Help!Should I buy old house or build new house in Midland area? (best neighborhood, real estate market)

midlander008 · 10-12-2007, 12:45 AM

Hi Everyone,

I Just moved to midland,MI and is now trying to decide whether to buy an old house or build a new one; whether to buy soon or wait a couple more years for further price drop. It gives me a little headache trying to make up my mind. I could really use some good advice in making my decision.

I am looking at the price range of 160,000-200,000. It seems in the 160,000 range, I could get decent houses that were built in the late 1970s (maybe not in the best neighborhood and maybe because the local real estate market is a buyer's market). In the price range of 180,000-200,000, I could get houses built in the late 80s 90s or even in 2000 in some new subdivisions.

My question is are houses built in the 70s in better quality than the new ones? Are those 70s houses built to last for another 50 years? It seems quite some homes are custom built, not sure if I am right. I know it depends on the builders and the area. Could someone give me advice on which ones were the good builders back in the 70s and 80s, the good and bad about the neighborhoods, and the school districts. I want to buy old houses since they are cheaper but are afraid i will need to do a lot of fix-up soon as I move in and spend a lot of money on that. Buying relatively newer houses in that price range means I need to be in a new subdivision which may not be as good as some mature neighborhoods. I also particularly care about the insulation of the house, the winter here is very cold. Do most houses have good insulation and double pane windows?

I got comments recently that I should get a house less than 10 years old so it will last for a while, an old house won't last long and will be worth little after more years. But some old house in midland look just as good to me as many of them look like they were custom built unlike the recently built tract houses, actually some good ones are priced higher than even new tract houses. I am in a dilemma. My friends are young so I don't want to rely solely on their comments. I think midland is different from bigger cities.

Also, do you think I should buy now or wait a year or 2, since everyone now knows the national housing slump. Overpriced houses in midland seem to seat on the market for a long time, only the ones with the best values are sold. Not sure if my observation is correct.

I really appreciate anyone here lending me your great wisdom.

Bydand · 10-12-2007, 07:16 PM

In all honesty, it is impossible to answer this question, in a generic manner. It all depends on the house. Not really the builder at this point either. A house that was built in the 70's or 80's has been away from the builders hands for 20 or 30 years now. A lazy homeowner who did zero maintenance can make the best custom home a disaster to buy, while an impeccable homeowner who had a bit cheaper home can make it a dream buy. I am an Electrician and have been in literally thousands of different homes over the past 25+ years, each is a bit different even though they could be built by the same builder and crew. I have a house that was finished Jan 12th, 1927. It is in great shape and has all the charm the older places give you. Plus it is tight and rather cheap to heat because of the lay-out. It was owned by a regular maintenance freak from the time it was built to just before I bought it. Sure you have some things to keep on top of in an older home, but guess what, they are the same things you should check in a newer home as well. Age doesn't matter. Some houses that are 2 or 3 years old, you couldn't give me; others that are 100+ years old are in fantastic shape and I would LOVE to get my hands on. Get a good independent Home Inspector to check out any places you are serious about. They know what to look for, and usually right in the ballpark for how much something is going to run to fix if they find anything. You want one that is not associated with a builder, or the real estate business. He doesn't care if you buy the place or not, they are going to get paid the same one way or the other. There is no reason to gloss over things and no reason to make one property look better than another. If you cannot do a COMPLETE home inspection yourself (and I mean from the chimney cap down to the footings) get somebody who can, it can save you vast amounts of money and headaches in the long run.

midlander008 · 10-13-2007, 05:13 AM

Thank you so much for giving me such valuable advice. I think i will definitely buy an older house aftering learning from you. I like a house with character, the new houses can't give me.

Do you know where can I go about finding a good independent home inspector in midland? I would like to keep that in mind, so when we are getting ready to buy a house we know who to look for.

Driller1 · 10-13-2007, 06:32 AM

Do not take the word of a home inspector on the well if there is a well! About 20 of my yearly calls are, "the inspector said it was find but.......". One case they did not have a well, it was an illegal sand point. The "good well" the inspector pointed out was an old septic system. This was in Larkin Township, Mildand.

Driller1 · 10-13-2007, 06:36 AM

Also if there are old wells on the property, and they have ran city water they have to be abandon. Make the seller pay for this, it is not cheap.

Bydand · 10-13-2007, 08:39 AM

Quote:

Originally Posted by Driller1

Do not take the word of a home inspector on the well if there is a well! About 20 of my yearly calls are, "the inspector said it was find but.......". One case they did not have a well, it was an illegal sand point. The "good well" the inspector pointed out was an old septic system. This was in Larkin Township, Mildand.

Quote:

Originally Posted by Driller1

Also if there are old wells on the property, and they have ran city water they have to be abandon. Make the seller pay for this, it is not cheap.

Good catch! Never thought about wells. I agree a well really needs a well driller to inspect, just too much hidden. Speaking as an Electrician, I am still fairly comfortable with an Inspector looking over the wiring and giving a determination. There is a lot hidden, but enough exposed to give a good indication of the condition of the wiring; not so with a well and septic.

Driller1 · 10-13-2007, 09:05 AM

Free free to PM me with the address. I can excess state records on the well. We can tell a lot from that. If you have a white piece of pipe, about a foot above grade, about 5" that is good if there is no city water. If there is city water hooked into the house the well will have to be abandon.

midlander008 · 10-13-2007, 10:52 AM

You must had a good home inspector when you bought your houses. Could you give me some recommendations or refer some good home inspectors to me.

Driller1 · 10-13-2007, 11:00 AM

Quote:

Originally Posted by midlander008

You must had a good home inspector when you bought your houses. Could you give me some recommendations or refer some good home inspectors to me.

I would not hire one. My opinion is as good as theirs. They are not licensed or regulated. I have heard too many horror stories.

JeepMom · 01-20-2009, 07:47 AM

Well I have to say the only company right now who has the best reputation in building new homes is Greystone Homes. They do excellent work and every home they've done has been sold before even being completed. I've seen many of their homes and the workers are great. They have people coming back and asking them to bild homes elsewhere in MI for them also. If this does not say they are happy with their service I don't know what does.

By no means am I affiliated with Greystone Homes. I just have seen their work compared to other companies out there and every home I've seen has been beautiful! They have even used the owners plans for the homes.

If you're looking to buy an older home, you may get some good deals with the way the market it. Just be sure you want to fix anything that may come up. Could be a good investment!

Good luck in your home search!