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I had an interesting chat with a friend over lunch about crazy obsession of buying new at any cost. I get it that new construction has some pros but there is more to home buying. People forget that commute, schools,resale, neighborhood, builder quality, price vs value, upgrades,access to amenities, distance from every day needs, freebies, floor plan, lot size and so many other things matter. After buying and selling about 9 properties, I'm learning that one should start with open mind and decide what works best instead of what shines most.
Let them drive an hour each way to and from boonies, go into foreclosure if they have to sell soon, and deal with zone changes to worse schools,who cares? There are cases where it maes sense to buy new, cases where historic works, cases where used is the best value and so on.
Some people just aren't suited to the concerns of used.
Same applies to automobiles.
Where I see it become an issue is with location. Some people are so obsessed with getting a new home, they end up buying wherever new homes in their price range are being produced. Especially if you're shopping for a median priced home ($450K or so) the new ones are in areas that are either remote or just bad. A new home in a good well located area costs substantially more - sometimes double or tripple that of an outlying area. But they'll go with the new home wherever they can afford one. When it comes time to sell, it's just another old house in an area that was only attractive to people looking for new homes.
Where I see it become an issue is with location.
Some people are so obsessed with getting a new home, they end up buying wherever
new homes in their price range are being produced.
So?
If you want to discuss the utter stupidity of public policy allowing those developments
or the false economics of thinking their construction helps anyone... I'm there.
But as regards the choice to buy them? They're there.
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Especially if you're shopping for a median priced home ($450K or so)...
You consider $450,000 to be a median house?
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When it comes time to sell, it's just another old house in an area that was only
attractive to people looking for new homes.
I agree with this. But my concern (as above) has more to do with the macro issues vs the personal ones.
I agree with this. But my concern (as above) has more to do with the macro issues vs the personal ones.
$450K is a median priced house. It bumped around a little bit, but it's generally been in the low-mid 400's range for many years if you're looking at non-distress regular sales which make up the majority of the market. The thing is you have to go pretty far out to find new construction at that price, aside from some infill in low end neighborhoods.
Ultimately individual decisions add up to the macro issues. People want to buy those new homes and don't really care that they're feeding the sprawl. Some areas do a better job of managing it than others. Around here, it's still mostly taking the form of tract developments with no urban center of any kind, unfortunately. The better planned stuff exists, but isn't priced that low.
I had an interesting chat with a friend over lunch about crazy obsession of buying new at any cost. I get it that new construction has some pros but there is more to home buying. People forget that commute, schools,resale, neighborhood, builder quality, price vs value, upgrades,access to amenities, distance from every day needs, freebies, floor plan, lot size and so many other things matter. After buying and selling about 9 properties, I'm learning that one should start with open mind and decide what works best instead of what shines most.
I don't think people "forget" per se, I think some prefer turn-key set to their taste.
I don't know anyone who has bought a home without considering the commute.
Some people don't consider the school system because they have no intention of sending their kids to anything other than private.
People see the size of the lot they buy, they can figure out if they can stick an in ground pool/swing set/tennis court or whatever they want on it. They can tell how close the homes are going to be built.
Not all builders slap homes together, there are some small developments (maybe 12 homes) in my area by a private builder who is known for his quality. Unfortunately I don't live in one of them.
I know a couple who bought in a town where both of their commutes would be more than reasonable, had a walkable downtown, a great school system, is an older (expensive) community with beautiful old houses (some tiny, some huge) on every street in the town. When one of them got laid off and found new employment, his commuting time more than tripled. They haven't moved because they love their house and where they are.
Some people don't have the time or the money to fix up an outdated house, so they prefer new. Some people have done the updating before and don't want to do it again. Some people don't care if there is a walkable downtown, and don't mind driving. Some people buy their house to live in it, not worry about future resale value. It's about the quality of life they want to come home to and they are willing to deal with the rest.
I have friends who would NEVER move out of the city (NYC). You could NEVER get me to live in the city NOW, as and early 40-something adult with kids. I like my peace and quiet, my back yard, the ability to let my kids play in the yard as opposed to having to take them somewhere to see grass.
People do underestimate commute times and cost. That new home will never be new, after they lived in it. Foundation problems can take a few years to surface. My upstairs flooring is supported by 2 x 12s, it was built in 1980. I challenge you all to go to any new subdivision (Pulte, KB, Toll), and see if you can find a 2 x 12 anywhere on the premises.
That new home will never be new, after they lived in it.
Ya think? It's new when they move in. That's the point.
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Foundation problems can take a few years to surface. My upstairs flooring is supported by 2 x 12s, it was built in 1980. I challenge you all to go to any new subdivision (Pulte, KB, Toll), and see if you can find a 2 x 12 anywhere on the premises.
Who cares?
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