Theres a lo of info for Rent VS Buy but I can't find much on pros n cons of a New Home VS Preowned . Anyone ???

Asked by Mark, 76132 Thu Sep 17, 2009

I am looking the the Keller 76248 zip area. Also I have been looking at rent vs buy but theres not much advice or info on New Home VS Preowned out there. Lets say the Prewoned is 3-5 yrs old and in a established neighborhood and is well maintained and in good condition, Not a foreclosure or a badly kept home. Anyone ??? New Home VS Preowned Home

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9
Bruce Lynn, Agent, Coppell, TX
Fri Sep 18, 2009
BEST ANSWER
Mark....lots of different risks and rewards...both ways....

One risk I see is the status of the new neighborhood. Are you the first or last person to buy a house there. If you are the first, what happens if the neighborhood does not get finished. I've seen this several places. One was out west of Keller where the neighborhood is about 3/4 done. Lots of vacant lots...weeds...eyesores....what are the values of the existing houses now, that 1/4 of the neigbhorhood is vacant. What happens if you are in a $400,000 neighborhood and this happens, but the next builder who comes in to finish it out decides to build same size without the upgrades in the $300,000 range. What happens to the HOA fees if the builder who still owns 3/4 of the lots goes bankrupt or out of business. The current homeowners are left footing the HOA bill for the entire neighborhood perhaps? New home s can also be more expensive with more watering for new yards and landscaping. They can require more bolt on expenses....playgrounds for the kids, landscaping for adults, more ceiling fans, curtains, blinds, washer/dryer and on and on. Some established homes may come with all these included.
It may also depend on how long you plan to live there. Some new communities make resales tough with rules like no signs in the yard or if you need to price compete against the builder.
Of course there is also something exciting about living in a new home that you just don't get with a prexisting home.....these are just a few of many considerations to factor when buying new vs preowned.
Web Reference:  http://www.dfwSnapshot.com
1 vote
Cindie Stewa…, Agent, Keller, TX
Thu Sep 17, 2009
It is my professional opinion that it depends on what you want and your price point.
If you want larger yard and trees etc you are more than likely like preowned homes better. In Keller we have Keller and Fort Keller 2 different animals all together.
You are going to spend money after closing on both one to make improvements to things you might not like from the previous owner.
The other one you are going to add updates, window treatments and maybe more landscaping etc. So, it really depends again on where and price point too.
I hope that was clearer than mudd but it is all about what you personally want in a home. I personally love preowned in keller over 200K point with larger lots and trees. However, I am the nutty real estate agent with 2 donkeys and a goat too. I have lived here for over 16 years and that type of home is the reason I live here.
3 votes
Cassie Davis, Agent, ft worth, TX
Thu Sep 17, 2009
Mark,
There are so many pros and cons to new versus preowned. There certainly is value in pre-existing homes. One of the biggest differentiators that I can think of is the Energy Savings with new construction. Built with the latest energy materials and techniques, new may provide enhanced energy efficiency. This can reduce heating and cooling bills and, ultimately, the amount of money you spend on your home each month.

Whether you decided to purchase a new or pre-existing home, be sure to have a buyer's rep (realtor) to protect your interests, help you negotiate the best price so that you do not overpay for a home (compared to what other homebuyers recently paid).

And the other agent's comments on this post are very important considerations. Neighborhood stability is critical for future resale. The bottom line is what YOU really want. Best wishes.
1 vote
Dominick Dina, Agent, San Antonio, TX
Thu Sep 17, 2009
Mark,

All depends...on waht your wife wants! Just kidding. There are several schools of thought on new vs. preowned.

NEW:

Brand spanking new! Maybe no trees though or bushes or flowers or grass. You run into some minor problems and have to call in the builder to fix/repair/replace/adjust. You hesitate to decorate because, well, the walls are NEW. And don't spill anything....ANYWHERE!

PREOWNED:

All the kinks are worked out. Trees, bushes, flowers and grass established. Painting and decorating are a must so let's get cracking.

An established neighborhood is usually more stable. In a new neighborhood folks will buy and then sell in 3-5 years. You also do not know how many new homes are being bought as investments and will have renters.

An established neighborhood can be pre-screened for owner-occupied vs. renters. Also is more stable because folks are settled in and may not move around as much. An established neighborhood may not appreciate as fast. A preowned home may not sell as fast as a newer one.

All depends on how the house will make you and your family feel and how long you plan on living there.

Best of luck!

Dominick Dina, Broker/Owner
Christian Relaty San Antonio
1 vote
Kim Katsenes, Agent, New Lenox, IL
Sat Mar 8, 2014
Hi Mark, I realize this is an old question but still one many of my buyer clients ask everyday. Cut/Paste the link below from MSN which provides 9 Reasons to Buy a New Home Over Resale...

"Newly built properties can offer fewer hassles, greater efficiency and more customization."

http://realestate.msn.com/article.aspx?cp-documentid=25600868
0 votes
Lloyd Martin, Agent, Keller, TX
Fri Mar 7, 2014
Simple answer...Do you like appreciation? Yes, Buy, have pride of ownership, write offs, privacy, and more. This should help you make your decision.
NO Down Payment Plan - Free Money
• No down payment for a TX Home Purchase
• You don't need to be living in Texas to qualify
• You Don't have to be a first time home buyer
• It is regular FHA loan and the State of Texas will pay the 3.5% down payment - for example on a $200,000 Home that is $7,000 Free Money!
• No restrictions on location, can buy anywhere in the state of Texas
• Only qualifying factor is a $54,000 Maximum income limit for the loan applicant only, NOT Household income. That means that if anyone in your household makes less than $54,000 they (you) can get the down payment free.
• Plus you can close in as quickly as 30 days
We also have a program for Credit Challenged Buyers where two different companies will buy Any home you want and then lease it back to you. You later buy the home from them, when your credit improves. Some Restrictions Apply
This home is really for sale but you buy ANY home you qualify for. Don't Wait!
Call me while this program is still available.
Lloyd Martin
Fathom Realty
817-471-0221
0 votes
Nathan Neely, Agent, Keller, TX
Fri Jan 3, 2014
I think it is important to look at new and preowned I always recommend my buyers look at both generally the preowned are a better bargain unless a builder gets in a tight spot and then they may sell for less than the preowned. Preowned or New the most important thing is finding the home and neighborhood that best fits your needs and wants.

Best of luck and if we can help please let us know, we live and work in Keller!
0 votes
Just checking in is there any specific questions I can answer for you? You can call me at 214-552-2273 at any time and I will try to help further.
Flag Sat Mar 8, 2014
Dallas Texas, Agent, Dallas, TN
Fri Sep 18, 2009
You need to contact a realtor who can "q & a" you and same on your end. Detail review for all considered including your short and long term goals. Keller is a great area,

Rent vs Buy you receive annual tax benefits owning a home vs. renting.

Renting your rent continues go up vs. buying your mortgage payment can be same for life of loan.

New vs. pre - existng home
It depends Keller is all "fairly new construction"

Direct Link of all homes for sale in that area:
http://ntreislistings.marketlinx.com/portal/?PID=776835&…

How can I assist you?

I am a Dallas realtor and loan officer “one stop shop for all your real estate services”

CONTACT OUR OFFICE TODAY
972-699-9111
Lynn A. Crosby ~ National Featured Realtor
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0 votes
Chris Tesch, Agent, College Station, TX
Thu Sep 17, 2009
Personally I've seen a lot more good buys in preowned homes than in new homes. Price per square foot is typically much better, because those preowned homes must compete with new builder homes. If you can find a preowned that has been well maintained and has color choices that you would have made yourself you can even use the new builder homes to help negotiate price. Another benefit is that you know how the neighborhood is and you can see already how people are taking care of their properties.

Good luck!
Web Reference:  http://www.ChrisTesch.com
0 votes
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