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Old 12-03-2015, 07:56 AM
 
2 posts, read 4,167 times
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Hi everyone,

I'm relocating to Sugar Land in the near future and was wondering if I should buy new construction or existing? My main concern is resale in the future with all the new houses popping up and competing with new construction. Does it make sense to buy existing instead of paying a premium for a new home?

Thanks in advance!
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Old 12-03-2015, 09:34 AM
 
Location: The Greater Houston Metro Area
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Look at both and buy the best home that fits you for the money. This includes a look at future appreciation (not much of a worry in SL).

If you plan on selling within a few years, don't buy in new construction.
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Old 12-03-2015, 09:35 AM
 
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Quote:
Originally Posted by cheryjohns View Post
Look at both and buy the best home that fits you for the money. This includes a look at future appreciation (not much of a worry in SL).

If you plan on selling within a few years, don't buy in new construction.
also what are property taxes on two identical houses new vs. old construction?
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Old 12-03-2015, 09:38 AM
 
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In Sugar Land values revolve around the schools for the most part. If looking purely at ROI perspective (and really it should only be a part of the decision making process) the best option would be an existing home zoned to Clements, so that means part of First Colony and all of Telfair.

The new builders have raised their prices so high in Riverstone that if you have to sell in a couple years there you will take a loss, but I'd say if you are there about 6+ years you should be able to sell at a gain or at least no loss after transactional costs. The early buyers in the Sugar Land Riverstone side have made a lot of paper gain on their homes, but I think that ship has sailed.
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Old 12-03-2015, 09:41 AM
 
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The property taxes will be higher for new constructions. They have MUD tax districts that help pay off bonds used to fund the infrastructure build out in these communities because they are not in city limits. The extra can range widely, but somewhere between 3/4th and 1 1/2% additional for new construction. Appraised values are also higher in new construction, depending on where you are. Definitely applies to Riverstone.
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Old 12-03-2015, 12:56 PM
 
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This is great info from everyone. We have 2 young children, one is 3.5 and the other 16 months so schools are very important.

The new homes in riverstone are gorgeous but i just don't think it's worth it. With a budget of $500k i think we have some decent options. I was told new territory is also another option.
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Old 12-03-2015, 01:29 PM
 
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With your budget I'd skip NT. Focus your search on First Colony zoned to Colony Meadows/Fort Settlement/Clements or anywhere in Telfair. Homes will be newer in Telfair, or you can get a nicely remodeled/updated older home in First Colony.
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Old 12-03-2015, 01:31 PM
 
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Quote:
Originally Posted by dooomer View Post
This is great info from everyone. We have 2 young children, one is 3.5 and the other 16 months so schools are very important.

The new homes in riverstone are gorgeous but i just don't think it's worth it. With a budget of $500k i think we have some decent options. I was told new territory is also another option.
Look for the older homes in First Colony for the best bang for the buck.

Cost of yearly maintenance is Riverstone > Telfair > First Colony due to higher property tax and other various monthly fees that you paid like water bills and etc.

IMO, new homes generally have a built in premium of 10-20% so you can pick your own designs. It is hard to re-coup those costs short term.

Right now, there seems to be quite a bit of a slow down in Sugar Land, I see quite a few houses sitting around for 60+ days. I know someone that just bought a home in Sweetwater for 15% less than asking price after house been sitting there for almost 5 months.

There are some beautiful homes in Sweetwater and the elementary school is generally known as the best in Sugar Land area.

My choice would be anywhere zoned to Colony Meadows (especially the newer models built near 2000), then Avalon on Commonwealth, then rest of First Colony. Colony Meadows area offer the best school, location, and cost of ownership. I like the houses behind Krogers on Sweetwater and the neighborhood on Elkins.

With a budget of 500k, you can pick from most of the neighborhoods there beside houses in Palm Royale.
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Old 12-05-2015, 01:00 AM
 
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Aliana in richmond is a very nice community and only few minutes away from telfair.There is a brand new elementray school inside the community.
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Old 12-06-2015, 05:37 AM
 
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New construction is built to new building codes - better materials, modern features, everything is new so you get maximum service life from mechanical systems and appliances. Plumbing, electrical, siding, insulation, fasteners, hardware are all brand new.

You pay a premium but for the same value of each dollar you get brand new items. Two year and ten year warranties on major items. And you are the first to live there, so if you take care of it, it appreciates in value barring some economic disaster that is not in your control.

The route to all wealth is real estate. I believe it was Thomas Jefferson who said that.

Of course, that was long before there was electronic trading and Wall Street.

But I think Donald Trump might agree, even today. Money can be made in both, but only one of them allows you to live inside of what you are investing in.

I have owned both new and pre-owned houses - I only buy new with my hard earned money now....

Given the choice - new construction is the better buy. And I speak from personal experience.
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