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ymd,
We are in your exact position. We have just signed a contract on a home built in '09 after looking around at both new and recent construction built in 2006 and later. We aren't in a hurry to move either, so we had enough time to have the house built from the ground up. We noticed a very noticeable difference in the quality of construction between the brand new homes and the newer, but not brand new homes. The brand new ones are just cheaply built and look kind of yucky. The lots and rooms are smaller, cabinets aren't adjustable, flooring is vinyl, not tile, and the location isn't as desirable. There were other differences too. So we're paying the same amount for a slightly used home with nice upgrades like granite counters, a better location, and ceiling fans in all the bedrooms. It was a no brainer for us.
Similar situation, Buyer thought they were buying a brand new condo, but after closing on it found out the builder had rented it out for a full year. Now the "new appliances, HVAC have been used for a year and the appliance warranties have already expired. Based on this scenario how much less would it be appraised for being used? Should buyers have gotten a better price based on the fact that the unit was lived in? Do appraisers compare new v used at the same dollar value?
Similar situation, Buyer thought they were buying a brand new condo, but after closing on it found out the builder had rented it out for a full year. Now the "new appliances, HVAC have been used for a year and the appliance warranties have already expired. Based on this scenario how much less would it be appraised for being used? Should buyers have gotten a better price based on the fact that the unit was lived in? Do appraisers compare new v used at the same dollar value?
first, it would depend on how it was legally represented to them - in writing/disclosure by the Builder.
An appraiser would value a brand new home differently from a previously-owned home ... by not using the other as a comparable. Appraisals place almost no weight on appliances, and certainly don't claim any value based upon a warranty. A 5 year old roof has the same market value as a 2 or 12 year old roof.
I'd definitely go with used house over new house. I have family / friends who bought new homes that have had numerous issues, including cracked foundation, ceiling separation, various build quality issues that popped up over time.
I'd rather get a house that is older, well inspected since issues have had time to show, with more upgrades / amenities that the owners have put in over time. Typically new homes have smaller lots too since builders try to save money on land, and build out further out than older homes in more central locations.
Unless you find a killer builder in a killer location, 9 times out of 10 I'd go with a gently used home that has a better location and value.
Similar situation, Buyer thought they were buying a brand new condo, but after closing on it found out the builder had rented it out for a full year. Now the "new appliances, HVAC have been used for a year and the appliance warranties have already expired. Based on this scenario how much less would it be appraised for being used? Should buyers have gotten a better price based on the fact that the unit was lived in? Do appraisers compare new v used at the same dollar value?
It’s not hard to find out appliance dates by the model or serial. I did that when buying my current home to confirm they were original.
HVAC usage in a condo isn’t a major deal, but hopefully it was serviced and the filters changed.
If the condo was listed as “brand new” but rented for a full year that’s misrepresentation.
I'd definitely go with used house over new house. I have family / friends who bought new homes that have had numerous issues, including cracked foundation, ceiling separation, various build quality issues that popped up over time.
I'd rather get a house that is older, well inspected since issues have had time to show, with more upgrades / amenities that the owners have put in over time. Typically new homes have smaller lots too since builders try to save money on land, and build out further out than older homes in more central locations.
Unless you find a killer builder in a killer location, 9 times out of 10 I'd go with a gently used home that has a better location and value.
18 months ago I bought a custom built 18 year old home. Comparable new homes with the same square footage were hundreds of thousands more, and didn’t have a finished basement. Mine has one with many built ins, a sauna, a wine cellar, man cave kitchen, a home gym space, etc. All nicely finished, heat/AC, flooring, around 5 years after the home was originally built. My guess is that the finished basement alone probably cost $50-70K.
The trade offs? Old SEER 10 AC units that are nearing end of life. But they were well maintained and I will try and get more years out of them. The roof needed replacing soon (easier to do before moving in) and the interior needed new carpet, paint and kitchen appliances (also done before moving in). I replaced probably 100 incandescent bulbs with LEDs, many other light fixtures and am slowly replacing switches and sockets.
Other advantages? Trees and landscaping are fully grown in. No more building going on in my community. And a home layout that is probably 99% of what we wanted but 80% of what we expected to pay.
18 months ago I bought a custom built 18 year old home. Comparable new homes with the same square footage were hundreds of thousands more, and didn’t have a finished basement. Mine has one with many built ins, a sauna, a wine cellar, man cave kitchen, a home gym space, etc. All nicely finished, heat/AC, flooring, around 5 years after the home was originally built. My guess is that the finished basement alone probably cost $50-70K.
The trade offs? Old SEER 10 AC units that are nearing end of life. But they were well maintained and I will try and get more years out of them. The roof needed replacing soon (easier to do before moving in) and the interior needed new carpet, paint and kitchen appliances (also done before moving in). I replaced probably 100 incandescent bulbs with LEDs, many other light fixtures and am slowly replacing switches and sockets.
Other advantages? Trees and landscaping are fully grown in. No more building going on in my community. And a home layout that is probably 99% of what we wanted but 80% of what we expected to pay.
Some things I don't understand here.
What kind of "maintenance" is done to AC units, other than changing the filter and making sure the condenser isn't all clogged with leaves? It's not like a car, you don't change the oil every 3000 miles.
I guess I can understand replacing incandescent bulbs with LEDs though I wouldn't, but 100 of them? Really?
And why are you going round replacing light switches and sockets?
What kind of "maintenance" is done to AC units, other than changing the filter and making sure the condenser isn't all clogged with leaves? It's not like a car, you don't change the oil every 3000 miles.
I guess I can understand replacing incandescent bulbs with LEDs though I wouldn't, but 100 of them? Really?
And why are you going round replacing light switches and sockets?
Change the filter, make sure the evaporator and condenser is clean, bleach out the condensate lines (if you don’t they can gunk up and backflow into the drain pan or your basement), check the run caps to make sure they’re not swelling (which means they can die during a really hot day and kill the compressor fan) and verify the R-22 charge, topping up if needed (which shouldn’t be needed as it’s a closed system but when they get older something can develop a slow leak, which means you’re getting closer to replacing the system).
Many of the incandescent were either burned out or getting that way (discolored), so it’s easy to replace them. Some of them were in hard to reach areas so if replacing one why not replace them all with longer lasting bulbs? Also easy to do when replacing light fixtures. LEDs are cheap nowadays too compared to say 10 years ago.
Switches and sockets are mostly a stylistic thing (swapping beige toggle for white decora), but also some were discolored and for some of the sockets I replaced them with surge protecting ones. And for a few others I replaced them with ones that also have USB charging. Replaced some dimmers with newer models suitable for LEDs.
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