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Originally Posted by Craig Vernon
Preowned home prices are still way above market. I like your daughter would prefer a preowned when weighing them you will have to pay 100k more than new for same homes. Sorting through roof ages and flooring costs it is much to consider also.
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Most preowned homes have a new roof because sellers understand a buyer may not be able to get insurance. Don't forget to look at the age of HVAC. That can cost quite a sum to replace.
Flooring will be around 10-20 thousand. If you find a home with completed landscaping and an extended lanai, that cost will be a wash. You will have to spend equal that amount to complete the landscaping and lanai in a new construction. Your benefit will be a low or no bond and lower property taxes. Without those high monthly payments, the remodeling you must do pays for itself in the long run.
Preowned homes are sitting on the market for months. If you find a must sell, you can get a great deal. It takes patience and willingness to watch the market to understand when to pounce. A preowned I am interested in recently saw a $50,000 reduction. I am going to wait and hopefully get a better price. If this doesn't happen, I'll happily move on and search for another. I will not pay full asking price in this market.
Preowned homes ARE NOT $100K more. If you add the bond price to new construction, the cost is relatively the same. You do not have to pay the bond upfront, however it needs to be paid. After 5 years of living in your new construction home, you will see the price you are paying for the bond is astronomical. It will be reasonable to pay off the bond at this point.