Why are people buying used homes? (Dallas, Plano: crime rates, new house, landscaping)

[loves2read]

The truth is--if the OP has to ask that question, he probably isn't ready for the answer--

anyone who knows someone who buys a home usually knows why that home was bought by that person--
you can certainly find out by asking if you don't

and anyone who can afford to buy an "older" home in a very expensive neighborhood even with less than new appliances can afford to replace appliances as needed...

[shrapr]

Originally Posted by TurtleCreek80

Probably worth more like $750k-$800k in this market. Those cottages are pushing $400/sf unless on Mockingbird or Lovers. There's a 1200sf home that's pending for $600k right now and it's the last lot next to the Tollroad in UP.

Probably, they bought in 2008.

[ritholtz]

Qualitatively, older homes with better builder makes sense than new home with not so good builder. You might need to spend much less to move to older finished home (windows related stuff, landscaping, media room finishing etc..,) than new home. Further 30 min drive away suburb might involve not just 30 min time but toll, gas, after school care expenses. If you have kids, there will be always something going in schools (some celebraions, fever, quick hospital trip). It make sense to have home close to one parent workplace.

[ItsTexas]

My first thought:

Established homes are generally 'move in' ready.
Landscaping done, window treatments in, etc.

[CREW747]

New builds in desirable suburbs are not cheap and out of reach for alot of buyers. Plano,Prosper,Fairview and Frisco new builds usually start over $300,000...

Older homes in great locations with good schools and low crime rates are terrific buys...

[soda7o]

we just moved to DFW and bought a pre existing home in Plano built in 1996.. why we did this
well
1 - is location and schools
2 - it was remodeled 5 years ago and as good if not better than new construction
3 - it had a larger lot
4 - it was landscaped
5 - it had a pool
6 - i didnt have to deal with a builder and wait for a house to be finished ( ihave dealt with builders before and they are all crooks)
7 - it had some character
8- price was right and it had all the "extras" the builder would charge for in a new home, plus came with all the widnow dressings
9 - it has had all major repairs done including any foundation issues and etc so it is proven and tested ( i guess)

[synchronicity]

Originally Posted by soda7o

we just moved to DFW and bought a pre existing home in Plano built in 1996.. why we did this
well
1 - is location and schools
2 - it was remodeled 5 years ago and as good if not better than new construction
3 - it had a larger lot
4 - it was landscaped
5 - it had a pool
6 - i didnt have to deal with a builder and wait for a house to be finished ( ihave dealt with builders before and they are all crooks)
7 - it had some character
8- price was right and it had all the "extras" the builder would charge for in a new home, plus came with all the widnow dressings
9 - it has had all major repairs done including any foundation issues and etc so it is proven and tested ( i guess)

The home we bought was built in '91 and we had a similar list of reasons, although "many mature trees on lot (and street)" was an additional factor. No, it's not "perfect", but if it were perfect we couldn't have afforded it.

[alastrian2]

We love historic homes and the character and (usually) superior construction that comes with them. We also prefer urban planning style that goes with the community that built up around our historic district. Being very close to work and play a major factor for us as well.

[wpme]

New homes just don't have any character, and suburban homes that all look the same are the worst. Old homes just feel like home

[dfwuno]

With that sort of thinking why not look down in the Cedar Hill area....Lots of new homes cheaper than the northern burbs. Or go to Ardmore OK which someday will be part of the metro area the way it is going......I would much rather go with an older home in an established area no mater what the price point and in need of some updates compared to the cheaply mass built new homes in a treeless flat area with unknown buyers and what it will turn into......A majority of these homes until they are established are just like new cars....the second you move in it is worth less than what you paid for it...then it is a roll of the dice....some may go up in value while others sink like a rock. Do your own research......look at homes in the area you are thinking and go to ones that are 5 years old.......and then see it the value has gone up or down.