Buying old construction vs new

VMware / Enggearlt
May 13 14 Comments

Hey folks, I plan to move to Seattle from Bay Area and buy a house there, will be getting married next year. Spouse is from India so only single income for next few years. So I was thinking it's better to get old house as they might be a bit cheaper. Experienced home owners any cons of buying old property like extra maintenance cost. I think I am good with tools and willing to learn basic maintenance so will that be helpful?

TC 160

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TOP 14 Comments
  • Amazon / Engpinkcat
    There are few new constructions in bay area. Most are either built on chemical wastelands, are in remote areas, or are extremely expensive. Your call
    May 131
    • VMware / Eng!geralt
      Don't plan to live here in Bay Area. I know cannot sustain with my little TC and single income. I am looking to move to Portland or Seattle.
      May 13
  • Expedia dxTT40
    I don’t think house price would be significantly low for new vs old.
    May 131
    • VMware / Eng!geralt
      Ok but sometimes properties do popup which need little maintenance and are a bit cheaper. Want to save as much as possible.
      May 13
  • F5 Networks buzz-word
    Big mistake - moving from the Bay Area to Seattle. Remember this advice during the long winters.
    May 140
  • Amgen Mrmephisto
    At least in LA you can save about $100-$200k for an older home with zero upgrades. Fine if you don’t mind shag carpeting and wood paneling everywhere. If you ummm know a foreign language remodeling isn’t that bad but be prepared to pay out the nose for white contractors. I’ve literally saved thousands just because my wife is a native Chinese speaker.
    May 130
  • Zume / Eng🙄Rolls
    Hundred year old house needs a lot of maintenance. I spent about 7-10% revenue maintaining the house.
    May 130
  • New / Engna206
    Old house here can cost more than a new house. Just buy a new house for 5-600k and call it a day
    May 130
  • Facebook whodattt
    I got a renoed 1930 house. Sturdy as fuck. Super happy
    May 151
  • New / Data
    ternaryBit

    NewData

    PRE
    IBM
    BIO
    Technology geek in Data Mining space, helping businesses get meaningful insight in data oceans.
    ternaryBitmore
    Old houses could be bought, but cannot be sold due to various issues omitted during sale or slipped through and blindly agreed on. For example when trying to sell your house, the buyer's inspector could find many issues that need to be fixed - like break all walls that contain asbestos, change furnace exhaust system etc.
    May 160
  • New / Other
    DuQvV7y

    NewOther

    BIO
    Did stuff. Hustled hard. Retired
    DuQvV7ymore
    Precision matters how.

    Define old. 10? 50? 100?

    New construction limits where you can live. You need a new development for those.

    New development in an infill lot is an exercise in extravagance.
    May 150
  • Splunk / Sales
    YSPS62

    SplunkSales

    PRE
    Citrix Systems
    YSPS62more
    New construction if you just want a house, don’t want too many headaches, and aren’t too picky about location.

    New or used requires maintenance. A new home you might still need to work on the yard, or other elements on the exterior. There might also be minimal interior upgrades to make life better... but set aside at least 1% of the home value for maintenance - now or saving for the future.

    An old home, you can get character and location. But the higher cost.

    You can buy old homes newly renovated (good or bad... depends on how the job was done), an in-fill newly built home in an old neighborhood, and anything in between.

    I’d pick on location, and then house price - and then budget for maintenance+mortgage+propertytax+insurance.
    May 130
  • Wizards of the Coast aaaabaa
    Imo, they both have strengths and weaknesses. With new construction, the foundation may shift through no fault of yours, or other issues that there is no way of predicting.

    In my opinion, make sure you have a good realtor, learn about the risks, and tour everything regardless of age. Make sure you tackle the biggest risks of old houses head on: make sure any buried oil tank has been dealt with, any knob and tube wiring has been decommissioned, etc.

    You are going to turn down way more old houses for basic stuff like cramped bathrooms than serious maintenance issues.
    May 130

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