Continuing on the topic of new construction versus existing homes, today let’s get into the benefits and drawbacks of purchasing a pre-owned home. Before we get started…if you missed yesterday’s post about new construction click here. Moving on- we said this yesterday, but we hate using the word “cons” or “drawbacks”, because to some buyers the pros and cons could be interchangeable or the cons don’t bother them at all. What some see as good, others see as bad. It’s really about perspective. But for this article’s sake, we’re going by what most view as pros and cons. We’re leaving it up to you to draw your own conclusions.
google.com
Here are some advantages to buying a home that’s been “pre-owned”.
- When you purchase an older home, you also get the added bonus of living in an established neighborhood which can protect property values more than a newly developed neighborhood. Also, in older neighborhoods you are likely to find lots of different styles and layouts of homes versus new subdivisions that can be more cookie cutter.
google.com
- Adding to the previous point, the house you buy will also have mature trees and landscaping which will save you time and money. Especially if it’s been nicely taken care of by the previous owner.
- This goes without saying, but we’ll say it anyway. If you’re looking for charm and character in a home, an older home is definitely the way to go.
- Some newer homes can come with materials that are considered “builder grade”. If the previous owner of a home remodeled the quality is likely to be higher because a homeowner is willing to spend a little more on quality materials since they are for their own enjoyment rather than resale in most cases.
- Structurally, most homes have done all of the settling that they will do in the first 10 years after it is built.
- Most resale properties will come with all window treatments in place, unlike new construction. Money in your pocket.
- You typically close sooner on an existing home than new construction, unless of course you buy a new home that is already complete and ready to go. But, if you choose to custom build or buy based on a model, you will be waiting longer to move in. Of course if you choose that route, you already know that.
On the flip side, there are things to consider that could be seen as disadvantages to resale homes.
- With older homes come more maintenance because appliances, HVAC, roofs, decks, etc. all have some age.
google.com
- When buying an existing home you either have to live with the color palette chosen by the previous owner (hello lime green walls!) or paint them to suit your style.
- Homes that have been around for several years are less energy-efficient.
- You are more likely to see some dated designs, older appliances and amenities that need to be upgraded. Can you say pink 70s bathroom fixtures?
- Finally, and this is one of those things that most people overlook but is very important to others, it’s been lived in.
In conclusion, obviously if you want to be the first owner of your home for cleanliness reasons or you just love the shiny newness of a brand new house, it’s a no-brainer which choice is the best for you. Same goes for those who love old charm and character or are looking for a fixer-upper. BUT, if you love aspects of both types of home, sit down and make a list of your pros and cons for each and decide what works best for you. We hope we’ve helped narrow it down for you. Happy house hunting!
susanmorristeam 