10 Reasons to Buy an Existing Home

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reasons to buy an existing homeLast week we posted a very popular list that shared ten great reasons to buy a newly built home. While there is certainly something to be said for owning a home that no one’s ever owned before, we think there are some super reasons to buy an existing home, too.

If you work with buyers who are looking for a home in an already established neighborhood – or who are perhaps weighing the pros and cons of each type of home – share these ten reasons to buy a resale home with them. You can add this list to you collection of buyers’ resources on your Point2 Agent website, too, just don’t forget to mention where you found it!

1. Get more house for less money

Existing houses often cost less overall than new properties 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 new 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 buy a home in an established neighborhood as opposed to a new community, 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 very best things about buying the older house that you fall in love with is that someone has already loved it first, and they’ve 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 fruit 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 molding, pocket doors and tin ceilings are just a few of the architectural gems that you might find in a resale home.

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 is usually less expensive than a fancy floor that’s brand spanking new.

7. Breeze through your home inspection

Homes that have been lived in are generally 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.

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 your city or want your children to go to certain well-established school, chances are the neighborhood in that area is built up already. A resale home may be 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.

Do you have anything to add? We’d love to hear what you tell your buyers about the advantages of buying an existing home.

3 Comments

  • I built my home in 2009 in a new community and I love it. The thing that I wish that I have that is not available in most new homes are mature trees. Even if you plant large trees, it takes time for them to provide the shade or privacy.

  • With existing homes you have the opportunity to preview the neighborhood and meet some neighbors to see if it’s a good fit for your family. It’s helpful to know if your children will have playmates around their age, how active the community is, and how strict or lax the home owners association is. You can usually get a good idea by just driving around the neighborhood and seeing how well the other homes are kept up.

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