01-29-2013 01:48 PM
The cost of owning a new home is always high & can't be compared to a used home.
However there is this other thing "what my money can buy now?". Thinking of inflation & other cost associated to a new home, is this good time to buy a new home due to high value for money?
I know this depends on builder profit/premium on each home. Is there statistics on a new home (with same location & amenities) sale price for a different periods - like in 1990, 2000, 2006 & 2012?
01-29-2013 09:18 PM
Not so sure "new" vs. "old" has a much of a bearing on the quality of the home, to be honest.
I know some people here will argue that point, but I have seen some REALLY shoddy "new" construction recently. When I was looking at houses, I saw several that were built in the last 5-10 years and were already in disrepair... sagging walls, leaking roofs, you name it. They were in worse shape than the house I ended up buying, which is over 100 years old.
02-01-2013 09:02 AM
Year Built is not as important as PRESENT CONDITION. Get any piece of Real Estate Professionally inspected top to bottom. Brand new homes have cut corners that you can not see unless you get behind the scenes meaning up in the attic and if possible under the home if craw space is available compared to older homes that where usually built slower/better as far as framing,roofing and siding is concerned.
Yes NEW homes will have updated PLUMBING, ELECTRICAL and fixtures compared to a 50year old home that has not been improved since its original year built. However a nicely remodeled home that was built 50years ago but remodeled this year most likely will be in better shape (again inspections will tell more bout CURRENT CONDITIONS) then a home built 10years ago that has not been "updated". Just like technology on our cell phones and computers building styles have also made big steps toward improving the experience of being the HOME OWNER. 10 years ago they where just starting to get away from solid COPPER WATER LINES and use of "PEX" type tubing for you plumbing needs. A couple short years later (03-04) it was standard to not only have "PEX" in your home but then they added in a "CENTRAL VALUE SYSTEM" which allowed a master control panel to be installed. Usually in your garage area, for quick access to your entire homes water network allowing for easy shut off of individual zones throughout your home. A home built in 1999 may still have all copper water lines where as a home built in 1975 that was remodeled last year may have upgraded to a new "PEX" type system. I know copper pipes are sufficient but "PEX" is superior and more modern thus gives the "PRESENT CONDITION" a better rating. Same with Roofing materials, lack of SOLAR POWER on homes 10+ years old where as they may be STANDARD on new homes and or added to recently remodeled homes.
Now is a great time to buy as homes are still very affordable price point wise though we in Ca have seen steady upward trends the past 8-10 months with rates holding in the lower 3% range it is a perfect storm for buyers to take advantage of this market and pursue home ownership.
02-01-2013 11:47 AM - edited 02-01-2013 12:06 PM