Pros & Cons of a Buying a Resale Home
- November 21, 2023
- Buying Guide, property for sale, Real Estate
- Buying a new construction home, Buying a Resale Home, Pros & Cons of a Buying a Resale Home
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As a reminder, when it comes to buying a house, there are several options:
- Buying a “resale” home; a home that’s been lived in previously.
- Buying a new construction home; a home that’s built (or is under construction) but has never been lived in.
- Buying land and building a custom home.
This post focuses on the pros and cons of resale homes, as compared to new construction.
The Advantages of Buying a Resale Home
- It’s already in an established neighbourhood – meaning no construction noise or inconvenience. This also means shopping plazas or other amenities may also be set in stone close by.
- Better transit access. We’re talking about busing or highway access. Older homes were built first. They already connect close to transit lines, like busing or trains. Likely chances are that they are also close to main roads and highways.
- They are less expensive than new homes. You often won’t have to pay up as much for a resale home.
- Some come with older charm and unique characteristics – things that you often won’t see in brand new homes.
- Resale homes are move in ready! You won’t have to wait 6 months to a year for your home to be built.
The Disadvantages of Buying a Resale Home
- You are stuck with older and less energy efficient heating and cooling systems, and possibly, appliances.
- It may require renovations and repairs – particularly in the years to come. The roof could need replacing soon. You might be stuck with updating that kitchen. And if you don’t like the carpet or paint jobs, you will have to redo the job.
Take the above points into consideration when looking for your next home! What works best for you and your family?
Things to Remember When You Buying a Resale House:
- Ensure that the property documents are checked by a lawyer and that you keep a copy of the property’s ownership papers.
- Sometimes developers charge a fee for transfer of property between owners. Remember this fee can be negotiated or bargained.
- Obtain an updated account statement of the property that clearly mentions any late penalties or interest dues from the previous buyer.
- If there is a broker involved in your deal, ensure there are no unfair practices followed by the broker.
- Check for finer details such as hidden flaws or defects in the house and try to fix them before you move in.
- If choosing a furnished house, get all warranties for appliances in the house.
- Speak to the neighbours around the property and explore the neighbourhood before you buy the house.
- Keeping all these things in mind, you can make a mindful decision while purchasing a resale house. Do not forget that though it may be second hand, for you it will be a new place of stay.