New house versus gently used house (for sale, real estate, buying a house)

[ChessPie]

I'm confused. Our realtor said that there is no financial advantage to buying a house that is several years old (say 1-15 years) verus new construction. It seems that an older house should be less expensive. However she said that in general they are not. Why would that be?

[anifani821]

Originally Posted by ChessPie

I'm confused. Our realtor said that there is no financial advantage to buying a house that is several years old (say 1-15 years) verus new construction. It seems that an older house should be less expensive. However she said that in general they are not. Why would that be?

Location, for one thing. Construction, for another. Older homes may be more substantially built than newer homes.

And right now, builders are trying to unload inventory, so they may be offering very enticing upgrades and incentives.

It all depends on where you are looking and what your price point is.

Some things, such as a desired school district, may only be available through buying a re-sale. That factor alone may make it more desirable to buy a re-sale even at HIGHER price than a new home. Then there are other factors - amenities in the subdivision itself - or amenities and conveniences in the community.

Sometimes you can only get the right mix of "must haves" by buying an older homes in an established neighborhood. It all depends on what you want and need . . .

I would be considering future appreciation, taxes, school district, neighborhood amenities and conveniences, accessibility (roads, commute time) and not focus on "new house vs. re-sale."

[Kari Strong]

Not sure was the topic was about exactly, but beware, many developers are offering heavy incentives for real estate agents to bring them buyers. I tell my buyers when this is the case, ahead of time.
New homes, in general, tend to seem like more bang for your buck. 1. they are in areas that have a lot of room for growth (supply and demand). 2. Older homes are often in neighborhoods that are already developed and people "want" to get into that neighborhood. 3. Many older homes are built better, with better materials ex. Brick. 4. Older homes tend to have better established landscaping, which is appleaing to home buyers.
I could go on, but I think you get the idea. Again, it really just depends on the location and what you are looking for personally.

[SouthernBelleInUtah]

I personally prefer "used" homes because of the mature trees and established landscaping. The areas look like succesful ones, no empty lots, no 'raw" feel to them. Any settling of house/land has already happened, no nasty surprises in a few years. In 45 yrs of owning houses, I have never bought "new" and have been extremely satisfied with all my houses! And a good inspection is critical.

[groove1]

I would actually never buy a brand new home. I think the developers (destroyers) need to stop destryoing trees and native habitat. They are greedy. Our house was about 5 years old when we bought it and the older part of the neighborhoos is about 20 years old and still nice.

[bibit612]

I never imagined I would end up in a new house since before we moved down here, we were looking at homes no older than 10 years old. We thought that was a big step-up from having a 60 year old house in the northeast. However, we were hard pressed to find homes that had large closets, updated fixtures and amenities that were to be found in a new home. Some had weird (to us) setups like the water heater up in the attic. We were really really (did I say really really??) tired of home improvement, having done it 3 years in a row in the home we left, so the thought of having to have contractors come in, bid for the job, and having to price out and then buy materials whose job it becomes inevitably mine, we opened our minds to the option of a new home. We were looking at a 2,800 sq ft home built in 2004 in Knightsbridge (Ft. Mill), and in early February 2007 the sellers would not budge with their asking price of $299K. We ended up with a new home in the community right next to it with 3,100 sq ft in the low $300s. Was a no-brainer for us.

[Mvn2nc]

Originally Posted by groove1

I would actually never buy a brand new home. I think the developers (destroyers) need to stop destryoing trees and native habitat. They are greedy. Our house was about 5 years old when we bought it and the older part of the neighborhoos is about 20 years old and still nice.

With so much excess of new construction homes for sale,and so many "older" homes up for sale, permits should not be given for new construction period unitll water restrictions are resolved, re-defining how many tree's can or cannot be destoyed, hiways improved etc. The word that comes to mind from where i come ( California ) from is "Moratorium", period.To much growth, city -whoevers approving anything and everything without much thought is what i see happening. They will be sorry one day when so much is destoyed so fast and its to late.

[mullman]

Location, location, location.
That is the only thing that matters to us.

[groove1]

It'd kind of ironic that locations often get worst when some home are put up.

[GeminiGal]

Originally Posted by mullman

Location, location, location.
That is the only thing that matters to us.

Excellent point ... established areas that prove the test of time.

We have owned 5 homes - 4 "used" and 1 "new". I disliked the "new" home the most. Even though I got to pick out everything, the new house cost us much more in time and money than the "used" homes did. And the location turned out to be no so good.

However, it is about what YOU want. Good luck!