- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Replies (8)
- Cynthia Bell, "CyndiBell"
- Contributions:328
Buying new or a resale home or condo is dependent on the buyers needs. In a resale or new home transaction there are many people that work on the transaction from labor, lenders to title.
As long as you fully understand the cost involved now and later in the purchase of a condo it looks like you've found a great opprotunity.
Good Luck!
As long as you fully understand the cost involved now and later in the purchase of a condo it looks like you've found a great opprotunity.
Good Luck!
- Cappy Myers, "CappyMyers"
- Contributions:38
Hi Cally,
Buying new versus resale is a personal choice and there are many benefits on both sides.
I must point out that there are risks for buying new. Despite the warranty, there could be construction defects or underfunding that results in litigation. If such a situation occurs, you are stuck and will be unable to sell and may possibly lose a whole lot of value. Also, when it comes time for you to sell, will the HOA be approved for FHA funding.
Additionally, many people prefer an established community and HOA that is well funded and managed. You know who your neighbors will be as opposed to a new community.
I appreciate your enthusiasm and am happy that you found something that works for you. Good Luck!
Buying new versus resale is a personal choice and there are many benefits on both sides.
I must point out that there are risks for buying new. Despite the warranty, there could be construction defects or underfunding that results in litigation. If such a situation occurs, you are stuck and will be unable to sell and may possibly lose a whole lot of value. Also, when it comes time for you to sell, will the HOA be approved for FHA funding.
Additionally, many people prefer an established community and HOA that is well funded and managed. You know who your neighbors will be as opposed to a new community.
I appreciate your enthusiasm and am happy that you found something that works for you. Good Luck!
- Loretta Buckner, "RealWorldProperties"
- Contributions:205
hmmm...let's think about that statement about 'stimulating the economy', shall we?
Why does it require building NEW (often low-grade, low-quality, might I add) construction, when maintaining, repairing, and upgrading the existing homes can also stimulate the economy, as well as improve neighborhoods!
Also keep in mind that new construction is dependent upon a labor force heavily reliant on cheap labor imported from elsewhere--often outside the country.
This may not always be the case, but one of the reasons that builders are offering these great incentives is because they are in dire straits to raise cash and must make the sale--there have been many cases here in Florida of builders going bankrupt, leaving the associations and CDDs, and new homeowners holding the bag.
I'm always thrilled when I hear someone is happy with their home purchase, no matter what the choice is, however it is a personal choice, and to tag new construction purchase with "better for the economy" is just wrong.
Why does it require building NEW (often low-grade, low-quality, might I add) construction, when maintaining, repairing, and upgrading the existing homes can also stimulate the economy, as well as improve neighborhoods!
Also keep in mind that new construction is dependent upon a labor force heavily reliant on cheap labor imported from elsewhere--often outside the country.
This may not always be the case, but one of the reasons that builders are offering these great incentives is because they are in dire straits to raise cash and must make the sale--there have been many cases here in Florida of builders going bankrupt, leaving the associations and CDDs, and new homeowners holding the bag.
I'm always thrilled when I hear someone is happy with their home purchase, no matter what the choice is, however it is a personal choice, and to tag new construction purchase with "better for the economy" is just wrong.
When you have too many homes, encouraging buyers to buy new and builders to build more is not really a very smart long term policy. But I am really glad to know that California State/County governments have so much money they can give lots away to homebuyers. Education must be perfectly well funded!
- Simon Mills, "Mills Realty"
- Contributions:1858
Cally your specific case which sounds like it is well researched in not necessarily true for all new developments. Although short sales and REO's in condo buildings can be a nightmare due to poorly funded HOA there are some good deals on resales that make sense. If you run your numbers and do your research you will be fine.
- Sam Shueh
- Contributions:379
There is truth to that your claims. The only exception is the un-welcomed lawsuits that comes with new buildings. If there is litigation or high rental vs owner occupied ratio one can not obtain mortgage causing housing price drop. Check out the reputation of the builder not just pay attention to the cosmetics features...
- Fajardo Delacruz, "Fajardo Delacruz"
- Contributions:61
yes everthing you wrote is correct but some of the older buildings are more soundly made.
- Gary T, "gtca"
- Contributions:36
#1. If you had a buyer's agent and had looked at a specific short-sale home -- you should have already had the numbers on what your monthly payments would be. The sales staff of a company trying to sell you one of their new condos isn't a good data source for the best loan package available on a used property that isn't theirs.
#2. Multiple 1-Bed/1-Bath condos the developer at that location is asking $250K for are listed for $175K by people trying to sell similiar units in the same complex.
#3. The local government financing the developer at that location is using is subject to a 45-year resale "affordability restriction" that is recorded against the home. Prepayment of said financing while you continue to own the home will not release you from the affordability restriction.
#2. Multiple 1-Bed/1-Bath condos the developer at that location is asking $250K for are listed for $175K by people trying to sell similiar units in the same complex.
#3. The local government financing the developer at that location is using is subject to a 45-year resale "affordability restriction" that is recorded against the home. Prepayment of said financing while you continue to own the home will not release you from the affordability restriction.
New condo is better than resale
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.