There are number of valuable lessons a realtor learns early in their careers, maybe the most useful being, what a buyer prefers to buy and what they end up buying are significantly different in most cases. This old truism has stood the test of time and will continue as long as homes are bought and sold. There are certain characteristics that a buyer will not relinquish, a buyer looking at downsizing will not pursue a larger property, buyers that want a one-story home will not magically change their mind, the home buyer that desires no restrictions will not be satisfied with a condo that has a Homeowners Association. Another amenity that fits in this category would be the new home or established neighborhood buyer. There are pros and cons with either of these choices.
Neighborhood Outlook: Purchasing a home in a new subdivision has many advantages with your ability to determine what upgrades are included and knowing the builder will stand by their workmanship with warranties. The unknown would be the potential of not knowing who your prospective neighbor could be. Might a family move-in next door with dogs that bark all night or a family with a kid starting a band that uses the garage as a studio. These are liabilities that a family can not be aware of when buying a new home. There are certainly pluses with the more established neighborhoods, you are very much in tune with the dynamics around that home and can question other neighbors and get a first hand report on the good and bad surrounding that property. The downside with the established neighborhood are the homes are more dated and will eventually need some of those upgrades that the new home offers upfront.
Property Taxes/Assessments: Using homes in Davis, California as an example. The newer subdivisions have a higher tax rate with assessments and bonds that are not prevalent in the older neighborhoods. These assessments can add hundreds of dollars a month extra to your monthly mortgage payments. This could be monies spent toward home improvements on the dated property. The best way to describe these additional taxes are, either you pay the tax man on the new home or you pay the contractor for home improvements in the dated home. Your choice.
Property Location: This is the most important factor when evaluating any house purchase. With numerous subdivisions built over the last fifteen years, newer subdivisions have been pushed to the outer limits of most communities. The positive aspect of so much building are the inclusion of newer schools, parks and shopping malls that make those newer neighborhoods attractive. Location has always been the linchpin in determining a homes desirability. Every home buyer will make their own decision when it comes to what type of home they purchase, weigh all the options and personally research any subdivision before making that move. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs and easy access to view local area homes for sale in Davis, California and the surrounding communities.