What are some advantages of buying a used home?
Although many first time buyers prefer to buy new homes, the vast majority actually prefer resales. According to the National Association of Realtors, 72% of homes sold are resales.
In fact resales offer some of the best values in the market today. The news gets better when you see the wonderfully diverse resale selection of appealing styles and sizes in many locations and price ranges. Plus, when you are ready to sell your "old" home, you've got what most buyers are looking for.
Here are some of the advantages that make "old" homes so popular:
- Size appeal
Older homes often have more space inside and out than new homes. Inside, resale homes may have more square footage and higher ceilings; outside, resale lot sizes are typically larger.
- Close-in convenience
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.
- Cost savings
Resale homes generally are less expensive than similar new homes. One reason could be resale sellers have more bargaining room than builders who have to make a return on the high costs they recently paid for land and building materials.
- 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. You 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, wonder about future development, 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 big money. Typical money-saving extras: fenced yards, decks, pools, play sets, window treatments and appliances.
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