Home Buying in 22033>Question Details

Apatel, Home Buyer in 22033

Brand New Home vs. 7 year old home

Asked by Apatel, 22033 Mon Jun 8, 2009

We are trying to understand value proposition between buying a brandnew home in 22033 ( Fair Oak) vs a 7 year old house in 22030 that is in great shape and larger then the brand new home. What are the things we need to be knowing before making the decisions.

Help the community by answering this question:


Dear Apatel:

Here is what I will be looking at when comparing the homes:

1) major routs and green areas (highways in close proximity but not right by the home; no noise; green and quiet area vs busy street);

2) what is surrounding the subject home: better housing increases the value of the subject home, housing step down from the subject make the subject's value decrease;

3) the land: the size of lots, the quality of lanscape of the subdivision and the surrounding subdivisions;

4) exterior construction materials (brick vs siding) and curb appeal (closely connected with point 3 + parking;

5) older homes pricing is tested by the market and is more correspondent to the market trends. The new construction pricing is based on the builder's estimates and will be tested by the market later. Therefore in most cases buying new construction is more risky in paying "not fair price";

6) floor plans and bigger rooms vs decorative materials: you can always renew the countertops, but you are stuck with the floor plan and the house structures (ducts, fireplaces, ceilings height).

7) be aware of the average prices of granites, SS appliances, carpets, hardwood floors, tiles, so that you would not pay twice as much as necessary buying a brand new home.

All the best!
0 votes Thank Flag Link Sun Jun 21, 2009
Hi Apatel - home values and appreciation potential are more closely tied to the quality of the neighborhood than to the age of the house. An older home can have a very high value if it is in a superb school district, particularly the elementary school - that is one of the things that usually correlates with quality of the neighborhood. The other thing to compare between the two is the quality of construction - do some research on the builder for both - which one builds a better home with more solid workmanship?

0 votes Thank Flag Link Mon Jun 8, 2009
The builder needs to sell you on features in this market such as a finished basement, granite, upgraded appliances, hardwood floors. Seven years isn't a huge difference for value in price. Also tell the builder you are an educated buyer and they need to put their foot forward in this market. Make them work for you. We find some great values in exsisting homes in this market.
Web Reference: http://www.callNancyH.com
0 votes Thank Flag Link Mon Jun 8, 2009
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