On resale homes is this: Don’t buy someone else’s problems unless you can tackle the solutions.
Picture the home you’d like to live in. Chances are it bears a passing resemblance to the one you grew up in. A traditional “Leave It to Beaver” colonial or, perhaps, a brownstone townhouse straight out of “The Cosby Show.” Then again, maybe that is not what you are looking for. Maybe you’d prefer something newer, something with contemporary style, the latest amenities and a lot less maintenance. Or maybe you’re not ready for that whole “3 bedrooms, 2 bathrooms and 1.5 kids” thing at all, and a condominium or co-op fits the bill. When it comes to home buying, one size does not fit all. But it does pay to understand the differences when it comes to options between an older house and a new construction.
“We wanted to live in one of those cool, funky neighborhoods, but we didn’t want to have to renovate. It just made more sense to get into a new place.” – Jeff W.
Unless you are looking at a custom-built house on an individual lot, most new homes are built in developments with a unified style. These developments can be as small as a cul-de-sac, or as massive as a former farm field filled with dozens, if not hundreds of homes. Built to the latest codes and standards, they tend to be contemporary styled, energy efficient and often are more expensive than resale homes of a similar size. Sometimes, these types of developments can represent a savings over established developments with existing homes. Either way, the decision about whether to forgo an establish community is worth taking time to consider. Specific details vary, of course, but consider the pros and cons.
Of course, one home buyer’s pro (“No one has lived in it before us, so we won’t inherit any problems.”) can be another’s con (“No one has lived in it before us, so we have no way of knowing about any problems.”). Fortunately, there are ways to make sure the house you’re buying is really the house you want:
Finally, consider the intangibles. Similarly styled homes attract like-minded buyers, and most developments are built with families in mind. Depending on your point of view, the consistency, conformity and kids playing in the street can be a blessing or a curse.
They Said It
“We liked the charm factor of an older home — even if it meant living in a construction zone for months during our renovation.” – Leslie C.
Old = Charm?
With new developments springing up seemingly overnight, it’s obvious that new construction is popular. And yet, most people buy a resale home; i.e., a home that someone else has lived in but is now on the market again. Call them used if you must — existing home sounds better — but they’re the kind of houses that many people would like to call home.
Of course, there are pros and cons with existing homes, too. (That darling farmhouse with the big windows? It can be mighty drafty come winter.) Generally speaking, resale homes tend to be more available and less expensive than new homes, but they are also full of surprises.
As with new construction, there are ways to make buying a resale home less scary:
The bottom line on resale homes is this: Don’t buy someone else’s problems unless you can tackle the solutions. Find a house you like, consider its pros and cons — objectively, as well as emotionally — and think about the compromises you’re willing to make. The more logically you approach buying the house, the more you’re going to love living in it.
Your email address will not be published.