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Replies (3)
i vote resale. Look, builders are dropping like flies, what is the warranty worth if yours folds? what about mechanics liens? some new home buyers suddenly get mechanics liens for work done that the builder never paid for, and if the builder goes bankrupt your stuck. What if they finish your home, but the project goes bad, and the fire sale off the rest of the homes? or never finish the neighborhood. I have a friend who bought a new build, in a gated community, supposed to have a couple hundred homes. Well, it never got finished, prices dropped, dozens fell into foreclosure and are now abandoned. There are tumbleweeds everywhere.
What is your HOA, if you only have five living neighbors? take turns cutting the grass in the community area? buy a riding mower and split the expense five ways?
Plus, at least here, most of the new build areas are way the heck out in BFE. At least I can walk across the street in my 1960s built area, go to my bank, buy a sub for dinner, and rent a video, or stop at the grocery store. If services never show up, every little errand means jump in the car and drive around.
In an existing home, you can see what your getting. I'm a safety first kinda guy...
What is your HOA, if you only have five living neighbors? take turns cutting the grass in the community area? buy a riding mower and split the expense five ways?
Plus, at least here, most of the new build areas are way the heck out in BFE. At least I can walk across the street in my 1960s built area, go to my bank, buy a sub for dinner, and rent a video, or stop at the grocery store. If services never show up, every little errand means jump in the car and drive around.
In an existing home, you can see what your getting. I'm a safety first kinda guy...
- Christina Moock, "cmoock"
- Contributions:6
The prices are down in both new construction and resale homes.
The thing to remember about building new construction is all the extra costs that are associated with it- any little upgrade you want will cost you more, you have to put up all window coverings, on most you install your own patio/deck and lawn etc. If it were me, I would rather purchase a "newer" home that is only a few years old and let the previous owners pay all the extras.
Buying resale is a great way to go. There are some really great homes out there at great prices!
the best deals now are going to be in the resale market because of short sale situations and bank owned/REO foreclosures.
New or Resale Property
What are the factors which guide an individual's choice for a buying a resale or new house? What do you think?
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