Brand new house vs pre-owned home

New homes foundations are not settle, you can expect cracks in the ceiling and other places in the home as time goes on. But it depends on how old you are talking, if the home has a lot of material that contain asbestos I don't want it.
 
Might jump on a house built in 05 that's a slight fixer upper. It's a 2900 sqft 4 bedroom 2.5 bathroom house with a bonus room, loft area & hardwood floors throughout the first floor. Master bedroom suite is ridiculously huge & the walk-in closet is damn near the size of 1 of the guest bedrooms in my current apartment. :eek: Bank owned & they're asking $230K for it. I know it will drop in price as it was listed at $250K a few weeks ago. Price drop is mainly due to it being right next to a lot that has junkyard vibes. My lady already looked into the city ordinances & there are multiple items we could have the city address if we were to get the house. Gonna try to lowball with an offer around $175K & see if the bank bites.

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Update: Found a home built in 2004 that I'll be purchasing for under $200K. Already did my due dilligence and inspection. If all goes according to plan then I'll be closing on December 1st. :dance:
 
New home is always the better choice especially if you coming from an apartment. Few things to ensure while searching for the new home is getting an all inclusive home meaning it comes with all new appliances.. Stove, refrigerators, washer and dryer etc. if you able to get an all inclusive home for a few thousands more that's the best deal. No Pre owned home is coming with new appliances if any at all. Also as someone else said check the taxes and insurance as well but those will be almost the same in the same area.

pre-owned?
No Pre owned home is coming with new appliances if any at all?

?????????
who calls a house, pre-owned?
you never been in a house with new appliances?
all inclusive means it comes with new appliances?

stick to the WSHH threads
 
New is always better, IF you are new to the game and can't weild tools or have the paper to do ongoing repairs.

Best advice, even if you DON'T HAVE kids spend the added cash for area (school district, near facilities, central business district).

Old construcrion that has been cherried out, better wood, custom hand made wood accents etc will always be worth more than the thrown up "new" developer home.

If used make sure that you have everything mechanically checked out properly. And don't use the inspector recommended by the realtor or the title company.

Good luck


Builders put more value in homes depending on the decade, sort of like cars



I couldn't agree with you more. The way construction is done now days the materials are cheap and most "Eco-friendly" materials and equipment will end up costing you more money and headaches in the long run. I learned this from old school contractors when I was buying up investment properties.

Houses were made to withstand shit with better craftsmen ship back in the day. If the foundation is good, mechanicals are pretty new and area is good, go with pre-owned.

Jagu, you don't count because you down in ATL. Damn near every community that is not Buckhead has new construction where you can buy a mansion for like $400K.

I love ATL craftsmen homes though...beautiful!
 
Update: Found a home built in 2004 that I'll be purchasing for under $200K. Already did my due dilligence and inspection. If all goes according to plan then I'll be closing on December 1st. :dance:
Make sure that you buy title insurance at closing.
 
an alternative to new construction could be a 203K loan and since that home you showed us is well within an FHA mortgage consider this loan with this loan it will allow on a pre-existing home pretty much anything you wanted new with the exception of a pool or tennis courts... new floors appliance upgrades bath and kitchen upgrades only drawback a slightly higher intrest rate...here is a link to learn more about it
http://www.203kmortgagelender.com/?...Gds9-lQqZ2F7HAsWbDxdZM7P325NfQlP68aAqOV8P8HAQ
Congrats on your purchase man 1 thing about it they sure can't make no more land
Anybody here have experience with a 203k loan?

What was the first thing you had to do when you found a house to buy?
Get it appraised? Surveyed?

Did you have to have a detailed plan for all the work that needed to be done?
 
Anybody here have experience with a 203k loan?

What was the first thing you had to do when you found a house to buy?
Get it appraised? Surveyed?

Did you have to have a detailed plan for all the work that needed to be done?
We just bought a house for 222K, approved for 245K loan. The survey was done prior to us putting in an offer though. Home inspection was done the week after we put in our offer ( has to be done within a 15 day window from when an offer us put in).

Our new house is being appraised next week.

Depending on the type of loan your taking, you will need an inspection, have your financing, all that shit in order ASAP to have the process run smoothly.

Also, I recommend getting a mortgage broker if you haven't already. They will have access to lenders you won't.

We close second week of May. Can't wait

Nvm, didn't notice the 203K link above. No experience with those. Lol, thought you were speaking in general of a$ 203,000 loan.
 
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