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Old 05-27-2015, 05:00 AM
 
60 posts, read 64,231 times
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Possible move to the Raleigh/ RTP area from LI. We would rent when we first got down there and take our time checking out the areas.

So is it better to go the route of new construction, or to buy resale? I'm not extremely picky on designs and such, but there are certain features I would want (laundry upstairs, in law suite on main level, fenced in yard). I see homes for sale that are a few years old and in newer developments, and those are less expensive than getting a new home.

Pros and Cons?
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Old 05-27-2015, 05:13 AM
rfb
 
Location: Raleigh, NC
1,970 posts, read 5,410,230 times
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A high-quality resale is preferable to lower-quality new construction as long as it has been well maintained. Plus you get (more) mature landscaping for free :-). For a resale, consider the age of some items that may need to be replaced in the near term (HVAC, water heater, roof if the home is fairly old).
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Old 05-27-2015, 05:14 AM
 
Location: Cary, NC
36,150 posts, read 62,936,864 times
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Resale:
You aren't living in a construction zone for the first year or two. In established neighborhoods, the houses surrounding you are already built.
You can see more mature landscaping.
Owner may have already completed adding personal stuff like window treatments, enlarged decks, repainted the builder beige.
You can get a sense how neighbors maintain their properties.
You can get a house in 4-6 weeks, vs. 4-7 months for construction.
Older homes have larger lots in much of the Triangle.
Resales are often in better locations.
Sellers may compromise on price to move on.

New construction:
All new stuff.
Get it how you want it, within the choices you can afford.
Energy efficiency may be better.
New residents all land within a shorter period of time that makes meeting people and making a circle of friends easier.
Builders may offer attractive incentives (although they are surely priced into the house.)
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Old 05-27-2015, 05:28 AM
 
Location: Holly Springs, NC
300 posts, read 583,095 times
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Quote:
Originally Posted by MikeJaquish View Post
Resale:
You aren't living in a construction zone for the first year or two. In established neighborhoods, the houses surrounding you are already built.
You can see more mature landscaping.
Owner may have already completed adding personal stuff like window treatments, enlarged decks, repainted the builder beige.
You can get a sense how neighbors maintain their properties.
You can get a house in 4-6 weeks, vs. 4-7 months for construction.
Older homes have larger lots in much of the Triangle.
Resales are often in better locations.
Sellers may compromise on price to move on.

New construction:
All new stuff.
Get it how you want it, within the choices you can afford.
Energy efficiency may be better.
New residents all land within a shorter period of time that makes meeting people and making a circle of friends easier.
Builders may offer attractive incentives (although they are surely priced into the house.)
That's a great list you offer, Mike. I especially like the mature landscaping and, quite often, larger lots I've seen with somewhat older homes. We're going to be on the market within a year or so and looking for a property with an in-law suite on the ground floor or one priced where we can renovate if needed. I love the older subdivisions with towering trees and large lots. I think with most buyers, unless they have unlimited funds, it all comes down to which home gives them the most for their money. Since we anticipate this being ourlast move, I'm concerned with energy efficiency, also the age of appliances, roof, HVAC system, etc. We'll be in the retirement phase with more limited income and won't be able to replace things as easily.

I was looking at an MLS site today and compared to previous visits to the site, I noticed that a great number of the homes were either pending or contingent. Are homes selling faster? I'd say pricing has gone up on average 5 to 6% over last year at this time.
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Old 05-27-2015, 05:39 AM
 
572 posts, read 580,944 times
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My friend just got a contract on a house. She had a hard time finding a home because they were selling in 1 day. Her realtor would actually get a message that a new listing they were seeing would be gone as they were entering the front door. Her price range was 350,000 - 375,00, so I would imagine that is a competative range.
It is definately more of a sellers market right now in my opinion.
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Old 05-27-2015, 05:46 AM
 
Location: Raleigh, NC
4,159 posts, read 4,773,816 times
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Quote:
Originally Posted by MikeJaquish View Post
New construction:
All new stuff.
Get it how you want it, within the choices you can afford.
Energy efficiency may be better.
New residents all land within a shorter period of time that makes meeting people and making a circle of friends easier.
Builders may offer attractive incentives (although they are surely priced into the house.)
Everyone should experience the "joy" of building a house. Most folks don't do it twice !
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Old 05-27-2015, 06:19 AM
 
Location: NC
8,581 posts, read 5,758,380 times
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Quote:
Originally Posted by don6170 View Post
Everyone should experience the "joy" of building a house. Most folks don't do it twice !
^This is my thoughts.

The thing about resale is that (if you get a good inpsector) you can see exactly what you're buying. There is risk, but the same risk exists with new builds too.

It really comes down to personal preference, but for me, I'd much rather buy a house that is established. Walk through it, kick the tires (so to speak), look at the neighborhood (and neighbors), know the history of the schools, HOA, traffic, know the transitive nature of the people, and all that.

To each their own, but the kinds of risks that keep me up at night seem to be better mitigated with resales. (and I hope I NEVER EVER EVER have to deal with another contractor again. Wishful thinking)
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Old 05-27-2015, 06:19 AM
 
Location: under the beautiful Carolina blue
19,273 posts, read 28,798,801 times
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We went for a re-sale when we moved here because we wanted so many of the things on Mike's re-sale list, but particularly the larger lot and established landscaping. I suggest you come here in the middle of July and visit a newly built, clear-cut subdivision and see how it feels. It feels like standing on the sun to me!

Keep in mind that when it comes to schools the areas with the most building going on have the most upheaval when it comes to schools. I think you only have a baby right now? so not too much worry for a few more years.

We had been through a whole-house renovation with our house on Long Island and didn't have the energy for it again to be honest.

Have you given a budget? I can't remember.
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Old 05-27-2015, 06:26 AM
 
Location: NC
7,603 posts, read 9,584,800 times
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Note that only a re-sale home would have a fenced yard.
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Old 05-27-2015, 06:32 AM
 
Location: Apex, NC
3,103 posts, read 7,694,082 times
Reputation: 2615
Quote:
Originally Posted by MikeJaquish View Post
New construction:
Energy efficiency may be better.
New residents all land within a shorter period of time that makes meeting people and making a circle of friends easier.
Builders may offer attractive incentives (although they are surely priced into the house.)
I agree with everything Mike has said, especially these two for new construction. My new house is almost 40% larger than my old house that was 18 years old, but is leaps and bounds more efficient. To the point that I'm paying 70% on heating cooling costs that I was in my old house, even though my old house had a new heat pump and it was over 1,000 sf smaller. I think it has much more to do with the gaps, insulation and windows.

Also, meeting neighbors in established neighborhoods is difficult. I knew maybe 2-3 neighbors in my first two neighborhoods and I never hung out with them. In my new neighborhood, I know literally hundreds of neighbors and have hung and have become good friends with many of them.

Things to think about.
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