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Prices of pre-owned homes more than new homes
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Does anyone having local professional real estate knowledge know why the average home price of pre-owned homes in The Villages is more than new homes for comparable properties? The attachment comes from the developer.
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Probably because of the shortage of new homes and some may prefer an area that is already built out.
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i'm not a professional, but i would imagine some of the pre-owned homes may already be equipped with upgrades such as: tile floors, good quality countertops, outdoor landscaping, hot tub and/or pool. :popcorn:
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Our resale came with a painted driveway/lanai, epoxied garage floor, attic stars, built in garage cabinets, a Pelican water softener, crown molding, granite countertops, luxury plank vinyl throughout the house, plantation shutters on all windows (except the sliding doors), high end washer/dryer, built out custom closets, added landscaping, etc... The cost of adding those (as well as the benefit of not having to deal with doing it ourselves), made a difference... All we did was repaint a few rooms and show up... That and NO POWERLINES... My wife refused to buy a home with powerlines in the back yard, or even a view of them... We're in the newest section of the "old sections" (Osceola Hills), and our house is only 4-5 years old... But, driving thru Marsh Bend, we saw some lovely homes which we would have considered, but we wanted to be closer to our friends and the squares/shopping... Just remember, there's a top for every pot, an ass for every seat... |
Many pre-owned homes don’t include a bond or the bond carries a low balance, making the comparison less apples to apples. Plus, some homebuyers prioritize living near lots of Championships golf, pretty much eliminated new homes.
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a) upgrades b) Owners always think their property is worth more than it is, only sales price counts c) minor factor---bond paid down/off Upgrades add up quickly and owners think (hope) they can get their investment back For example: Bathroom remodel: $ 23,000 Closet professionally designed $ 7,000 Hot tub: $14,000 Professional landscaping: $11,000 replace carpet with laminate: $7,500 Lanai shades: $7,000 attic stairs $ 500 garage epoxy: $ 1,100 replace lights/fans $ 3,000 Pelican whole house water filter $ 3,000 Induction cooktop $ 2,500 Total $ 79,600 + whatever I forgot |
That's mostly exactly it. When you buy a new home you get the basics and then often invest in upgrades over time.
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LOCATION Location LOCATION.. better construction, Upgrades as mentioned in other posts, TURNPIKE widening Project, NOISE... and who wants to live around young people..
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I believe it is location. If you are within easy reach of Sumter Landing your house is worth much more to someone than a beautiful new build way out in the Southern end of TV.
Just my opinion of course, and everyone has one of those.:) |
We went new for several reasons (these comparisons won't apply to newer preowned):
We wanted a new neighborhood, not one with established clicks. We wanted neighbors closer to our own age to share interests and activities. We wanted to avoid homes turned over to banks or kids, neither of which commonly upkeep their properties. We wanted to be close to newer amenities. We wanted volume ceilings, an open floor plan,, new appliances, new roof, new AC, etc. We found that older homes may have "upgrades," but they were not to our taste or current style. We didn't want a worthless 1.5 car garage. Your mileage may vary, but we are very happy with our decision as all the above concerns were met. We are in Hawkins and can't hear the turnpike, prison, or blasting at all. |
Major reason - It’s the upgrades. Lots of small items.
Painted driveway, drop down stairs, upgraded landscaping, etc. Probably not major stuff like new kitchen, pool, etc There’s a thread on the value of paying off the bond. Some think it adds to the resale some think it doesn’t. |
location, more mature trees and upgrades
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Location, location, location
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We are closing next week on a house in The Village of Amelia. We purchased it because of the location:
1 - close to Lake Sumter Landing. We stayed in TV 3 times on lifestyle tour, return and rental to know where we wanted to live. We liked LSL better than the other town squares and the new area didn’t have one as developed. 2 - we both play golf. Our favorite courses are Cain Garden, Palmer’s, Evans Prairie and Bonify. We wanted them to be in close proximity. 3 - we liked Amelia area because of the elevation changes. Our house is on a pond and is about 20-30 feet elevation above the pond and offers a great view. 4 - didn’t want to be close to the federal prison. The home we purchased has Corian countertops , has contractor grade materials - no upgraded cabinets in the kitchen or baths, but does have an enclosed lanai and was in pristine condition. We will lose out on the camaraderie of everyone being new and forming friendships. Still, although it appraised above our purchase price, I think the going rate on existing homes are overpriced. I justify the price because my wife loves it and unless you plan on selling soon, it doesn’t matter if you can afford it. We did our research and this is where in TV we wanted to live. |
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