Buying a new home vs. an old home: What are the benefits? (HOA, homeowners insurance)

[GoGoLucky]

I am looking to buy a house...and i have noticed the "pool" homes that are affordable, then to be older and fixer uppers. But most dont have HOA either.

what are your thoughts on this?

what are the benefits, buying new over old, or older over new?

I've seen some interesting "old" properties in downtown phoenix, glendale, etc

are these worth it?

[arun196]

buy old or new house - Google Search

you will see some links, where you can get more information.

For Phx: I would prefer a new house here. I couldnt find a old home for lesser price for same sq ft and benefits.

[Bummer]

Originally Posted by GoGoLucky

I am looking to buy a house...and i have noticed the "pool" homes that are affordable, then to be older and fixer uppers. But most dont have HOA either.

what are your thoughts on this?

what are the benefits, buying new over old, or older over new?

I've seen some interesting "old" properties in downtown phoenix, glendale, etc

are these worth it?

Personally, GoGoLucky . . . I would never purchase new construction.

Give me an older masonry home (about 25 years or so) over the new "cookie cutter" homes of today. Generally speaking, better built, more exterior space and always more charm and character as well as personality.

MY TWO CENTS WORTH!

[Boatdrinks]

Location and price should be your primary considerations. I wouldn't live a great distance from work just so I could own an older home, nor would I bury myself in debt just so I could own an older home, etc. Likewise with a new construction home.

If you prefer an older home and can find one in your price range in the area you want, and it passes a thorough inspection, go for it. There are some great deals to be had with resales especially considering the landscaping is done and mature (or more so then new landscaping) and the pool is done. Just make sure the pool is inspected thoroughly.

The plus side of a new construction is that you get to design your home (as much as a builder will allow) and you get to design your landscaping and pool. And having a home under warranty and being able to just call the builder with problems for a few years is pretty nice too.

[AZ91]

Homeowners insurance is a lot less expensive for a new house.

[GirlinAZ]

Originally Posted by GoGoLucky

I am looking to buy a house...and i have noticed the "pool" homes that are affordable, then to be older and fixer uppers. But most dont have HOA either.

what are your thoughts on this?

what are the benefits, buying new over old, or older over new?

I've seen some interesting "old" properties in downtown phoenix, glendale, etc

are these worth it?

I am not sure if you mean new or newer. If you mean new-the main diff is location. Most new builds now are WAY far from most everything. If you mean newer-than you have already mentioned some of the considerations. I personally do not like the HOA's here due to the fact that they tend to be EXTREMELY radical with regards to their CC&R's and enforcing them. I had a friend who was harrassed by her HOA for some tiny weeds on the side of her house. If you lived in a place where they left a dozen vehicles out front-diff. story. I think that for the most part, if you find a good area, there isn't too much of that and dealing with the HOA's really is just a drag. Also, you tend to get more land if you buy older as back in the day, they didn't build homes on top of one another like they do now. They didn't expect this level of growth.

[Master Shake]

Another plus with a new/newer house is efficiency. Sure, you can remodel an older house, but that will cost $$$ (in addition to whatever you buy the older house for). New/newer houses generally tend to be "energy star rated", have low-e/dual paned windows, more efficient air-conditioning/heating systems, etc.

The downside of new/nerwer builds tend to be HOA's, smaller lots, undeveloped and unknown areas/neighborhoods, much further out from downtown, etc.

[Blockheadofaknew]

Older maybe has lawns & trees where if you do buy newer without it WILL cost a fortune.

[Great Joy]

If I were going to buy a home now, it would be a newer home...but not new construction. And, "old" homes need too much work in my opinion. There are many good deals out there for "newer" resale homes right now.

Even though new construction base prices may look good, beware of the actual final cost of a new home. I believe many people spend more money for their newly constructed home than if they had purchased a resale home.

Beware of all the upgrade costs when you go to the design center, the lot premium, as well as how much it will cost to "finish" a home with interior paint, window blinds/valances/curtains, ceiling fans, cabinet knobs/handles, garage cabinets/specialty flooring, etc, etc, and anything else people choose to do to customize their homes. And, if you're not from AZ, people don't realize how expensive it is to landscape your yard here. Further, AZ's plants and irrigation are much different from many other states, so it also takes time to learn what you want/need. I know a lot of people here who have spent over $100,000 on top of their homebuilder's base prices.

In addition, people don't know what the neighborhood will look like before their new house is completed. With a new home, the mountain views you have today may not be the views you have in the future. With a resale home, a person knows exactly what their neighborhood looks like including views and how much privacy the backyard has.

Also, if you're not from AZ it is important to know to try to buy a house that faces north/south. It's best to have a backyard that faces north so that you can enjoy your backyard patio in the summer anytime of the day. Having a west facing backyard is least preferable because your patio will be too hot to enjoy in the summer afternoons and evenings as well as the sun will come through your patio door and heat your family room.

[chocolaterie]

If you buy a new house, buy a spec home. You will save the most that way.

Older homes are nice as well. But we chose a new construction for a few reasons. We wanted a smaller backyard/front yard bc of upkeep and we just don't have the time to invest in an older home (and when I say older I mean made in the 1970's). MIL has an older home, but she just spent a hefty amount repiping the house. Energy efficiency is very important too, how much per month do you want to spend in utilities? The biggest perk for us was house size. My husband and I like to stay inside during the day, so it just didn't make sense to have a smaller house on a bigger lot.