Author Topic: New Home versus Old Home  (Read 2240 times)

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Offline andy

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New Home versus Old Home
« on: May 18, 2020, 12:07:42 pm »
I will keep compiling new responses below if someone else has thought of any additional points.

I am considering buying a Single Family or Condo Home in Irvine in the price range of 600-800K.
3 Bedroom/2+bath is what I need, Target area 1500+ Square Feet.
I am wondering what are the pros and cons of buying a new home versus old home:

New home Pros/cons:
1. Nice look & feel
2. No repairs
3. price similar to old homes
4. You may be moving into a construction zone
5. Added expense of MRs for new homes
6. variety of choice/availability/customization for new homes.
7. New homes get shoved into a new development area where "stuff" is further...e.g. instead of having 4 supermarkets within 3 miles, you only have 1.
8. Newer home communities tend to have more young children....younger families with kids age 0-10 (can be a pro or con depending on your situation).
9. Can possibly get rebates,  incentives such as free home upgrades, closing cost, lender cost, design center credits, landscaping.
10. You worry less about competing bids on new homes.
11. Built with new energy efficiency materials so the utility costs will be cheaper as a result.
12. Likely smart home, energy efficiency, better internet features etc.
13. Con: May have to pay for some appliances: New homes come with microwave, stove, dishwasher usually but not refrigerator and washer/dryer.

Old Homes Pros/cons:
1. Bigger yard possibly.
2. 3 car garage possible as compared to 2 in new (may be hard to find a 3-car garage home in Irvine for $800k Or even 2-car detached with driveway or even a garage that fits 2 normal sized car in there. (unless you are opting for 1mil+ new places).)
3. Repairs may be needed immeditaley or down the road
4. variety of location for old homes.
5. May be smaller school sizes
6. old homes have less property taxes, and are generally situated in a location with more "stuff".
7. Association dues are lower or even non-existent.
8. Older villages in Irvine have older people residing in general.
9. May require less immediate spending. New home may need landscaping, window coverings, appliances, garage storage or lighting.

Thanks to Zubs & irvinehomeowner & others for inputs.
« Last Edit: May 19, 2020, 03:57:40 pm by andy »

Offline irvinehomeowner

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Re: New Home versus Old Home
« Reply #1 on: May 18, 2020, 12:12:30 pm »
2. 3 car garage possible as compared to 2 in new

Case closed. You answered your own question. Although it will be hard to find a 3-car garage home in Irvine for $800k or less. :)

You also have to think of the added expense of MRs for new homes.

Other pros/cons... variety of location for old homes... variety of choice/availability/customization for new homes.
Once you go 3-car garage... your junk can never go back.
3CWG: 3-Car Wide Garage
FCB: Foreign Cash Buyer
I recommend:
www.irvinerealtorsite.com
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Offline zubs

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Re: New Home versus Old Home
« Reply #2 on: May 18, 2020, 12:18:02 pm »
old homes have less property taxes, and are generally situated in a location with more "stuff".  You may also notice that old homes association dues are lower or even non-existent.

New homes get shoved into a new development area where "stuff" is further.

For example, instead of having 4 supermarkets within 3 miles, you only have 1.


It's like playing a CIV game where your first settlers camp on the prime real-estate (by the water source), and as your city spreads, new development gets moved away from the original "best" land.

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Offline andy

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Re: New Home versus Old Home
« Reply #3 on: May 18, 2020, 12:33:40 pm »
Thanks Zubs & irvinehomeowner.

Offline akkord

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Re: New Home versus Old Home
« Reply #4 on: May 18, 2020, 12:53:07 pm »
3 car wide garage in Irvine for under 800k...link us when you find it, not hard to find, non existent is probably a better word.

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Offline irvinehomeowner

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Re: New Home versus Old Home
« Reply #5 on: May 18, 2020, 01:26:06 pm »
3 car wide garage in Irvine for under 800k...link us when you find it, not hard to find, non existent is probably a better word.

Not even 3-car WIDE... just 3-car is impossible.

Or even 2-car detached with driveway for under $800k... Irvine prices have gotten ridiculous. Someone keeps saying that Irvine prices have dropped since 2018 but not sure where.
Once you go 3-car garage... your junk can never go back.
3CWG: 3-Car Wide Garage
FCB: Foreign Cash Buyer
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Offline Innosint

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Re: New Home versus Old Home
« Reply #6 on: May 18, 2020, 01:37:29 pm »
just to add something. For new houses, you will find it very difficult to actually fit 2 normal sized car in there. (unless you are opting for 1mil+ new places)

the standard 16' garage opening will be very, very tight for 2 regular sized car, to the point that I probably wouldn't bother parking two in there. you will probably scratch;scratch both car in the long run.
« Last Edit: May 18, 2020, 01:46:20 pm by Innosint »

Offline nosuchreality

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Re: New Home versus Old Home
« Reply #7 on: May 18, 2020, 01:52:20 pm »
Don’t most of the new home development also come with new elementary schools if not the whole K-12 like Orchard Hills?

Also, cons for new, you may be TUSD zoned, in which case, you might as well consider a Tustin and North Tustin home.
« Last Edit: May 18, 2020, 01:59:19 pm by nosuchreality »

Offline paperboyNC

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Re: New Home versus Old Home
« Reply #8 on: May 18, 2020, 01:56:38 pm »
Newer home communities tend to have more young children. Could be a pro or con depending on your own situation.

Offline momopi

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Re: New Home versus Old Home
« Reply #9 on: May 18, 2020, 02:14:27 pm »

When buying a home to live in, it's more about just the stats.  It's about are you going to be happy living there.

Back in 2002 I made a mistake and bought a house because the numbers looked right.  I spent 4 years living there and regret doing so.  All the profits that I made from selling it doesn't bring back the 4 years of my life that would have been better spent living elsewhere.

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Offline andy

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Re: New Home versus Old Home
« Reply #10 on: May 18, 2020, 02:29:48 pm »
Don’t most of the new home development also come with new elementary schools if not the whole K-12 like Orchard Hills?

Also, cons for new, you may be TUSD zoned, in which case, you might as well consider a Tustin and North Tustin home.

Is that a good thing or bad thing? For example, would you prefer to send your kid to beacon park elementary instead of Portola Spring (I think started 2015) or Loma Ridge (newest)?

Offline andy

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Re: New Home versus Old Home
« Reply #11 on: May 18, 2020, 02:31:04 pm »

When buying a home to live in, it's more about just the stats.  It's about are you going to be happy living there.

Back in 2002 I made a mistake and bought a house because the numbers looked right.  I spent 4 years living there and regret doing so.  All the profits that I made from selling it doesn't bring back the 4 years of my life that would have been better spent living elsewhere.

Thank you, this is an excellent point.

Offline Mety

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Re: New Home versus Old Home
« Reply #12 on: May 18, 2020, 04:12:24 pm »
You would definitely be spending more time fixing stuff for older homes. If you're one of those guys enjoying it, no problem.

Also older villages in Irvine have older people residing in general. Newer villages have younger families with kids age 0-10. So it's also a community thing if that matters to you.

I must say though, I love old single floor SFRs with huge yards. I would still pick newer ones because I have kids, but I might choose Turtle Rock SFRs over new ones if there comes something within our budget.

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Offline moc

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Re: New Home versus Old Home
« Reply #13 on: May 18, 2020, 04:58:38 pm »
You would definitely be spending more time fixing stuff for older homes. If you're one of those guys enjoying it, no problem.

Also older villages in Irvine have older people residing in general. Newer villages have younger families with kids age 0-10. So it's also a community thing if that matters to you.

I must say though, I love old single floor SFRs with huge yards. I would still pick newer ones because I have kids, but I might choose Turtle Rock SFRs over new ones if there comes something within our budget.

I couldn't agree more that Turtle Rock has a great feel...problem is there is exactly one 3 bedroom listing for under $800k in Turtle Rock right now:
https://www.zillow.com/homedetails/8-Starfall-12-Irvine-CA-92603/25671788_zpid/

This was our problem when house hunting, not only did the homes in older neighborhoods we love need a decent amount of work, there were so few options to choose from! We went with new construction because in our price range ($700kish) we could actually get three bedrooms without feeling like we were compromising on other fronts. But  - it really does depend on what is most important to you. I think the pro con list at the beginning of this thread does a good job capturing it.

Offline eyephone

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Re: New Home versus Old Home
« Reply #14 on: May 18, 2020, 05:02:41 pm »
You would definitely be spending more time fixing stuff for older homes. If you're one of those guys enjoying it, no problem.

Also older villages in Irvine have older people residing in general. Newer villages have younger families with kids age 0-10. So it's also a community thing if that matters to you.

I must say though, I love old single floor SFRs with huge yards. I would still pick newer ones because I have kids, but I might choose Turtle Rock SFRs over new ones if there comes something within our budget.

Or buy a house in a city that you can upgrade the house and make a Mc Mansion. (mine and Bellys idea)
Or build another unit in the back of the house for a rental property.

#MaxROI
« Last Edit: May 18, 2020, 05:51:08 pm by eyephone »

 

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