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/u/Cautious_Midnight_67
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TLDR: new build for $750k or existing home for $550-650k range?
Hi all, I am hoping for some advice on whether I should take the leap and buy new construction, or just buy an existing home.
Some background:
HCOL suburb (new England) HHI $240k gross $200k available for down payment. Very hot market/low inventory right now The area I am buying has well water/septic sewage systems, not town infrastructure.
New build option: 2100 sqft $700k base price (would likely be closer to $750k when factoring in appliances and desired add-ons ~$4500/month payment 30 yr fixed 0.5 acre lot, mostly flat lot (house would be built on a hump for good water drainage since I’m in a high water area) Part of a ~20 home development on cul de sac, nice part of town.
Typical existing home in town: 2000-2200 sqft $550-650k depending on condition/how upgraded ~$3500-4000/month payment 30 yr fixed ~1 acre lots are typical Most are built in the 1960s or 1970s Most are part of 10-30 home developments/neighborhoods Most lots are reasonably flat, some homes have signs of water seepage into basements, many homes have sump pumps to deal with this
I’m trying to decide if the new build is a good option. On one hand, it’s brand new so should have fewer issues to deal with (new mechanicals, well, septic, roof, should not have basement water seepage issues due to grading, etc).
On the other hand, the monthly payment would be $500-1000/month more expensive, so that kind of washes out some of the savings from reduced maintenance costs. Also I always hear “they don’t build them like they used to” so I worry about buying a brand new house at a premium only to have all sorts of issues. It is a local builder, not a national company - so maybe that’s ok?
I can’t decide, seems like solid pros and cons to either option. We objectively have the money to afford to new build, but it seems like a stretch and like it may not be worth the premium price.
Has anyone had a similar conundrum and have advice or insight???? Thanks!!!!
submitted by /u/Cautious_Midnight_67
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New build vs existing home?
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Hi all, I am hoping for some advice on whether I should take the leap and buy new construction, or just buy an existing home.
Some background:
HCOL suburb (new England) HHI $240k gross $200k available for down payment. Very hot market/low inventory right now The area I am buying has well water/septic sewage systems, not town infrastructure.
New build option: 2100 sqft $700k base price (would likely be closer to $750k when factoring in appliances and desired add-ons ~$4500/month payment 30 yr fixed 0.5 acre lot, mostly flat lot (house would be built on a hump for good water drainage since I’m in a high water area) Part of a ~20 home development on cul de sac, nice part of town.
Typical existing home in town: 2000-2200 sqft $550-650k depending on condition/how upgraded ~$3500-4000/month payment 30 yr fixed ~1 acre lots are typical Most are built in the 1960s or 1970s Most are part of 10-30 home developments/neighborhoods Most lots are reasonably flat, some homes have signs of water seepage into basements, many homes have sump pumps to deal with this
I’m trying to decide if the new build is a good option. On one hand, it’s brand new so should have fewer issues to deal with (new mechanicals, well, septic, roof, should not have basement water seepage issues due to grading, etc).
On the other hand, the monthly payment would be $500-1000/month more expensive, so that kind of washes out some of the savings from reduced maintenance costs. Also I always hear “they don’t build them like they used to” so I worry about buying a brand new house at a premium only to have all sorts of issues. It is a local builder, not a national company - so maybe that’s ok?
I can’t decide, seems like solid pros and cons to either option. We objectively have the money to afford to new build, but it seems like a stretch and like it may not be worth the premium price.
Has anyone had a similar conundrum and have advice or insight???? Thanks!!!!
submitted by /u/Cautious_Midnight_67
[link] [comments]
New build vs existing home?
Continue reading...