Advice for a first time home buyer...?

[oneandahalfrock]

Hi all,
I know I''m mostly a lurker, but I was hoping to seek some advice.
I''m buying a home for the first time- hurray!- right now, the most promising offers are on two very different houses....
One is pretty new (made in 2002) in a gated community and the others much older (made in 1963) in a quiet established neighborhood.
So, here''s the breakdown
-House #1
Cost: $200k
approximently 1750 sq ft
lot size is 4214
3 bedroom/2.5 bathroom
2 stories with a living room down stairs and a nice den up stairs
In a new gated community, but because it''s in a PUD, there is a $43 a month fee
Very minimal backyard, but enough room for a bbq and a SMALL dog (which I have )
Huge kitchen
Fire place
2 car garage
In master bedroom, there is a walk in closet and a nice size bathroom
-House #2
Cost: $150k
approximently 1477 sq ft
lot size is 7875
3 bedroom/1 and 3/4 baths
Single story with a nice sized living room and a formal dining room
Beautiful granite counter tops
2 sized fireplace
Swimming pool with water slide
Nice size backyard

I know it''s not a lot to go off of, but they are two VERY different houses... Has any one bought an older house and had serious issues? I''d feel silly buying the older house but investing so much in it that I should have just bought the new one.
By the way, I live CA in the central valley area, so I''m not sure how prices compare else where.
Thanks so ANY advice you have! This is the biggest purchase I''ve ever made...

 

[DivaDiamond007]

I''d go with house #2. I''m not sure what a PUD is, but I''m guessing it''s like a homeowners association (HOA). I personally would never buy a house in a HOA because of the silly restrictions they sometimes have.

Besides the HOA issue, I like that the second house is in an established neighborhood and that the lot is much bigger. This is great for pets and/or kids. How are the school districts for each house? Where I live the better the schools the more valuable the house/land.

Good luck in your hunt!

 

[oneandahalfrock]

Date: 5/12/2009 7:55:50 PM
Author: DivaDiamond007
I''d go with house #2. I''m not sure what a PUD is, but I''m guessing it''s like a homeowners association (HOA). I personally would never buy a house in a HOA because of the silly restrictions they sometimes have.

Besides the HOA issue, I like that the second house is in an established neighborhood and that the lot is much bigger. This is great for pets and/or kids. How are the school districts for each house? Where I live the better the schools the more valuable the house/land.

Good luck in your hunt!

A PUD= Planned Urban Develpment, and yes, the $43 a month is HOA fees
Both are in the same school district- and yes, you''re right, there is a HUGE difference in property value based off school districts (at least where I live...).
So, house 2 even though it''s 40 years old...? Don''t get me wrong, in good conidition, but I don''t know about the pipes, electric, etc until I pay to have inspectors out...

 

[swingirl]

In California I''d take the larger lot and swimming pool!! I feel there is more potential. I also am not a fan of the gated community.

Any house, especially an older one, should have a structural inspection done above and beyond a termite report. Not that you need to fix everything immediately but just to know what''s what. Also it never hurts to talk to the neighbors and ask them how they like their neighborhood. Good luck.

 

[chiapet]

Without seeing the houses, I would go for the new one in the gated community, mainly because of the 2.5 bathrooms and the security. The older home only has 1 3/4 bath. Think about how much it will cost to build an extra bathroom in the old house. Have you had the older house inspected?
Find out if the monthly fee has increased in the last few years and if they may increase it in the near future.
I must say, the swimming pool is definitely a HUGE draw!

 

[DivaDiamond007]

Date: 5/12/2009 8:26:54 PM
Author: swingirl
In California I''d take the larger lot and swimming pool!! I feel there is more potential. I also am not a fan of the gated community.

Any house, especially an older one, should have a structural inspection done above and beyond a termite report. Not that you need to fix everything immediately but just to know what''s what. Also it never hurts to talk to the neighbors and ask them how they like their neighborhood. Good luck.

+1.

My parents just bought a house that was built in the 50''s and it checked out fine. The sellers agreed to replace to roof since the inspector commented on that.

Soooo that''s what a PUD is! We have plenty of those around here - although not many are gated. If you''re living in a gated community around here then you got

and are spending a LOT of money for your house.

How do you like the layout of each house? I think that is so important. Can you see yourself living in one more than the other?

 

[tigian]

Older home in a more established neighborhood has my vote. I''m personally not a big fan of gated communities simply because of some of the silly rules. Plus older homes tend to have more character.

 

[Hera]

I would pick house #2. You can change the house but you can''t change the neighborhood. While the gated community will always stay nice, you don''t really know what the neighborhood will be like down the road because it''s not an established neighborhood.
Also, there will be more rules with a planned communtiy and they can include things like pets etc. I live in an area that has an HOA and while they aren''t that strict(I haven''t heard much from them), I do feel a little restricted. I have to have all of my changes to the property approved by them and I don''t leave my dog outside for more than 10 minutes because I live next to someone who tattletales to the HOA if he hears any dogs in the neighborhood.

 

[Ellen]

I''d go for #2. It''s been my observation that many (but not all) newer homes are not built as well as older homes. That doesn''t mean all older homes are built well/in great shape. I would have someone knowlegeable check it out thoroughly. If there are no red flags, that would be my choice.

My home was built in the mid 50''s, and I''d choose it over the average new home any day.

 

[Dancing Fire]

Date: 5/12/2009 9:46:09 PM
Author: chiapet
Without seeing the houses, I would go for the new one in the gated community, mainly because of the 2.5 bathrooms and the security. The older home only has 1 3/4 bath. Think about how much it will cost to build an extra bathroom in the old house. Have you had the older house inspected?
Find out if the monthly fee has increased in the last few years and if they may increase it in the near future.
I must say, the swimming pool is definitely a HUGE draw!

until all the kids grown up.i have 3 friends that wants to fill their pool with dirt now.

 

[Dancing Fire]

Date: 5/12/2009 10:48:44 PM
Author: heraanderson
I would pick house #2. You can change the house but you can''t change the neighborhood. While the gated community will always stay nice, you don''t really know what the neighborhood will be like down the road because it''s not an established neighborhood.
Also, there will be more rules with a planned communtiy and they can include things like pets etc. I live in an area that has an HOA and while they aren''t that strict(I haven''t heard much from them), I do feel a little restricted. I have to have all of my changes to the property approved by them and I don''t leave my dog outside for more than 10 minutes because I live next to someone who tattletales to the HOA if he hears any dogs in the neighborhood.

yup, most of the foreclosure homes in our city are in newer neighborhoods.

 

[soocool]

Regarding House #2. Since it was built in 1963 makes sure it doesn't have asbestos siding. Neighbors of mine have it and it will cost a lot of money to remove since it is considered hazardous material. If not, has the house been renovated and what was done to it. New roof, wiring, plumbing, ac, heating system, etc??? Since it is a single story you could always add a second story when the time comes.

My first house was around 1700 sq ft and we added on, only because it wouldn't have sold, being so small with no basement and it was built around 1985. Our current house we built but in an established neighborhood. Being part of a development was a ROYAL PAIN, because of all the hassles trying to do stuff with your house.

House #2 has more land which is always a plus. I also think older homes are constructed much better than current mass produced homes.

I would hate having a tiny lot as you are too close to your neighbors and they will always get on your nerves. My first house backed to a wooded area even though it was 1/3 acre and we had lots of privacy. Our current home is just over 1 acre and I have neighbors all around me, just not in my face.

I would also find out how long houses in general have been on the market in the places you are looking. Neighbors bought a house in a gated community in the Poconos that was on the market for 5 years. Now they have been looking to sell and with all the work they put in the realtor doesn't want them to list for more than what they originally paid because the community has a ton of homes on the market for a lot less.

 

[soocool]

Date: 5/12/2009 8:26:45 PM
Author: oneandahalfrock

Date: 5/12/2009 7:55:50 PM
Author: DivaDiamond007
I''d go with house #2. I''m not sure what a PUD is, but I''m guessing it''s like a homeowners association (HOA). I personally would never buy a house in a HOA because of the silly restrictions they sometimes have.

Besides the HOA issue, I like that the second house is in an established neighborhood and that the lot is much bigger. This is great for pets and/or kids. How are the school districts for each house? Where I live the better the schools the more valuable the house/land.

Good luck in your hunt!

A PUD= Planned Urban Develpment, and yes, the $43 a month is HOA fees
Both are in the same school district- and yes, you''re right, there is a HUGE difference in property value based off school districts (at least where I live...).
So, house 2 even though it''s 40 years old...? Don''t get me wrong, in good conidition, but I don''t know about the pipes, electric, etc until I pay to have inspectors out...

Even before you inspect you can ask realtor to find out for you about, plumbing, wiring, roof, heating system, etc- what year replaced. (About the roof I am sure it has been replaced a few times, but find out if the previous roofs were removed first) Then you can hire an inspector if you are seriously contemplating this one. Believe me even new construction had its problems, but I am lucky that I have a DH who can fix things or get on the subs backs about fixing the problems correctly!

 

[purrfectpear]

Houses with pools are considered a hard sell even in California. People who have had one know the upkeep and costs and shy away. People with little kids shy away. People who want the yard space shy away.

Generally the only people who DO buy with a pool are people who "think" it will be sweet....until they own one.

I love controlled communities. I''ve seen enough bright blue, shocking pink, and horrendous purple houses (even in Bev Hills), thank you very much.

I vote #1, better resale.

 

[MichelleCarmen]

Date: 5/13/2009 12:11:47 PM
Author: purrfectpear
Houses with pools are considered a hard sell even in California. People who have had one know the upkeep and costs and shy away. People with little kids shy away. People who want the yard space shy away.

Generally the only people who DO buy with a pool are people who ''think'' it will be sweet....until they own one.

I love controlled communities. I''ve seen enough bright blue, shocking pink, and horrendous purple houses (even in Bev Hills), thank you very much.

I vote #1, better resale.

Just like hot tubs - "sweet" until you own one. Luckily they''re a lot easier to maintain. Almost every house we''ve lived in has had a hot tub. We love it, but do not use it much. I''d NEVER buy a house w/a pool. Major PITB.

 

[MichelleCarmen]

Even if #2 has a larger lot, probably most of that is taken up by the pool.

Personally, I''d keep looking. Both lots are WAY too small. 4,000 square foot lot? That is a postage stamp. I think ours is around 17,000 square feet and is a great size! (The house we live in is 20 years old and in a PUD with an HOA).

I would rather have an older home than new construction, but wouldn''t mind a HOA as long as they didn''t have a huge fee or ridiculous rules. Seriously, who wants to hear a dog barking all day long or look at someone''s garbage can parked out in the front lawn? Also, dead shrubs?!

 

[soocool]

I guess you should heed the advice of your fellow Californians. Different parts of the country like different things. I my neck of the woods in PA, an acre lot is small. Lots of my neighbors have min 4-10 acres (of course the size of the homes are 4,000 to 8,000 sq ft--- don''t know why anyone needs that much space anyway). Almost everyone has an in ground pool except us (we didn''t feel like spending the bucks) even though they can use it only a few months out of the year (too expensive to heat).

 

[TravelingGal]

Neither. Keep looking.

MC, the only way you are going to get 17K sq ft in Ca is if you live out in the sticks or pay through the nose. Not sure where in central Ca the OP lives, but it''s definitely the case here in socal.

Pool is a hard sell. Nice in theory, but no thanks. Most of the homes languishing in my area are because they have a pool. A possible deathtrip for your kid and a liability when it comes to having people with kids over.