Purchasing a home is a major decision that requires careful consideration and planning. Now would be a good time to plan a home purchase before prices increase drastically.
While new construction homes can be appealing, there are many benefits to buying a resale, also known as a pre-owned or previously-owned home.
A good real estate agent will guide you well and help you make a choice based on the right factors. In December, there were about 1.58 million real estate agents in the US.
In a situation with so many options, making the right choice should be of paramount importance. To know how to tour a house better, browse online resources on the same. This infographic will guide you on the various parameters on which you should benchmark a pre-owned house.
In this article, we will explore the many benefits of buying a resale home and how it can be a smart financial decision for home buyers.
Advantages of Purchasing a Pre-owned Home
There are several advantages to purchasing a resale house (also known as a pre-owned or previously-owned home) in the United States.
Resale homes are generally less expensive than new-construction homes, and they offer the opportunity to buy into an established neighborhood with mature landscaping and established schools. Additionally, many resale homes have already been updated with modern amenities, saving the buyer the cost and hassle of making these improvements themselves.
1. Lower Price
Resale houses are generally less expensive than new construction homes, especially when you factor in the cost of purchasing a new lot, paying for permits and inspections, and any other fees associated with building a new home.
The housing market is expected to rebound, with prices increasing by 5% in 2023, according to CNN’s news report, up from a decline of 22% in 2022. Last year, both buyers and sellers were unable to be very active in such a scenario, as the mortgage rates also soared.
2. Established Neighborhood
When you purchase a resale home, you are buying into an established neighborhood, which can be beneficial if you have children or are looking for a sense of community.
3. Mature Landscaping
Resale homes often have mature landscaping, which can provide privacy and value addition to the property.
4. No Need for Upgrades
Many resale homes have already been updated with features such as new appliances, flooring, and paint, which can save you the cost and hassle of making these improvements yourself.
5. Potential for Negotiation
Because resale homes are often owned by individuals who are motivated to sell, there may be more room for negotiation on the price. This can be particularly beneficial if you are a first-time home buyer or are working with a limited budget.
6. Immediate Availability
With a resale home, you can typically close the sale and move in much sooner than you could with a new construction home, which can take several months or even a year or more to build.
Personalizing the Newly Bought Pre-Owned Home
There are several ways to personalize a pre-owned house that you have recently bought. Instead of going for a complete renovation, which could be very costly, we suggest you do a few simple things to lend your unique personality and style to your pre-owned home.
One of the easiest and most cost-effective ways to personalize a pre-owned home is to paint the walls and trim. Choose colors that reflect your style and create a cohesive look throughout the house.
2. Update Fixtures
Replacing outdated fixtures such as faucets, handles, and light fixtures can instantly modernize a pre-owned home and add a personal touch.
You can opt for an energy-saving approach to ensure cost savings over the long term. The recent Inflation Reduction Act has new tax credits for US households, providing incentives for switching over to energy-saving options.
The act also guarantees $3.6 Billion in credit subsidies. This can go up to $ 40 Billion in loan authority, for innovative projects in clean energy, as per recent news reports.
3. Install New Flooring
Replacing old or worn-out flooring with new hardwood, tile, or carpet can make a big difference in the appearance of a pre-owned home.
4. Garden Upgrade
Adding plants, flowers, and other greenery can not only improve the curb appeal of a pre-owned home but also provide a sense of privacy and create a relaxing outdoor space.
5. Update the Kitchen
The kitchen is often the heart of the home. Updating it with new appliances, countertops, and backsplashes can make a big impact.
6. Add Your Touch
Finally, don’t be afraid to add personal touches such as artwork, throw pillows, curtains, and other decor items to make the house feel like your own.
Buying a resale home can be a smart financial decision for many home buyers. Resale homes are generally less expensive than new-construction homes and offer the opportunity to buy into an established neighborhood with mature landscaping and established schools.
Many resale homes have already been updated with modern amenities, saving the buyer the cost and hassle of making these improvements themselves. While it is important to thoroughly research and inspect a resale home before purchasing, the potential benefits of buying a resale home make it a strong option for those looking to enter the housing market.