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Such as cracking walls and popping nails from a foundation that has not settled, crappy construction, basements that might flood but show no evidence of flooding because it’s brand new, ect. My point is new or old both require some research and careful inspection.
In general I agree that a new home will have less of a chance of having issues but they do still exist. Somethings are easier to spot in an older home and as long as the price reflects the condition they can be dealt with.
Most people (including myself) I know who have purchased older homes bought them because they love the detail and charm of older homes. I don't like new construction. It's boring and cheap in my opinion. Not to mention many towns especially in North Jersey do not have much new construction.
Yeah, most people buy older homes because that's overwhelmingly the majority of the housing stock. I love old homes. There are many in my town I would buy in a heartbeat if I could. I grew up going to Cape May every summer and always loved the Victorians everywhere, I have loved old homes from a very young age.
Most people (including myself) I know who have purchased older homes bought them because they love the detail and charm of older homes. I don't like new construction. It's boring and cheap in my opinion. Not to mention many towns especially in North Jersey do not have much new construction.
If I had the money I would do the same. I would rather have an older house with style and character and old-growth trees than a big garage with a boxy fake-stone house attached and a couple of spindly trees hastily stuck in the yard.
Alas, I'm not rich and I'm in a boxy cheesy condo. No garage. But there is a wooded area at the end of the street!
Let me guess: You live in a charming house with plenty of character. And you don't have a million dollar budget.
I'd say that it has charming elements. I do like the thickness of the plaster walls, I definitely do not hear the TV when I'm upstairs. The original millwork is a nice touch, it's difficult to find oak quality at a reasonable price these days. We got lucky and they renovated the right things, HVAC and we did new windows and air sealed. Someone came along and covered the hardwood floors with carpet in the 80's, so we were spared someone painting over them or something awful.
Definitely not a million dollar budget, we'd have a much nicer porch and a fireplace if that was the case.
Old but well maintained homes are like a 90 YO that took a good care of him/her self:
Hips replaced - check
Knee replaced - check
Hart valves replaced - check
Kidney transplant - check
Hair implants - check
No matter the upgrades, still can't beet the 20 YO. People buy old houses because they can't afford the new ones. That is especially the case in NJ due to crazy property taxes on new construction. If you can afford new construction, sure go with it.
It depends on the 20 year-old. Are we talking about Mikaela Shiffrin? Or, say, Lindsay Lohan at the height of her crackwhore days? Some 20 year-olds are healthy and solidly built. Others are fragile, rickety, and sick on the inside, although there's a lot of cosmetic smoke & mirrors to make it look pretty for a hot minute. I'm pretty sure Carol Burnett, at 85 years-old, could beat Lindsay Lohan in a street fight. If Carol Burnett outlived Lindsay Lohan entirely, I wouldn't be surprised.
New construction built by independent architects and boutique contractors who give a damn about craftsmanship and quality? Yes, this sounds good. Generic new construction slapped together by a real estate sausage factory/giant chain using the cheapest contractor-grade materials and fixtures? No thanks.
Also, new construction does not have any more crazy property taxes than the older properties, within the same given town. The current residents in older homes are paying the general property tax rate on their (non current market value) assessed values. For new construction, there is a formula, an equalization ratio, something something math, and in the end, you will be paying roughly the same rate of taxes as everyone else in that town. For example, if you purchased a new construction house in Westfield in 2014, you would not be paying an 8.6% general property tax rate like the rest of the town that year. You would be paying something more like 25.15% (Westfield's equalization ratio in 2014) of 8.56% property tax, i.e., in the 2% range, closer to the effective property tax rate. Either that, or maybe the equalization ratio gets applied to your assessed value. But either way, new construction doesn't have a crazier property tax rate.
If I had the money I would do the same. I would rather have an older house with style and character and old-growth trees than a big garage with a boxy fake-stone house attached and a couple of spindly trees hastily stuck in the yard.
I bought an older house with style (wood siding that needs painting every few years, tiny bathrooms, vinyl asbestos tile) and character (a swayback garage roof, creaky subflooring, drafty windows). Used to have 50+ year old trees, but between anthracnose, snowstorms, and the ash borer, I don't expect to have them for very long.
But at least there's no association fee!
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