can argue that stick framing may not be the best, but it's certainly not pre-fabricated walls delivered and connected on site. As for the other things I don't even know where to begin. I'll settle with agreeing with you that there are very few SFH options for 250k within 10-15 miles of Uptown - that have the schools most people want.

What I'm providing is a reality check on your wide sweeping generalizations on new construction. It's not all the same... Maybe your problem was that you were trying to find that giant house for 250k when you should have settled on the <3k sqft one in the smaller, better quality neighborhood?

I'll end with agreeing with you on a couple of things... #1 - Beware the design center. You're right there! #2 - Established neighborhoods are generally a better buy than brand new neighborhoods, which risk not getting completed and/or see a significant drop in quality to get it finished (hurting your value)... but again just note that this doesn't automatically mean you're getting chemical poisoning from new construction.
Reply With Quote Quick reply to this message
 
Old 07-17-2013, 06:02 PM
 
2,716 posts, read 1,746,037 times
Reputation: 3303
These are all valid points and things to consider. One thing I forgot to say was that the most important thing I've learned in these forums is to get a accredited buyers rep realtor. I thought if I was buying new I didn't need a realtor, but that was foolish thinking.

I was strictly looking at new,but now I'm keeping all options open. I'll look at new and resale no older than mid 90s, but I'll keep an open mind.

We hope this will be a one time thing as I don't plan on selling. We want to settle down and that's it. We are in our 50s and have a college age daughter. I'll be working at Gateway Village and don't really care about the commute. I used to commute a hour one way for 16 years.

We want a smaller home 1500-1800 sf or so. We were thinking of Matthews, Stalling, Concord or Harrisburg. I would prefer Union county, but that's not set in stone. I would like to keep our budget at $250k or under.

By the way, don't wood floors warp in the humidity there?
Reply With Quote Quick reply to this message
 
Old 07-17-2013, 07:49 PM
 
3,391 posts, read 3,179,862 times
Reputation: 3829
Quote:
Originally Posted by Mike930 View Post
These are all valid points and things to consider. One thing I forgot to say was that the most important thing I've learned in these forums is to get a accredited buyers rep realtor. I thought if I was buying new I didn't need a realtor, but that was foolish thinking.

I was strictly looking at new,but now I'm keeping all options open. I'll look at new and resale no older than mid 90s, but I'll keep an open mind.

We hope this will be a one time thing as I don't plan on selling. We want to settle down and that's it. We are in our 50s and have a college age daughter. I'll be working at Gateway Village and don't really care about the commute. I used to commute a hour one way for 16 years.

We want a smaller home 1500-1800 sf or so. We were thinking of Matthews, Stalling, Concord or Harrisburg. I would prefer Union county, but that's not set in stone. I would like to keep our budget at $250k or under.

By the way, don't wood floors warp in the humidity there?

Take a look in Winding Walk. It's located in Concord in Cabarrus but it's on the Meck line they've opened their 4th section and it's the smallest and in you price range. The builder is Shea Homes. The neighborhood started in 2005. I can give you a name of a realtor that will negotiate with the builder and will give you a percentage back. My BIL has built and sold a home and is building another bigger place. The schools are good for resale as well.
Reply With Quote Quick reply to this message
 
Old 07-18-2013, 06:52 AM
 
162 posts, read 597,060 times
Reputation: 98
Quote:
Originally Posted by Mike930 View Post

By the way, don't wood floors warp in the humidity there?
Not if installed properly. Lots of homes have wood floors around here. A lot of newer homes have engineered flooring and a lot of that gets glued down b/c of all the slab homes.
If I had to do it over again, I would have a crawl space... not a fan of slab homes.
Reply With Quote Quick reply to this message
 
Old 07-18-2013, 07:24 AM
 
533 posts, read 762,456 times
Reputation: 369
Quote:
Originally Posted by Mike930 View Post
These are all valid points and things to consider. One thing I forgot to say was that the most important thing I've learned in these forums is to get a accredited buyers rep realtor. I thought if I was buying new I didn't need a realtor, but that was foolish thinking.

I was strictly looking at new,but now I'm keeping all options open. I'll look at new and resale no older than mid 90s, but I'll keep an open mind.

We hope this will be a one time thing as I don't plan on selling. We want to settle down and that's it. We are in our 50s and have a college age daughter. I'll be working at Gateway Village and don't really care about the commute. I used to commute a hour one way for 16 years.

We want a smaller home 1500-1800 sf or so. We were thinking of Matthews, Stalling, Concord or Harrisburg. I would prefer Union county, but that's not set in stone. I would like to keep our budget at $250k or under.

By the way, don't wood floors warp in the humidity there?
You should definitely check out Baxter Village in Fort Mill. I would think you can get 1500-1800 there for 250k and under. Not a bad commute into Gateway Village either. Mid 50's, I am guessing you do not want a lot of yard to maintain and you and your wife want to be walking distance to shops, restaurants etc.?

And Mike, I completely agree that new construction is not all the same. 100%

OP was "looking to spend no more than 250 and don't want to commute more than 25 minutes into downtown" and that type of new construction is bad, least from my experiences.
Reply With Quote Quick reply to this message
 
Old 07-18-2013, 01:37 PM
 
2,716 posts, read 1,746,037 times
Reputation: 3303
Quote:
Originally Posted by Sloante74 View Post
You should definitely check out Baxter Village in Fort Mill. I would think you can get 1500-1800 there for 250k and under. Not a bad commute into Gateway Village either. Mid 50's, I am guessing you do not want a lot of yard to maintain and you and your wife want to be walking distance to shops, restaurants etc.?
I don't mind maintaining a yard. I figure there are always self-propelled lawnmowers that make it easier and, if need be, neighborhood kids to pay or a gardener. I would also like to start a small garden in the back (I'll check the HOA rules on this point).

Walking distance to shops, restrauants would be an added bonus, but not absolutely necessary. I mainly want a safe, nice neighborhood. But then again, doesn't everyone?
Reply With Quote Quick reply to this message
 
Old 07-18-2013, 01:46 PM
 
533 posts, read 762,456 times
Reputation: 369
Good for you Mike. Most HOAs will allow small gardens. Gardens are tough here right now due to a deer problem....deer are EVERYWHERE. And they are practically domesticated...lol even in the city limits....its crazy. At my father in laws house, you can watch them jump a 4 foot black aluminum fences and eat his stuff from the ground up...and he lives off Johnson and 485!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. | Please obey Forum Rules | Terms of Use and Privacy Policy

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top