Author Topic: New Home versus Old Home  (Read 2230 times)

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Offline USCTrojanCPA

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Re: New Home versus Old Home
« Reply #30 on: May 19, 2020, 10:00:45 am »
I've said it before and I'll say it again, without a significant increase in inventory level we won't see any material price declines in Irvine.

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Offline marmott

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Re: New Home versus Old Home
« Reply #31 on: May 19, 2020, 10:37:21 am »
To get back on topic, older home may require less immediate spending than newer ones. A new home comes with no landscaping done and no window covering for examples. I can think of other smaller items like appliances, garage storage or lighting that you may have to consider with a new home.

It's case by case but for having bought both old and new it's easy to overlook some of these costs that add up fast on a new home.

Offline irvinehomeowner

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Re: New Home versus Old Home
« Reply #32 on: May 19, 2020, 10:42:21 am »
Also, you worry less about competing bids on new homes... and while you can "bargain" on old homes, you can also submit lower offers to new home builders on standing inventory.
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Offline Mety

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Re: New Home versus Old Home
« Reply #33 on: May 19, 2020, 11:37:56 am »
In times like this, I would ask for lots of upgrades including yard/patio landscaping if you're thinking of buying new homes. I think there are more unsold remaining inventories now days.

Also many condos have a basic landscaping already finished. It depends which tract though. $600-800k will most likely be an attached product. Most attached homes will have them done with no additional cost.

Offline andy

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Re: New Home versus Old Home
« Reply #34 on: May 19, 2020, 02:12:01 pm »
I can think of other smaller items like appliances, garage storage or lighting that you may have to consider with a new home.

Do new home not come with appliances, lighting?

Offline andy

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Re: New Home versus Old Home
« Reply #35 on: May 19, 2020, 02:13:25 pm »
In times like this, I would ask for lots of upgrades including yard/patio landscaping if you're thinking of buying new homes. I think there are more unsold remaining inventories now days.

Is there any way to track unsold inventory and get a feel for it if it is on low end?

Offline andy

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Re: New Home versus Old Home
« Reply #36 on: May 19, 2020, 02:15:02 pm »
Thanks for additional inputs in for the comparison. I have updated the original post. That way anyone looking at this thread does not have to read all the posts and can quickly get the summary.

Offline Cares

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Re: New Home versus Old Home
« Reply #37 on: May 19, 2020, 02:42:41 pm »
I can think of other smaller items like appliances, garage storage or lighting that you may have to consider with a new home.

Do new home not come with appliances, lighting?

New homes come with microwave, stove, dishwasher usually but not refrigerator and washer/dryer. Recessed lighting is pretty standard in all new home builds not but if it isn't then it would be an option for purchase with the builder.

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Re: New Home versus Old Home
« Reply #38 on: May 19, 2020, 02:59:08 pm »
Andy - consider waiting to buy. We do not know the fall out of the housing market due to covid.
« Last Edit: May 19, 2020, 03:11:44 pm by eyephone »

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Offline irvinehomeowner

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Re: New Home versus Old Home
« Reply #39 on: May 19, 2020, 03:30:35 pm »
Andy - consider waiting to buy. We do not know the fall out of the housing market due to covid.

At this time, I will agree with eyephone about waiting.

If you don’t have to buy, you should see how everything pans out.

But I don’t know your situation so only you can make that determination.
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Offline Mety

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Re: New Home versus Old Home
« Reply #40 on: May 19, 2020, 03:32:59 pm »
In times like this, I would ask for lots of upgrades including yard/patio landscaping if you're thinking of buying new homes. I think there are more unsold remaining inventories now days.

Is there any way to track unsold inventory and get a feel for it if it is on low end?

The best way is calling them and find out. They'll walk you through everything you want to know pretty well.

One important thing is that you take your RE agent with you on the first day of visit model homes. That way you can get half (or some percentage) of their commission. The commissions are like $20,000 now days. Some agents don't share their commission since it's their right to share or not. I personally wouldn't work with those shady types.

Another good thing about new homes is they're all built with new energy efficiency materials so the utility costs will be cheaper as a result. Not too much, but still a pretty nice stuff on savings perspective. 

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Offline Mety

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Re: New Home versus Old Home
« Reply #41 on: May 19, 2020, 03:34:37 pm »
Andy - consider waiting to buy. We do not know the fall out of the housing market due to covid.

At this time, I will agree with eyephone about waiting.

If you don’t have to buy, you should see how everything pans out.

But I don’t know your situation so only you can make that determination.

Unbelievable! You guys are finally getting along!

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Offline andy

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Re: New Home versus Old Home
« Reply #42 on: May 19, 2020, 03:38:59 pm »
Andy - consider waiting to buy. We do not know the fall out of the housing market due to covid.

At this time, I will agree with eyephone about waiting.

If you don’t have to buy, you should see how everything pans out.

But I don’t know your situation so only you can make that determination.

Thank you, I can wait for sure, by renting a condo/apartment for 6-9 months or so. But considering the cost of rent about 3K/month and paying $18K-$27K, isn't it bit of a gamble? You'd hope that home prices drop more than what you pay in rent? Any thoughts?

Offline andy

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Re: New Home versus Old Home
« Reply #43 on: May 19, 2020, 03:44:18 pm »
The commissions are like $20,000 now days.

Is 20K true for California Pac homes as well? Will the builder's sales office tell me the commissions if I call them and ask or will they say, "why do you want to know, that is something between us (the builder) and your RE Agent?"

In another forum, I read typical Co-op to be:
pricing at "low $700,000s" - offering broker co-op of $11,000
pricing at "low $1,000,000s" - offering broker co-op of $15,000
pricing at "mid $1,000,000s" - offering broker co-op of $15,000
pricing at "mid $1,000,000s" - offering broker co-op of $20,000
pricing at "low $2,000,000s" - offering broker co-op of $20,000

Thanks.

Offline andy

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Re: New Home versus Old Home
« Reply #44 on: May 19, 2020, 03:45:19 pm »
Another good thing about new homes is they're all built with new energy efficiency materials so the utility costs will be cheaper as a result. Not too much, but still a pretty nice stuff on savings perspective.

Another good point. I am adding this to the list.

 

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