Quote:
Originally Posted by jayswin
Also, too many new homeowners treat homes the same way they treat new vehicles. "I want all the options and I want to customize everything to fit my needs!!!!".
"A non new home in a 30 year old community? Bleccccchh! Take me 50 minutes away from downtown in a cookie cutter, small square footage NEW BUILD where I get all the CONTROL over OPTIONS! for $450-$550k.
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In fairness, that's partially bank fault as well. Financing isn't flexible enough in many cases to just "change houses" when your needs change. You see mortgage rules change frequently, restrictive payout penalties (even with porting), etc.
I did the move up thing, I had a house in Tuscany prior to the 04 boom and did very well on it. I wanted to buy a bigger home because I needed certain spaces I didn't have in my little starter home, but when it came time to buy or build, you have to think not only of what you need now, but what the future demand or resellability is, so you don't get strapped into something that isn't as desirable on the market. So yah you end up with some space you don't need, some bedrooms you don't need, because when the time comes your life changes and you need to move on, it has to be something that has appeal beyond just yourself.