Will you buy Dr Philips Old home (bank owned, short sale) - City-Data Forum

AlwaysDream · 10-01-2009, 08:13 PM

There are so many great home in Dr. Philips close to I-4, but most are built 1985 - 1993, I know that the building code changed during that hundreds of time. So will that be good step. This will be my primary resident, it is not investment. I heard so different opinions, some said no they are old, other said old homes built with better material.... What is the expert opinion?

GregTraub · 10-01-2009, 08:26 PM

Personally the actual age of a home doesn't much bother me, it's the effective age of a home, the quality build of the individual home, and the quality of the neighborhood that I'm more concerned about.
One way I look at it is that the older the home, the more proof it can withstand things. It's been through several hurricanes, it's been through several owners. If it's still standing, looks/feels good/solid, and passes inspection actual age doesn't matter to me personally.

That being said, it will be your own decision as to if you value a newer home vs. a nice older home better. There are a few newer communities in Dr. Phillips area near I-4 if you decide to only check out new homes, but be sure to also see a few of the quality older homes as well just to see the difference yourself. Price range will also help decide whether the older or newer homes are what you'd be looking for.

BasilinOrlando · 10-01-2009, 08:51 PM

This is the easy answer, but it must be said. It all depends on the house. Some of these newer construction was thrown up so fast with inexperienced labor that they are far worse off than older homes. A building inspector once told me that all the good labor left for Vegas during their boom and all of the jobs out there. I don't know if I believe that really.

annerk · 10-02-2009, 04:48 AM

If you do decide to buy an older home, I'd have the roof and garage doors retrofitted to the most current codes. (And I'd get a quote on the cost before signing anything.)

salmanalk · 10-02-2009, 07:51 AM

an old home that has been renovated every 10yrs or so is not a bad home. It really depends on the home and the inspection report will give you an insight. It really boils down to the design, modern homes have open plan kitchens etc...so I guess it depends on your style and how much do you want to spend on upgrading and renovating. I love Dr. P!

cfIfan · 10-02-2009, 08:14 AM

There are pros and cons for old vs. new homes. Alot of the older homes do have alot more character than the newer homes and this is something i love about the Dr phillips area as there are some lovely neighbourhoods around in great locations. However, as has been mentioned if the home hasnt been looked after you could well have to sink alot of money into it.

New homes are upto a higher standard in terms of code but if your looking at short sale or bank owned again you may have to make a sizeable investment aswell so this goes both ways.

If Dr phillips is an area you have chosen on then the area does offer a good mix of new and old homes.

My advice would be to give the realtor you are using your requirements in terms of size etc and let them pull up what is available without age being a factor.

Keep in mind basic things such as the industry standard changed around 2002/2003 from using timber frame to using concrete block for the first floor. The implications this has doesnt only go to strength in a hurricane, but also concrete block are less susceptible to termite damage. So be sure on older homes to pay special attention in the inspection to possible termite damge.

Ultimately, as this is going to be your primary residence you want to make sure that you get the right 'feel' for you and your family which isnt really a consideration in an investment property because the determining factors are location, condition, ability to rent, and price point in order to return a favourable return. The intangible factor of feel is very much important when purchasing as your primary residence.

Good luck

totsuka · 10-05-2009, 08:28 AM

It still goes back to the old saying "cheapest house in the best location"...a big point to consider is how far of a commute...with cap and trade gas will get much more expensive....I like winter park/college park/baldwin park just for this reason....baldwin park is much newer...but prices have come down....I have owned 2 older homes and don't really want to go through the remodeling process again....