Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
pros/cons for building in new neighborhood
We are going to buy a new home and are considering building in a new neighborhood in a gated community. I am concerned with what it's like being the only house on a block for awhile until others are built. Ladies who built in a brand new neighborhood, what are the pros and cons? we would try to pick a spot near other houses already built but there is still soooo much open space in this particular neighborhood. TIA.
Re: pros/cons for building in new neighborhood
Ohhhh there are so many things to consider...here's my history.
DH and I moved to a new area in 2008. Looked into buying an existing property, but ended up building in a subdivision that was in its early phases. We were not the only house around, in fact our street was almost full when we built, but we're kicking ourselves now for doing this.
Here's why:
1. The developer filed bankruptcy and the park that was supposed ot be built with walking trails and playground never happened. But, we're still paying $200 annually for HOA fees that are supposed to go to maintain a park. I am not saying your developer would go bankrupt, but when things are as crazy as they have been in this economy anything is possible. What you get told in the sales office is going to be very different than what actually happens.
2. Our neighborhood began as a parade of homes neighborhood. Then, as time progressed, the new homes being built, not on our street but connected to it, were multiple hundreds of square feet smaller than our's and others around and of cheap construction. Makes our home look/seem not as "classy." This might not seem like a big deal, but when you build a home you are "buying" into an "atmosphere" that you like and feel comfortable with. When different sized or quality homes pop up around you, the atmosphere changes.
3. "For sale" is where we are now due to a job transfer for DH. If this is your first home and you MIGHT or remotely/possibly have to move in less than 7 years, then I would not advise building in a brand new neighborhood. It has been a PITA trying to sell our home with the builder putting up new homes, that are $40-$50k cheaper than ours one street over.
4. Builder's change. Our neighborhood began with one builder and now is on its third builder. They have all had various "styles" and qualities. It's very messy.
The moral of my story is, the vision they will sell you in the sales office is going to be very different than what happens by the time they are done with your neighborhood in a few years. If you like the unknown and are comfortable with it, then build in a brand-new place. But, if you like "tried and true" right from the start and you can pretty much know what to expect, than buying an existing home in a neighborhood not currently under construction would be your best bet.
DH and I are wishing we did this differently. Hindsight is 20/20...
That's a lot of quotes around words when you could have just said that houses were built nearby that lowered your property value. Or maybe you just don't like "people" who can afford cheaper housing?
I have no idea because we didn't look into new construction but just some thoughts:
Your neighborhood will be under construction for a long time - trucks in and out, loud noises, dust and debris, dirty roads, etc.
Will you have an HOA and how will fees work/be run and maintained?
Will you need/want to sell in the near future? Like mentioned above if new homes are still being built it will be hard to sell yours unless it's at a highly reduced rate compared to new homes.
Also mentioned above- builder defaults and doesn't complete the subdivision.
I have a lot of time to kill these days, so I thought adding the additional quotations would take up a few extra seconds to help the day pass. I'm two weeks from my due date, can barely walk due to problems with my siatic nerve, and I have a 21 month old at home, my husband is gone for four days at a time each week and I have no family nearby. But, despite all this I'm pretty happy and optimistic. Life is grand! But, thanks for raining on my day with your snarky comment about my quotations. It was very kind of you. And, I really appreciate it. RE: cheaper housing: I used to be homeless. Have a good day. :O)
Yes, I was definitely trying to make YOU feel bad because you were once poor. Not that easy to pick up on thanks to your horror at smaller square footage houses.
I'm sorry that your husband is gone so much and you're in pain. Maybe you could make some friends from your neighborhood to keep you company and help out? Not people from the "bad" houses since you don't like the "atmosphere" they've brought, but someone else?
Do you troll around discussion boards looking to hurt people's feelings? That's sad. I'm sorry that I annoyed you with my choice of punctuation marks. But, I never used the word, "bad," in my descriptors of the newer homes in my neighborhood. That is a word choice you elected. I also never said the "atmosphere" was one I did NOT like. I just said it changed and that I liked the atmosphere we had initially bought into more than I like the current one. Regarding my previous living arrangements, and the supposed "horror" you have attributted to me having at smaller homes, I didn't realize that referencing ones' prior lifestyle was a required disclaimer before any discussions took place. I will make that note for future comments on this board and be sure to alert all readers that I was homeless before I comment on anyone's posts. On that note, I hope you enjoy your day!
The hostility here is weird.
OP, something we were wary of was how many homes with our floorplan might be built. We considered building in the first phase, but decided against it for a multitude of reasons.
I recently went back to that neighborhood out of curiosity, and we made the right choice. More than half the homes currently there are the same floorplan that we would have chosen. It would have been rough if we wanted to sell in the future.
"No".
I know, right? LOL
To the OP, I think there "could" be pros to building in the first phase of a new neighborhood.
My last home was on one of two lots left in a 15 home subdivision that was already 4 years old. We built right before the boom ended, but homes were still appreciating quickly, so the downside was that was ended up paying a lot more than those who had built prior. That's probably not the case these days.
I left wonderful neighbors and a great neighborhood, but one of the things I always hated was that, in coming in last, I always felt like the new one one the block. Friendships between people in the cul-de-sac were already established in the years before I got there and in some ways I always felt like the odd-one-out.
I am now building in the first phase of a new neighborhood and there does seem to be a lot of camaraderie between me and my husband and the 8 other families who started the process when we did.
I think when a neighborhood is in its infancy, people are more likely to reach out to each other and friendships are faster established. My neighborhood is connected to an existing neighborhood and everyone who I have met in there loves that everyone knows each other even though it's a huge subdivisions.
However, the resale value is something to consider, as most of the people who built there in phase one are upside down on their mortgages.
Really? That is what you got from her post?
In a neighborhood with the average house being 3,000 sq ft and $500,000, you don't understand why it could be bad for those in the neighborhood if 1,800 sq ft and $350,000 houses start popping up everywhere? Oh right, it wouldn't be a bad thing, only if you hated poor people
I grew up with my parents building the 2 homes we lived in. I remember my parent's building on a brand new street (only 1 or 2 houses done) and how close we all got as people built and joined us. It was pretty much second nature for me and when we looked at a bunch of homes I really couldn't put a finger on why it didn't feel right. So we went to the builder down the street from all these we looked at and pretty much signed right away.
Our new house will be done in April and I couldn't be more excited!
New construction in an unestablished neighborhood in this economy was a deal-breaker for us for many reasons.
There are many neighborhoods that go unfinished for years...I don't want to live in a construction zone forever.
Builder's change and the entire "feel" of the neighborhood can change with it. I don't want a cookie-cutter neighborhood, but I also don't want an modern contemporary glass structure next to my traditional brick.
Also, price points are important. If I buy "first" and the price drops later, it has NOTHING to do with others buying for less, but the frustration that I paid too much.
Finally, almost all new neighborhoods are devoid of trees. Trees were a "must have" for us.
My Valentine Bookends (2~13~13, 2~15~09)
LOFL.
Oh! The homeless card! That's one I haven't seen yet.
And it's obvious that you didn't learn about the way "rampant materialism" ruins our society or about "compassion for others" during your time "homeless".
Currently Reading: Don Quixote by Miguel De Cervantes
Yeah, um, you're being a ***. Can I say that on the nest? I guess we'll see. It's a fact that the value of your home depends greatly on the surrounding properties or "comps" (quotation inserted for your enjoyment and disdain). That's why one of the cardinal rules of homebuying is to avoid purchasing the most expensive home in a neighborhood. On the flip side, it's generally considered a good investment to buy one of the cheaper homes in a more expensive neighborhood. It has nothing to do with not wanting to associate with poor people (which is actually quite a leap to make that assumption, since for all we know Mommy could be complaining about the people building 300k houses instead of 400k houses)
Buying/selling real estate isn't personal. It's business. You have to look at what you'll be able to get when you attempt to sell the property and Mommy's anecdote was perfectly on point at what potentially buyers will be considering. Someone is not going to buy a 400k house in a 300k neighborhood. They're going to want to pay 300k for it, which sucks for the sucker who initailly paid 400k to have it built.
This. It has absolutely nothing to do with someone showing disdain for less fortunate people. Real estate is an investment. Can you seriously say that you wouldn't be disappointed to lose money on a piece of real estate you purchased, due to homes of lesser value being built around it?