If I qualify for a new home, that is what I will purchase. Used homes are
overpriced considering the cost of repairing and updating. If I could purchase
a used home in a good location that was overhauled with new furnace/air, carpet,
landscaping, windows, plumbing, bathrooms, kitchen, etc., knowing it was all
properly installed, then I would consider the used one. Otherwise, it is
foolish to purchase the fixer upper unless you have the skills, equipment and
supplies to complete the work before moving in. That is if the cost of the home
is not overpriced.
If the used home were completely updated, it is most likely you could not afford
it due to its location. Most new homes are located far away from most work
locations. You have added transportation time and added fuel costs. And now most
new homes at daybreak for example come with a monthly home owners association
fee. I will always opt for the older home that needs a bit of repair in a
much more central location.
mountain man: I would also add that, in my experience, newer homes just
aren't built with as good materials as older homes are. I remember when I
was looking for a home many years ago even, that you could put your finger right
through the cheap siding on one of these cookie-cutter homes!
We bought a new home 2 years ago. We weren't against buying an older home,
but it was ridiculous how much people were asking for 30 year old homes in
slight disrepair. It was cheaper to get a new home, we got to pick our carpet
and cabinets, etc.... and of course, it's new. We were lucky enough to find
a new home that did NOT have an HOA, that's a hard find these days.