Home Buying in 75056>Question Details

Firsthometx, Home Buyer in Irving, TX

2 year old preowned or New home?

Asked by Firsthometx, Irving, TX Wed Jan 2, 2013

Hi,
I am planning to decide between a 2 year old (well maintained) preowned or a new home and both of them have similar floor plan and features that I want. But the preowned one is 10 percent cheaper (around 35k) than the new home? Any advise on going for a new home vs preowned home? I don't mind staying in preowned but my question is which would be better decision financially taking house depreciation etc into account assuming I would stay around 6 to 8 hrs in the house?

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BEST ANSWER
WOW..... I wouldn't even have to think about that one.
Save the 35,000.
You'll probably save even more than that.
0 votes Thank Flag Link Wed Jan 2, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Christina,
Both are in the same neighborhood and in the same community. This community which started 3 years ago is almost 80 percent built out but now I can decide between a preowned 2 yr old one which is 10 percent cheaper or the new one which has to start construction. My question is which would be a better choice if everything is similar? saving 35K by going for a pre owned or going for a new one which essentially gives you you 2 years back to you when going for resale?
0 votes Thank Flag Link Wed Jan 2, 2013
Personally 2 years is not an issue with most buyers if you plan on staying in the home 6 to 8 years it would be a wash anyway. I would go for the pre owned home for a few reason. Yes its less expensive but it also has been lived in so all the issues a new build can come with have been addressed. Since they are both in the same community it sounds like a better deal I do think I might question why its 35K lower especially if its only 2 years old. Seems like a big hit for such a new home.
Flag Thu Jan 3, 2013
Christina,
With new construction you taking a chance that the builder stays solvent and the development is completed. Easier to see how a pre-owned neighborhood will look if it's built out.
Flag Thu Jan 3, 2013
Honestly its personal choice. However new homes are harder for resale if the neighboorhood is still being built. The 2 year old home may have better re sale if the neighboorhood is established. You will need to have your Realtor look at the two areas and see which one is holding its value more. I hope this helps
0 votes Thank Flag Link Wed Jan 2, 2013
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