Hidden Advantages Of Previously Owned Homes

Although many people prefer to buy new homes, the vast majority of buyers prefer resale's. According to the National Association of Realtor's, 75% of homes sold are resale's. When transferees ask us about the merits of buying an "old" versus a newly built home, we show them how resale's 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, they have 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 convenienceMany resale homes are in older neighbourhoods which are closer to down town 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 that resale sellers have more bargaining room than builders who must 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, resale's are a big draw. Older homes typically have mature trees and plantings, unlike what's found in new neighbourhoods.

What you see is what you get There is no guesswork with older, established neighbourhoods. Transferees can research and tour the schools, sample the shopping, and check out the neighbours. In a new-home subdivision, buyers might not want to live with the noise and dirt of construction, may 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 today's market.