22 Aug 5 Hidden Advantages of Previously Owned Homes
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Although many people prefer to buy new homes, the vast majority of buyers prefer resales. According to the National Association of Realtors, 75 percent of homes sold are resales.
When home buyers ask us about the merits of buying an “old” versus a newly built home, we show them how resales offer some of the best values in the market today. The news gets better when they see the wonderfully diverse resale selection of appealing styles and sizes in many locations and price ranges. Plus, when the owner goes to sell an “old” home, they have what most buyers are looking for.
Here are some of the advantages that make “old” homes so popular.
Older homes often have more space inside and out than new homes. Resale homes may have more square footage and higher ceilings and the lot sizes are typically larger.
Many resale homes are in older neighborhoods, which are closer to downtown business districts and shopping. New communities are often a distance away from cities and commute times may be much longer. Resale homes generally are less expensive than similar new homes. One reason could be that resale sellers have more bargaining room than builders who must make a return on the high costs they paid for land and building materials. In fact, an NAR study found that resale sellers accepted a median drop of $4,000 from their asking price while builders’ median drop was only $500.
More Green Space
For tree lovers, resales are a big draw. Older homes typically have mature trees and plantings, unlike what’s found in new neighborhoods.
What You See Is What You Get
There is no guesswork with older, established neighborhoods. Buyers can research and tour the schools, sample the shopping and check out the neighbors. In a new-home subdivision, buyers might not want to live with the noise and dirt of construction or deal with possible long bus rides to existing schools and little or no nearby shopping.
Lots of Extras
Many resale buyers cash in on “extras” the owner has already put in, which can save a lot of money. Typical money-saving extras are things like fenced yards, decks, pools, play sets, window treatments and appliances.
We would be happy to assist you with your house hunting needs. A resale home can be an excellent value for a buyer in today’s market. Call or email for more information.