Which house would you choose?
1. Hacienda Height, built in 1962, 9204sqft lot size, 1741sqft living space.
3 bedrooms and 2.5 bath rooms
527,000 asking price.
Everything needs to be upgraded (Estimated around 100,000 to fix everything)
4 miles to my work place

2. Philips Ranch, Built in 1985, 6259sqft lot size, 2045sqft living space.
580,000 asking price
3 bedrooms and 2.5 bath rooms
Move in Condition. (Around 10,000 to fix some minor items in the house)
12 miles to my work place


My questions is
1. Which area is better in SoCal? I don't have kids, so school is not a big issue.
2. Which house will remaing its value most?
3.Is the house built in 1962 considered as a pretty old house? Will it last for a while?

I am new to SoCal and this will be my first house.
Any Inputs are greatly appreciated.

 

is it necessary to move right away? The housing market is expected to keep going down for the next 9 months.

 

oh, and i choose the 2nd one. I'm guessing that the first one probably doesn't have air conditioning.

 

One thing to consider for resale value is the local school system.

Although you may not have kids, if you want to sell your home at some point, most buyers usually will have kids, and they'll likely want the best free school system available...

Good luck!

 

hacienda heights man, its beautiful up there, tons of nice homes tucked away up there, around west road and stuff. value on those houses will never go down, everybody wants to move up there....

 

Don't know the area, but for resale you should also consider the style and quality of construction.
Single floor homes are more expensive to build/replace than multi-story ones.
Does the older one have a master bedroom set-up(bath and plenty of closet space) or way to update that without making the outside look weird?
For energy effeciency the older one will need to have upgraded insulation and modern windows. Air conditioning or heat pump?

Since house size isn't real important to you, the larger lot size will be more valuable in the future compared to other newer homes.
The older house is more likely to have better quality construction. Are the windows wrapped? Hardwood floors under carpets?
How about the condition and quality of neighboring homes?

Good luck.

 

Damn, i wish i could afford any of your choices!!

 

Thanks guys.

 

Hi do you have a black Z and a Silver G?
Just curious, I saw these two cars parked outside a house around the hacienda heights.

 

Why does the single home cost more to build/replace?
Yes, the old one is like a tri-level house and the new one is a two story house.
Everything in the old house need to be replaced, including insulation, windows, air conditioning and so on.
Why does the old house has better quality construction? I thought new one suppose to be better and last longer? Please educate me.
Most important, how do I find out which house has better quality construction?

Thank you very much.

 

This guy knows what he's talking about. Phillips Ranch may be in the Pomona school district. Buyer beware.

 

My vote would be #2 without knowing either of those areas. Buying a house only to spend another $100k to make it livable seems silly. A 4 or 12 mile commute would be considered "next door" in So Cal. But if you have the money to fix up either house after buying it...I would go with whichever one is in the nicer neighborhood. That will keep it's value way better.

My second vote would be for house #3...which is anything out of state. Seriously.

 

Single level homes cost more to build because for every sq.ft of living space, you have a sq.ft of roof and a sq.ft. of foundation. A 2-story doubles your living space with the same foundation and roofing cost. Single levels(ramblers,ranch-style) also require more lot size for the same home area. People who pay the extra expense, do so to avoid stairs like older people with money for what they want. Personally I don't think there is that much difference between tri and 2-story in resale. They both have stairs, tri levels just have less steps in a flight.

Older doesn't mean better quality per SE, but before the 70's and mass housing developments, high quality didn't cost that much more than cheaper materials. No one would have thought about using non-kiln dried wood that would cause annoying sheet rock cracks within a few years. Availability of quality materials was more common and the norm was higher. Siding was thicker, hardwood more common, molding wasn't plastic, windows were wrapped, and trim may have been simple, but it wasn't eliminated as in many homes built afterward.
Insulation, windows, and advanced roofing/ floor plans are the negatives for most older homes. Use an experienced home inspector and if you don't go through the inspection with them, you are wasting most of the value of an inspection. You can learn tons about a house and its maintenance.

The other posters have pointed out the 3 biggest factors in resale. Location, location, and location. The catch is guessing which areas will go up and which down, but that happens slowly. Buy where you are comfortable.

It's a bit scary, but exciting and great opportunity to learn.

 

Another generality is that you normally want to buy the worst house in a nice neighborhood, rather than the best house in a crappy neighborhood.

If you're the worst house, the other nicer homes in your neighborhood will generally bring the value of your home up, instead of the crappy homes in your neighborhood bringing the value of your home down.

 

Thanks guys, I really appreciated.

 

Both cities have nice homes and neighborhoods. Parts of Phillips Ranch have 1 to 2 million dollar homes, but so does Hacienda Heights. Try this website: http://www.homegain.com/homes_for_sa...e?entryid=8644 it will give you a better idea of home pricing on the current market. Good luck.

 

Thanks, this is a very helpful website.

 

Also, the 8 miles difference will probably add up to much more time than you would imagine on LA area freeways. You'll probably have to go thru the 57 / 60 interchange with that extra 8 miles.

http://www.immobel.com/personal/1_3_...29=res&B1=Next

Philips Ranch would be found by looking in Pomona as I believe that it's just the name of a hood within Pomona.

 

if im not mistaken, philips ranch = pomona... correct?

 

okay nvm posted too late.