When looking for a community what are some advantages of buying a used house?
Although many people prefer to buy new homes, the vast majority of buyers prefer resales. According to the National Association of Realtors, 75% of homes sold are resales.
When transferees 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 may locations and price ranges. Plus, when the transferee goes to sell an "old" home theyve 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. In fact, a 1991 NAR study found 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 whats found in new neighborhoods.
- What you see is what you get
There is no guesswork with older, established neighborhoods. Transferees 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.
We would be happy to assist you with your house-hunting needs. A resale home can be an excellent value for a transferee in todays market. Call or e-mail for more information or click on "Ask Your Own Questions."