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Start attending open houses on weekends, and make sure to visit lots of homes.
Amen to this.
Quote:
Originally Posted by silibran
For now, you need to look at actual houses, instead of pictures of houses. You really get an education looking hard at stuff, particularly details.
Double amen to this. Make that triple amen! Listing photos are a great start but boy can they be deceptive at times. And photographers are sometimes quite adept at leaving important little details out of photos.
Lesson I learned the hard way myself over the past few years.
"The nest is only as nice as the tree."
Bought a new construction home in 2011. Sold it for a 15 year old fixer-upper about 10 miles away in November 2015. Has been a lot of work since then, but worth every single penny and advil.Why? Because although the "nest" was nice and new on the first house, the "tree" was nothing but the same 5 house types repeated a 100 times. Trees were "Charlie Browns"...aka, ten feet at best. While the "newness" is refreshing at first, after a couple of years, you'll grow tired of small trees with wood steaks still holding them upright, constant construction noise and construction quality issues, and that sense of being surrounded by new new new all the time. Plus, new construction right now is booming, meaning you're going to pay a premium for it, while existing is sitting at a discount. If you're able to handle projects on your own (like painting, yard work, etc), there is a huge market for older homes from the 2000 boom that need a little TLC.
I had my current house appraised a few weeks ago. In 15 months time, with some fresh painting inside and bringing the yard back to life, it appraised for over 25% more than what I paid for it. No joke. For every $1 dollar I've put into it, it's returned over $3. And I could sell it for that new appraised value now without question.
You may find a new construction "nest" that has a "tree" you like. But my advice, make sure you like the "tree" that you see now, and not the glossy plans the developer has in the sales office. Because what you see now, is what you're going to be seeing for the next 10 years. I drove through our old neighborhood the other day. It's now 6 years old. While it's come a long way since 2011, those Charlie Brown trees have a long long way to go.... I will never buy a new construction home again, if for any other reason, the "tree".
Just keep in mind that those 20-30 year-old homes often have 20-30 year-old appliances, furnaces and air conditioners. Many will still have the original (aging) shingles, cracks in driveways and sidewalks, windows and patio doors that could stand being replaced, and kitchens and bathrooms that are starting to age.
My house was built in 1920. The a/c and furnace are from the 90s. The water heater was too until last year. Fridge was from the 90s as well until last year. stove was from the 70s!! ( it almost killed us so we have to get rid of it). Our roof is original as far back as anyone can remember. My dad doesnt remember my great grandparents putting one on. Our drive way doesnt have cracks or side walks. Windows are from 90s. We dont have patio doors. Kitchen is original otherwise ( cabinets, floor, lights). Bathroom clawfoot tub needs ripped out because i hate it, not because of age.
We do have knob and tube so that needs replaced at some point.
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Id rather have a family home and put money into it.
I'd rather have an older house over a new, cookie cutter house. The newer houses have no character. They are so bland in my opinion and they build them too quickly. A strong gust of wind can come along and knock the siding off. No thanks.
First of all, a 25-30 old house isn't "old". It's "older" but not old.
Second of all, not all 80s-90s homes are poorly built. We live in a 28 year old home that's well built by a local custom builder, not some national outfit that builds with subs and sticks and bubble gum. The studs are still in pristine condition despite their age and the home can easily last another 30 years. Back then appliances and things like windows and major components lasted more than ten years. Can we say the same for some of the newer stuff out there? We owned a new construction home prior to this one and it couldn't hold a candle to the one we have now.
Third, I wish that there was a discount for buying an older home. Ours cost just as much as some of the newer construction and the prices have gone up.
Lastly, yes, I would in a heartbeat buy an older home and remodel. At least it wouldn't be cookie cutter and in all likelihood have mature landscaping and trees.
Our home was built in 1962. When the homes were built the city planted trees along the street, on the grass area between the street and the sidewalk. By the early 1980's these trees had grown large and had become sick. The city had to cut all the trees down because they had become unsafe. Few people replanted any of the trees and now our street has few trees.
We have 10 palm trees, three different versions of palms. Six of them are Pygmy Date Palm trees and they don't get any higher than 15 feet at the most. Out tallest Pygmy is about 12 feet tall. We are transforming our back yard and will be putting in a half dozen more palm trees.
I mention all this because of what was said about older homes and trees. Just because you are in an established neighborhood does not mean you will have lots of trees around. On top of that, my wife and I prefer palm trees over any other kind.
20-30 year old houses generally need everything. Roof, HVACs, hot water heaters, finishes (flooring, paint everywhere, kitchen, bathrooms)
Be grateful you live in an area where you have a choice of buying new! Even if I wanted to buy new here there aren't any as it is all built out
I know you mentioned "generally" but there are many 20-30 old homes that don't need everything. Paint is something that you'd change in newer or older construction. There are many homeowners who have replaced water heaters and HVAC systems, especially if they aren't the original owners. Anyone who buys our home would get a mostly updated 28 year old home that at least has some modicum of character.
I bought a 1972 house in 1994 that had serious deferred maintenance. The worst was a leaking roof, though not leaking badly. I put a new roof on it, replaced the forced air electric furnace with a heat pump, which required a new main breaker panel, and repainted it in the first year. Then I dug in and started renovations. The black hole of a guest bathroom got a skylight with the new roof, plus new cabinets, floor and fixtures. I blew in insulation while the old roof was off. I replaced all the single pane aluminum windows with energy efficient vinyl. The old rotten deck got replaced with Trex and treated. The yard got landscaped with low retaining walls and a concrete patio. I opened up the floor plan by removing a wall between the living room and dining room and the breakfast bar between the kitchen and dining room, replaced the 2x2 window over the kitchen sink with a 6' bay window, replaced all the kitchen cabinets, wiring and appliances, installed tile flooring in the kitchen, dining room and family room, and real hardwood flooring in the living room and hallways. As an afterthought, I built a gazebo overlooking the creek. All told, it cost me about $70k so far. I'm not done.
That may seem like a lot of money, but over 22 years it's just a little over $3k/year, much of it necessary maintenance or upgrades that actually saved me money. Meanwhile, it turned an older mud hen of a house into a really classy place to live. Did I mention the 3D projection TV system with an 8' electric screen that retracts into the ceiling and the 5.1 surround sound system?
I know you mentioned "generally" but there are many 20-30 old homes that don't need everything. Paint is something that you'd change in newer or older construction. There are many homeowners who have replaced water heaters and HVAC systems, especially if they aren't the original owners. Anyone who buys our home would get a mostly updated 28 year old home that at least has some modicum of character.
New construction is a dime a dozen where I live.
I'm not talking paint colors. I'm talking ceilings and trim and inside closets. Stuff that is not fun. Water heaters aren't a big deal, and yes, of course there are owners who have replaced HVACs. And a lot who haven't. Ditto for roofs. On the cosmetic side then you'll have multiple bathrooms to renovate and probably the kitchen too.
My point was a 20 year old house is just getting to the point where you are going to have a lot of updates and replacements coming down the pike fast and furious. With a ten year old house, you will probably least get 10 more years before the avalanche hits and your finishes will probably look more updated.
I would still take new construction any day over a 20 year old house.
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