Home Buying in Phoenix>Question Details

Isabel, Both Buyer and Seller in Los Angeles, CA

Why buy a house that's built newer than a house that is not and more than 10 years old but a lot cheaper?

Asked by Isabel, Los Angeles, CA Fri May 1, 2009

What are the advantages of buying a house that is recently built like within 10 years than one that is old and more than 10 -20 years old but a lot cheaper and its market price can even be comparable to the newly built house when times are good?? What are the advantages of buying a newly built houses rather than an older house that is way much cheaper but in okay condition?

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That is a very good question, but I think the answer is based on personal preferences. Some people prefer newer houses because of the style and amenities they have, some people prefer older, more established neighborhoods. There are many neighborhoods where you can buy a house that is a couple years old and just down the street brand new homes are selling for a lot more! Because most newer homes are located further from the center of Phoenix, commute times have to be taken into consideration as well as a home's location to things like shopping, schools, parks, etc. But basically it all boils down to the condition of the property and how it suits you. A 20 year old house that has been meticulously maintained, can be a much better value than a 5 year old home that has not. All homes should be inspected for potential issues before purchase and working with a buyers agent that is familiar with the area you are interested is crucial to getting the best home for you. Good Luck and don't hesitate to contact me with any further questions.
1 vote Thank Flag Link Sat May 2, 2009
I believe the answer lies in the condition of the homes and your cash position.

Some older homes have not been maintained well and will require significant dollars to bring back. If you have the cash, after buying the home, to make these repairs that might not be a problem. Many people, simply do not have the cash reserves to repair and update the home, thus a newer home works well for them.

If you purchase a home warranty, you can protect yourself from many faults associated with an older home. The policy can cover a variety of repairs including AC systems, plumbing, some appliances, electrical and more. They tend to deny as many claims as possible, but if you are tough you can get them to do their job.

One of the most expensive repairs associated with an older home is the roof. Roof repair costs have skyrocketed in the past few years. My 2800 sq.ft home cost about $15,000 to re-roof by a good company this past fall.

Whether buying a new home or an older one, get a professional home inspection. In my book this is not an option. A great inspector (not all are) can help uncover the problems before you buy. Even new homes have defects so get an independent inspection on any home you consider.

That's my take on the subject. If you like knowledge, our blog site: http://www.UrbanLifeBlog.com has a lot of articles on many real estate oriented subjects and a few restaurant reviews to keep things interesting. There is no obligation to visit... just a desire to learn.

Hope this info helps a bit.
Web Reference: http://www.urbanteamaz.com
0 votes Thank Flag Link Thu May 7, 2009
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