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Old 12-14-2011, 09:17 AM
 
32 posts, read 182,762 times
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There are some really nice old neighbourhoods in jons creek/alpharetta but most of the houses (4br/2.5b around 200-250K) were built in 1995-1998 period. Is it wise to buy such a home or is it too old?

Whether such a home will keep losing value no matter even if the market is going up? Or it will be keeping up with market trend?

The reason to ask this is because even if I buy today a 15 yr old home, and try to sell it down the line (5-8 yrs later), hoping the housing situation would be better, will it hold on to market trend or it will be too old (20 yr by then) for anyone to buy it?

Will it be better to buy in cumming (same amt of money) but definitely newer homes (just 5 yr old homes)?

Thanks for all your suggestion/advice.
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Old 12-14-2011, 12:05 PM
 
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In 10 years, you will have a 25 year old home. If you buy a home that is only 5 years old, it will be 15 years old.

See what I'm getting at? Not that big of a difference. The most important thing is not the age of the house, but the quality. Just look for solid construction and something timeless. I mean, I would try to avoid places with obviously outdated features, like a house with built-in shelf over the fireplace that was obviously designed to hold a CRT TV. Just like I would avoid a house nowadays with built-in iPod ports. That will be outdated very soon.

When all else is equal, just remember the golden rule of real estate: you can change anything about a house except where it is located. Therefore, my feeling is that Johns Creek and Alpharetta are always going to be more desirable addresses than Cumming.
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Old 12-14-2011, 12:30 PM
 
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Houses are only as old as their peers. It doesn't matter that a house in Alpharetta was built in the late-90's. Most houses in Alpharetta were built around that time. When you're trying to sell later, those other houses will have aged right along with your house. As ATLTJL already mentions there are things about houses of certain ages that can hurt resale. I think 1995-1998 puts you towards the end of the stucco craze. I personally wouldn't buy a stucco house because of resale concerns. Otherwise, it's not like 1995 is ancient or anything.

Houses generally always lose value. It's the land that keeps them worth something. But it's not like a car where you lose a ton of value as soon as you drive it off the lot.
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Old 12-14-2011, 12:50 PM
 
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A couple things to consider:

- 5-8 years isn't a long time, especially in the current real estate market, so you may not see enough appreciation to realize a profit, regardless of the home's age. I wouldn't go into the deal hoping for a profit, like you used to be able to do.

- A 15-year old house has several components that are at or near the end of the typical service life- most notably the roof, water heater and HVAC systems. If those items haven't been replaced yet, they likely will need to be replaced soon, so you'll end up spending some $$. Of course, of you buy a 5-10 year old house, you're likely to need to do some repairs/replacement during the 5-8 year holding period you're looking at anyway.

- One advantage to buying a newer home is that you're more likely to get some on the "in" features already- granite countertops, open floor plans, etc. You're also more likely to have energy efficient windows, HVAC systems, etc. Having to upgrade 15-year old kitchens, baths, flooring and so on will cost you some $$ also.
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Old 12-14-2011, 12:54 PM
 
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Age means nothing if the home is modernized and is built steady and firm in a nice area. I'd rather have an unique older renovated home then a new cookie mc mansion as long as the ceiling aren't too low.
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Old 12-14-2011, 01:04 PM
 
Location: East Cobb
2,206 posts, read 6,889,338 times
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Quote:
Originally Posted by movetodallas View Post
... or it will be too old (20 yr by then) for anyone to buy it?
As the owner of a home built in the late 1980s, I'm finding this thinking a bit amazing. For sure the drop in home values has been depressing, but I had no idea that my entire subdivision was already simply too old to be habitable. I guess nobody for miles around here will ever be able to sell their home if and when they need to move, since all our houses are just too old.

Will great swaths of Atlanta suburbia become like those areas of Cleveland I saw on the news, where they've been bulldozing foreclosed homes that haven't sold? And meanwhile newcomers will be buying in new subdivisions a bit further out, to get those nice granite countertops? Just so long as they're careful not to stay more than a few years, or they'll be stuck with a bulldozer-ready home as well.
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Old 12-14-2011, 01:39 PM
 
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Great advice above!

Quote:
From ATLTJL:
When all else is equal, just remember the golden rule of real estate: you can change anything about a house except where it is located.
Quote:
From BobKovacs:
A 15-year old house has several components that are at or near the end of the typical service life- most notably the roof, water heater and HVAC systems. If those items haven't been replaced yet, they likely will need to be replaced soon, so you'll end up spending some $$.
Quote:
From muxBuppie:
I'd rather have an unique older renovated home then a new cookie mc mansion as long as the ceiling aren't too low.
My opinion is if you are in a great school district, you will always hold your value. The top priorities we consistently hear on this site is location/commute and schools.
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Old 12-14-2011, 01:58 PM
 
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Thanks for all your replies. I was targeting a community off the 141 on bell road (the first community on bell road after getting off the 141) and most of the houses in that area are built between 1994-1997. Most of the floor plans are around 2500-3000 sq ft. I wanted to make sure that I was not making any mistake buying a 15 old home. The other area which I like is windward parkway just of exit 11 on 400. Any thoughts around these 2 areas ? Any specific good communities in these areas for budget of around 200K -225K
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Old 12-14-2011, 02:03 PM
 
32,019 posts, read 36,763,165 times
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I don't think I've ever lived in a house that wasn't at least 40 years old. The place we live in now was built in 1929 and it seems fine to me. You periodically have to fix or replace things in a house, but it's hard for me to think of something built in 1998 as old.
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Old 12-14-2011, 02:17 PM
 
Location: Atlanta, GA (Dunwoody)
2,047 posts, read 4,618,588 times
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Funny, I came into this thread expecting the OP to be talking about 40-50 year old houses. It's hard to think of a 15 year old house as old. My first home was built in the 1940s. My current home was built in 1968. I would be reluctant to look at anything younger than the 1970s. I just think they built more solidly back then. Of course, with an older home you go in knowing you're going to have to spend some money on windows and such, but I think as long as the basic foundation of a home is solid, I'd much rather have an older home.
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