You are very lucky to be purchasing at this time and for cash. It is really a Buyers Market. IMHO, resales are usually better values - especially for cash buyers. You CANNOT haggle over price for a new home but you can over a resale. You mentioned foreclosures. If you find one you like, that may be a great bargain. In the rest of the USA, the cost of the bond that we have here would be part of the price of the home. Here, you think you get a great deal on a home only to learn that you ALSO have a $20K bond to pay off that was not included in the purchase price. Be sure to factor in the bond cost as part of your purchase price - even though you don't have to come up with that money at closing. As a buyer, you have every right to know, and you should demand to be told, the bond on your home. On resales, the old owner paid some so it would be the bond balance. Know that number when you are negotating for the purchase. Some resales are advertised as "Bond Paid Off" because that makes them more attractive buys. On a resale, you can always use the bond balance as part of your price negotiation strategy. Take your time looking around. There are so many homes and so many extras available, it could take awhile to find exactly what you want. Even if you plan to buy new, look around to decide what extras you might want to order when you build. Actually, renting for a month or so is probably a wise idea - then use that time to look around.
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