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Old 01-26-2018, 01:21 PM
 
Location: Chapel Hill
138 posts, read 93,298 times
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We are in the market for a house with a budget of 400K and preferably in West Cary/Apex area with a reasonable work commute to Chapel Hill (30 minutes). Requirements are 4 bed/2.5 bath/2500 sq ft. Lot size does not matter so long as houses are not very close to each other. Chapel Hill does not appear to be an option with that budget and expecting slightly newer build (10 years old). Hillsborough is an option but prefer Cary so we are closer to RTP and other job centers in case we need to change jobs.

I see several new constructions going on in around Cary/Apex areas . Some of the examples are Greenmoor/Sears Farm by Pulte, Cal atlantic at Amberly, Taylor Morrison at White Oaks etc. Base prices start under 400k. Most resales in that area are priced at near 400k range, and makes us wonder if we should go with new construction. We will certainly work with a realtor at some point but currently exploring options. Would you recommend any new construction? Is resale still a better option and why? Thanks for your help.
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Old 01-26-2018, 01:23 PM
 
Location: My House
34,792 posts, read 31,167,896 times
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Quote:
Originally Posted by OUTISD View Post
We are in the market for a house with a budget of 400K and preferably in West Cary/Apex area with a reasonable work commute to Chapel Hill (30 minutes). Requirements are 4 bed/2.5 bath/2500 sq ft. Lot size does not matter so long as houses are not very close to each other. Chapel Hill does not appear to be an option with that budget and expecting slightly newer build (10 years old). Hillsborough is an option but prefer Cary so we are closer to RTP and other job centers in case we need to change jobs.

I see several new constructions going on in around Cary/Apex areas . Some of the examples are Greenmoor/Sears Farm by Pulte, Cal atlantic at Amberly, Taylor Morrison at White Oaks etc. Base prices start under 400k. Most resales in that area are priced at near 400k range, and makes us wonder if we should go with new construction. We will certainly work with a realtor at some point but currently exploring options. Would you recommend any new construction? Is resale still a better option and why? Thanks for your help.
It's not a better option. You'll pay more for a house with similar square footage, number of baths/beds, etc.
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Old 01-26-2018, 01:50 PM
 
80 posts, read 59,675 times
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I once read that buying a home around 3 years of age is good because by then all the kinks have been worked out and paid for. I'm not sure that's always the case, but checking the quality of everything included in the new home is important. That may sound obvious, but not everyone thinks to check the quality of the windows for example. Also, the paint that most builders use to paint new homes is not quality, washable paint. It scuffs fast and you have to have your rooms repainted not long after.

As for older homes to me a lot depends on the integrity of the owner and whether he has taken pride in his home concerning upkeep. I've lived in homes that were 25 years old but owned by someone fastidious about upkeep and they've been the nicest ever. Unfortunately, finds like these are not easy to discover.
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Old 01-26-2018, 02:42 PM
 
Location: Chapel Hill
138 posts, read 93,298 times
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Quote:
Originally Posted by RedZin View Post
It's not a better option. You'll pay more for a house with similar square footage, number of baths/beds, etc.
That's the part i dont understand as it seems the new construction offer similar square footage/bath/beds but only a slight increase in terms of price compare to resale. Either the resales are priced too high or the new construction is lacking in quality or maybe the base price is misleading.
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Old 01-26-2018, 02:54 PM
 
Location: Cary, NC
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Taylor Morrison has not closed yet on a house in The Preserve at White Oak Creek at $400,000.
Well, one at $403,000, but the next closest are a couple at $421,000.

Amberly Glen is more likely to meet your budget, with Classics starting at $365,000, if you like one of the plans.
Of course, you need to allow for some upgrades and a lot premium, but you should be able to make your budget work.
And, the commute to Chapel Hill will be better than from The Preserve at White Oak Creek.

Greenmoor is interesting, in that Pulte is using several of their Del Webb floor plans to offer ranch houses. I just had a closing on an Abbeyville in Carolina Arbors. Nice plan, but small for your wishes, at 1625SF starting at $349,900. Plus lot premium.

I would be leaning toward Amberly Glen, but really, it seems like all three of these neighborhoods would have houses very close together.
When you get to less than 1/6 acre, you will be tight. Maybe a corner lot would help, but you can expect a higher lot premium for that, too.
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Old 01-26-2018, 02:56 PM
 
Location: Cary, NC
36,150 posts, read 62,945,523 times
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Quote:
Originally Posted by OUTISD View Post
That's the part i dont understand as it seems the new construction offer similar square footage/bath/beds but only a slight increase in terms of price compare to resale. Either the resales are priced too high or the new construction is lacking in quality or maybe the base price is misleading.
I don't know about "misleading," but they DO build a home that you will nearly always want to option up at additional cost.
And, the base price is for the house. You will get hit with a lot premium. The nicer the lot, the higher the premium.
They always have one or two really crummy lots without any premium, so they can support the base price ad.

As far as resales homes go, you buy them on their individual merits. Stay open-minded and you may stumble into a good one.

Last edited by MikeJaquish; 01-26-2018 at 03:27 PM..
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Old 01-26-2018, 03:40 PM
 
Location: Phoenix, AZ > Raleigh, NC
16,447 posts, read 21,239,340 times
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Rule #1 with new construction: Add a minimum of 20% to the base price to cover the upgrades you are absolutely going to want.
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Old 01-26-2018, 04:34 PM
 
Location: Chapel Hill
138 posts, read 93,298 times
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Quote:
Originally Posted by MikeJaquish View Post
I don't know about "misleading," but they DO build a home that you will nearly always want to option up at additional cost.
And, the base price is for the house. You will get hit with a lot premium. The nicer the lot, the higher the premium.
They always have one or two really crummy lots without any premium, so they can support the base price ad.

As far as resales homes go, you buy them on their individual merits. Stay open-minded and you may stumble into a good one.
Thanks Mike, appreciate your inputs.
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Old 01-26-2018, 07:25 PM
 
Location: Chapelboro
11,562 posts, read 12,656,462 times
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Quote:
Originally Posted by OUTISD View Post
Chapel Hill does not appear to be an option with that budget and expecting slightly newer build (10 years old).
That budget is doable in Chapel Hill. Have you looked at Winmore or Claremont? Both are new neighborhoods with some homes in your budget.

I think that commute from Cary would get old really quickly for me. It's not a pleasant drive. It also will cost a lot more in gas and wear and tear on your vehicle so add that into your budget.
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Old 01-26-2018, 07:34 PM
rfb
 
Location: Raleigh, NC
1,970 posts, read 5,410,546 times
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Given the option of a high-quality resale vs. a new home of lesser quality, at the same cost, I would always choose the higher-quality home. I can't imagine spending $400K for a Pulte home - has the market really come to that point?
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