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Old 05-22-2013, 09:40 AM
 
12 posts, read 28,957 times
Reputation: 11

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Hi all,

Which way is wiser to buy a house in terms of the sellers' market nowadays?

A. Buy a new house, spend around 450k, get a 3700sqft one...
B. Buy a preown house, built around 2008, 460k, 4500sqft
C. Buy a preown house, that I love very very much, but it is older, before 2005, 500k, 4500sqft

they are in the same area..

I would like to know, when I sell these home after like 10 years from now on, which one is best to choose that I won't lost much money to sell it...

Thank you! I am a first time home buyer and new to Dallas, Have a lot of questions on buying a home. Not very sure which way to go since now is a seller's market. I have about 500k budget to spent. Please help me....
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Old 05-22-2013, 09:52 AM
 
Location: North Texas
24,561 posts, read 40,277,139 times
Reputation: 28564
Quote:
Originally Posted by eastcharming View Post
Hi all,

Which way is wiser to buy a house in terms of the sellers' market nowadays?

A. Buy a new house, spend around 450k, get a 3700sqft one...
B. Buy a preown house, built around 2008, 460k, 4500sqft
C. Buy a preown house, that I love very very much, but it is older, before 2005, 500k, 4500sqft

they are in the same area..

I would like to know, when I sell these home after like 10 years from now on, which one is best to choose that I won't lost much money to sell it...

Thank you! I am a first time home buyer and new to Dallas, Have a lot of questions on buying a home. Not very sure which way to go since now is a seller's market. I have about 500k budget to spent. Please help me....
Dude...seriously, nobody can really answer this question except for you.

A house built prior to 2005 is not necessarily an old house. For me, anything from the 90s onward is brand spankin' new. My house was built in 1957.

You're not likely to lose money selling in 10 years, but the closer you are to new construction the more you will be competing with it. Try forgetting about resale in 10 years...who knows where any of us will be in 10 years...and buy the house you want to live in.
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Old 05-22-2013, 01:43 PM
 
Location: Texas
5,872 posts, read 8,092,789 times
Reputation: 2971
Quote:
Originally Posted by eastcharming View Post
Hi all,

Which way is wiser to buy a house in terms of the sellers' market nowadays?

A. Buy a new house, spend around 450k, get a 3700sqft one...
B. Buy a preown house, built around 2008, 460k, 4500sqft
C. Buy a preown house, that I love very very much, but it is older, before 2005, 500k, 4500sqft

they are in the same area..

I would like to know, when I sell these home after like 10 years from now on, which one is best to choose that I won't lost much money to sell it...

Thank you! I am a first time home buyer and new to Dallas, Have a lot of questions on buying a home. Not very sure which way to go since now is a seller's market. I have about 500k budget to spent. Please help me....

Depends on area, how much new housing is going up and the upgrades/amenities the older one has to compete down the line.

But basically, if it's within a desirable area, you're not going to lose much between any of them. Newer will appreciate more quickly over time period, 2008 will also appreciate but may need investment updating at time frame, older is already appreciated, but will HOLD value more simply due to location & (probably) lot size. If done right all three can be solid money makers. It's up to you to decide which one you want and where you want to live.
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Old 05-22-2013, 09:47 PM
 
Location: Earth
794 posts, read 1,670,358 times
Reputation: 519
Buy one which meets most of your needs & wants. Age isn't the only deciding factor, location, schools, feel of neighborhood, lot, curb appeal, floor plan, construction quality, upgrades, landscape etc are part of the package as well.
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Old 05-23-2013, 08:36 AM
 
92 posts, read 169,948 times
Reputation: 45
I had same options and we decided to go with the older but beautiful and upgraded house in a lovely and established neighborhood with excellent schools. After three years, I can say that it was the right choice for us.
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Old 05-23-2013, 10:59 AM
 
440 posts, read 867,059 times
Reputation: 544
Buy the one you love! You're going to live in it for a long time you may as well be in the one you really wanted otherwise you'll spend forever wondering what the "other" house would have been like. No-one knows where we will be in 10 years.....
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Old 05-23-2013, 11:08 AM
 
2,206 posts, read 4,746,723 times
Reputation: 2104
The biggest differences will be the cost of utilities and the cost of repairs for the older home. Cash flow wise, you will be ahead to go with new.
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Old 05-23-2013, 11:30 AM
 
Location: Prosper
6,255 posts, read 17,093,624 times
Reputation: 9502
If you like all the houses equally in terms of build, location, etc... Then I would go for option B, as it seems to offer the most bang for the buck among those choices. You'll have energy efficiency on par with a new build, and better than an older home built before 2005 (energy efficiency standards were changed in 2004/2005 to a higher level.)

A 2008 home is pretty much new in my book, at only 5 years. All of that being said though...

You say you "love very very much" house C. So it seems to me you've already picked out the home you really want. If it helps, my home was built in 2005 and is very energy efficient, at almost 3700 sqft, I haven't had an electricity bill top $200 yet since we moved here 3 years ago.

Go with the house that you can see yourself living in.
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Old 05-23-2013, 11:41 AM
 
170 posts, read 373,907 times
Reputation: 103
I find it highly unlikely that commute, schools and neighborhood are similar for all three choices.
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Old 05-23-2013, 12:08 PM
 
96 posts, read 194,249 times
Reputation: 77
Go with the one which you love, life is too short for regrets. It's not a true comparison if you only compare age of the house. For quarter of the cost of an older Highland Park house, you can have a new house of double size in Lucas but its an apple to orange comparison. Even if you have to spend some money on the older one, its not like people don't spend on newer houses. Just blinds, landscape and pool can cost another 100K.
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