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.
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.