When you set out to buy a house, an important question that comes to mind is, old or new? An old house might need repairs, upgrades, and maintenance, but a new house comes with its own set of issues. You might have to pay significantly more for a new house than an old house. You will end up buying a cookie cutter beige box mostly when opt for new, but an older single family house will be unique. What do you prefer?

Today we will look at two properties, one in Northwood, and one in Woodbury. One of them is thirty-three years old, and the other is around four years old. One of them is a single family residence with its own pool in the backyard, and other is a detached condominium.

88 Twin Gables, Irvine CA 92620

Listing Price: $739,000

Beds: 3

Baths: 2.75

Sq. Ft.: 1,964

$/Sq. Ft.: $376

Property Type: Residential

Condominium Style: Two Level, Other

Year Built: 2008

Community: Woodbury

Builders Tract Name: Stonetree

Builders Tract Code: WDST

Builders Name: John Laing Homes

Builders Model Code: 1

Monthly expenses:

HOA Dues: $263/month ($158+$105)

Property Tax ( 1.0595%): $7,830 Annually

Mello Roos: $4,052 Annually

Monthly Property Tax+ Mello Roos: $990

Monthly Mortgage (30 YR Fixed, 3.75%): $2,738

Monthly Fixed Expenses: $3,991

16 Bragg, Irvine, CA 92620

Listing Price: $750,000

Beds: 4

Baths: 2

Sq. Ft.: 1,897

$/Sq. Ft.: $395

Lot Size: 7,480 Sq. Ft.

Property Type: Residential, Single Family

Style: One Level, Cottage

View: Pool, Trees/Woods

Year Built: 1978

Community: Northwood

Builders Tract Name: Shadow Run

Builders Tract Code: SR

Builders Model Code: B

Monthly expenses:

HOA Dues: $0 (No HOA)

Property Tax ( 1.0038%): $7528 Annually

Mello Roos: $172 Annually

Monthly Property Tax+ Mello Roos: $642

Monthly Mortgage (30 YR Fixed, 3.75%): $2,779

Monthly Fixed Expenses: $3,421

My opinion:

Both the properties have good Irvine schools. Both the properties have the required granite and wood upgrades. Both floor plans are without any major flaws. But 16 Bragg is a Single Family Residence with a 7500 SF lot. 88 Twin Gables is a Detached Condominium with a tiny backyard. 16 Bragg has a pool in the backyard, but 88 Twin Gables uses a community pool. 16 Bragg has no HOA dues, but 88 Twin Gables has $263/ month in dues. 16 Bragg has very low Mello Roos, but 88 Twin Gables has significantly higher Mello Roos.

By buying a single family home with all the upgrades to match a newer Irvine home, I will be saving roughly $570 per month. If I add that as an extra principal payment per month, I will be paying off my mortgage earlier than the scheduled thirty year term.

But by buying an older house in an older community, I might spend more on repairs. Also, since there is no HOA, my neighbor might not color his house the shade of beige I am comfortable with. The community is aging, and if not all homeowners are not proactive about maintaining the exterior of their properties, it affects all home prices in the neighborhood.

Which one would you buy?

Will the Mello Roos and HOA dues impact your decision?

Does the size of a backyard matter if there are enough parks in the neighborhood within walking distance?

Is it more work to maintain a pool in the backyard than visit the well maintained community pool?

Share your views below or on our Talk Irvine thread.

A Super Sized Find in Turtle Rock Hills

18762 Via San Marco, Irvine CA

The minute you step into this home you are caught by the light. It is everywhere, streaming through the bay windows, bouncing off the burnished wood floors, flooding the kitchen and the family room.

The light leads the way through a spacious open floor plan flowing around the huge living room that is perfectly positioned in the center of the house to capture the best view of a very private, very large backyard with a steep green hillside.

The French doors and bay windows frame the many views.

Situated on an oversized 10,000 sq. ft. lot, this in many ways, is a super sized property, made even better by its secluded location on the quiet streets of Turtle Rock Hills.

Off to the right, a formal dining area competes with the living room for attention, positioned near French doors opening onto the backyard. Beyond there is the kitchen, an informal dining area, and the family room, all nicely done and linked with tile and hardwood floors.

Off to the left, down the hall, the four bedrooms and two baths all fit together, each providing another big helping of natural light. They offer big bay windows and window seat views of the backyard. The home has new carpets and paint throughout.

The owners have lived here over thirty years and clearly enjoyed their home. The house is being shown with some furnishings to set the stage. With the bedrooms, family room and adjoining eating area all open, the viewer can pencil in a variety of options.

That openness leads to ‘what if’s.’ What if the family room grew bigger? Or that very private backyard acquired a pool or added patio accessories? What if the bedroom with the wonderful view of the backyard became a library with built in bookcases, or a home office?

This home could be sold as the starting point for a whole new round of innovations or as a welcoming site ready for a new family to move in. The huge private backyard could acquire a spa, chill pool, barbeque, and added patio accessories, becoming a great entertaining area, flowing perfectly from the line of French doors in the living room.

Up front a new great room could be created from some of the extra driveway space, or be developed from the existing garage with a new garage added.

Either way, there are supersized assets here. Situated in a quiet spot in Turtle Rock Hills with the oversized lot and a private hill in the back, this house has a great presence

Where it goes from here is the question.

Specifics:

Beds: 4

Baths: 2

Sq. Ft.: 1,925

$/Sq. Ft.: $571

HOA Dues: $140/month

Lot Size: 10,725 Sq. Ft.

Single Family Style:

One Level, Ranch

Central Air

Two Car Garage

Irvine Unified School District

Year Built: 1968

No Mello Roos Tax

Community: Turtle Rock

Limitations: Competition in this price range might find buyers looking for extra features. Right next door there is a similar home for sale that offers a salt system pool and spa. In this price range, a buyer might be looking for more kitchen upgrades, or an enlarged family room. This might lead to an evaluation of the home, with the buyer’s requirements, and the development potential and cost involved, making the final call. In April this home was listed for a hundred thousand more.

Who will make this property their home? A family needing bedrooms, yard space and excellent schools could opt for this home. A family seeking a floorplan with all of the bedrooms on the main floor might choose this home. Or, a couple who like to entertain and want to develop the property with even more supersized assets might select this home.

In Comparison – The house next door at 18782 Via San Marcos is pending at $1,299,000, offering 4 bedrooms and three baths, a salt pool and spa and waterfall. Also in Turtle Rock, 5 Morning Glory is listed at $1,199,000. It is a two level Craftsman with three bedrooms, two baths, and a view.

Discuss below or on Talk Irvine.