Forum for New Build VS Pre Owned (Or discuss here?)

[Anonymous]

Hi there,

I keep seesawing back and forth. I'm moving the end of June next year and I'm trying to decide if it would be better to buy an existing home or try to build a new one. The market here in AZ is falling down so I'm heading into a great time to buy. I want to make this house my last move for a while so I want to make sure it's got everything I want, which is one reason to go for a new build. I just want to make sure that that's the best option.

The main thing that is the problem in my current home, which is another reason I'm leaning away from new construction, is that I'm on a lot that is very close to my neighbors. I work at home and I have neighbors who leave their dogs outside or even alone inside their houses and I hear them (with the windows closed) at various times of the day and night. I cannot have a radio or tv on while I'm on the phone with clients, and the dogs are very disturbing. I've talked to the neighbors and my HOA and things get better for a brief time but then they drive me nuts again.

I also realized with my credit improving, if I get a house that's already built, I can paint and redo the kitchen in time so I'm sure you can see why I'm confused. I guess I'm wanting to hear from people who might have had new homes built, what headaches there are and stuff like that.

Thanks!
Karen

[demi]

I just bought my first house, its brand new, I purchased before they even broke ground.  My ideal would be a fixer upper in an old, great part of town...however, since it was my first, I would not have any excess $$$ to spend to fix up something.  Love my new house, but love the character of old ones as well.  If you can afford either, I would say location, location, location.

[haulingthescoreup]

I'd say that in uncertain markets, it's new build if you're going to stay in the house until you die, and existing house if you're probably going to move or trade up again, but homes are too personal for generic advice to apply to all!

After we moved ourselves to our current house thirteen years ago, renting a U-Haul and two teenaged boys, I told DH that the next time I moved out, it would be on a stretcher with a sheet over my face. He has never let me forget this, so I now can only remodel, rather than starting over elsewhere.

[MattH]

Don't forget, as the first owner of a new house you'll need to install lots of things the builders don't usually include like draperies and towel bars. A friend of mine didn't have much left after the downpayment and essentials, so for a couple years they had roller shades in most windows, stick-up translucent plastic in bathrooms, el cheapo area rugs, etc. The sweet spot might be a relatively new home that's been inhabited long enough that most of the basics will be in place -- there's a reason the boilerplate of most real estate sales offers says "window treatments shall remain in place." In most cases the new owner will eventually want to install their own draperies, but they don't want to worry about that right away. Also, if the new construction is part of a new development it may be difficult to figure out what a fair market value is.

[Anonymous]

What part of AZ? Would be my first question.

I hate HOA's and refuse to live in one-

So unless you find a chunk of land to build on - new will be expensive-

Given the housing market in most parts of AZ- I would not even think about new-

BTW- I am in Phoenix

[fishbjc]

Both have their *pros and cons*.  We build new.  Landscaping, lawn, sprinkler system, & deck cost a small fortune.  We then had to pay for paint, window shades (of course these all were custom sized windows, grrr) lighting, misc. upgrades....so keep aside at LEAST $10k for the above.

If you build in a development with HOA, the exterior finishes were required to be complete within a certain amount of time.

If you can get an awesome deal on a foreclosure or a home whose owners have to dump it really quick....that's something to look into.

If you do decide to build...watch those upgrade prices...they're very *over the top*, price wise.

[demi]

Well, just went thru my walkthru for my new house yesterday, and it was pretty nice mentioning the ding in cabinet door, the seam showing on the carpeting, and other very minor problems, and know it will be taken care of.  Of course, the backyard looks pretty daunting !