10 Reasons to Buy an Existing Home Instead of New Construction
1) GET MORE HOUSE FOR LESS MONEY
Existing houses typically cost less per square foot than new builds do. And lot sizes may be bigger too, an important consideration for people who love to spend time in the yard.
2) MOVE IN IMMEDIATELY
Instead of waiting for building to complete on your new house, you can usually move into a resale house immediately after closing day. No rain delays or builder setbacks to worry about.
3) LOVE YOUR NEIGHBORHOOD
Many people choose to buy an existing home because they fall in love with a certain neighborhood. When you purchase a home in an established neighborhood as opposed to a community that’s being developed, you know exactly what you’re getting – whether it’s loud or quiet, family-friendly or full of college students. You may even have a chance to meet the neighbors before placing your offer.
4) ENJOY THE VIEW
Sometimes one of the best things about buying the house you fall in love with is that someone has already loved it first! They have planted trees and flowers that are now fully grown. There’s a lot to be said for mature landscaping. You can hang a tree swing right away, and you won’t have to wait a few seasons for a good first harvest.
5) DELIGHT IN ARCHITECTURAL DETAILS
Homes built in previous decades can have beautiful design details that can’t be found or are hard to replicate in newer homes. Plaster moulding, pocket doors and tin ceilings are just a few of the architectural gems that come to mind.
6) SPEND LESS ON UPGRADES
When you have a home built, you pay a set price for every upgrade you choose. But when you purchase an existing home, you also purchase all of the upgrades done by the previous owners at a depreciated value because it’s been slightly used. A fancy floor that’s been walked on a few times usually costs less than a fancy floor that’s brand spanking new.
7) BREEZE THROUGH YOUR HOME INSPECTION
Homes that have been lived in are usually much easier for home inspectors to thoroughly inspect. Existing problems can be brought to light immediately, helping you to make the right decision and potentially negotiate savings on your contract. New homes are harder to inspect – some problems, like slow leaks, may not come to light until long after you’ve moved in.
8) REST EASY WHEN IT COMES TO HOME VALUES
Homes in established neighborhoods will have a proven track record of home values. Area ups and downs can be tracked through the years, allowing you to feel more secure in your investment. Also it is often difficult to sell a new construction home if something does come up and you have to move sooner, than say 5 years in the home, especially if the builder is still building around you. Why would someone pay close to what you paid for a used home, when they can get a brand new one for roughly the same price in your neighborhood. In general, you will do much better financially if you have to move sooner, say 2-3 years after buying.
9) SHORTEN YOUR COMMUTE
Many new developments are built where there’s space, and that often means in an up and coming (or just plain far away) part of town. If you work in the heart of the city or want your children to go to certain well-known schools, chances are the neighborhood in that area is built up already so a resale home is your best and possibly only option.
10) SOAK UP SOME HISTORY
It’s always fun to do research on your home. Existing homes come with built-in character. Who lived there before you? And before them? Some buyers even find treasures left behind by previous owners.