After contacting The Licata Group, you’ve probably realized the number of options buyers have in today’s market. The most obvious choice you’ll need to make is the one between new home vs resale home. Being able to choose the floor plan and design options has its perks. On the other hand, comfortable neighborhoods and historic houses with wide front porches appeal to some home buyers. To help you decide which type of home is right for you, here are some of the important factors you need to consider.
New home vs resale- it’s not only about your preferences
Owning a house where other people have lived is something many people want to avoid. However, new constructions might lack the charm of resale homes and stories that they tell. However, you need to remember that buying a home is not only about preferences. As both options have their advantages and disadvantages, let’s explore the practical aspects of buying and owning either of them.
Reselling or living in a resale home
The question here is whether buying a resale home is a wise investment or not. First of all, you’ll spend less money on a resale property than on a new house. As a result, don’t expect to get a large profit when you decide to sell your resale house. So hold onto it for some time, and then resell it. But, if you plan to buy and live in a resale home, it’s probably an excellent investment decision, provided that it meets other factors as well.
The price of your house
New houses come with a high price, compared to pre-owned homes. And resale homes don’t need to be that old; they can be less than 7 or 8 years old. If you find a relatively young home at a decent price, then you might be getting the best value for your money. And with the rest of your budget, you can have your belongings transferred from one of the surrounding states. Maybe it’s time to provide yourself and your items with a moving experience you know you deserve.
However, keep in mind that while new homes usually cost more than 20 percent more than resale homes, the latter might come with a potential downside. While they are initially less expensive, they might be more costly in terms of utilities and maintenance.
Are resale homes sustainable?
If you’re buying a newly-constructed house, you can expect it to match the modern-day sustainable construction standards. While pre-owned houses might not have been built by these standards. Insulation, the quality of bricks, natural lightning, and other factors affect the price of utilities and maintenance costs. That’s not to say that you can’t use modifications and fixtures to bring an older home up to the mentioned standards. However, you’ll need to determine the budget and set aside the extra amount of money for this purpose.
Appliances
Some building companies include refrigerators, dishwashers, and similar new appliances when building a new house. In case these are not already included in the price of your new home, you might still be able to roll this cost into your mortgage. Alternately, pre-owned homes might come with outdated appliances that you’ll need to replace.
Design and floorplan choices
If you’re building a new home, you get to choose not only the colors but also floorplans and design. While you can deal with the intense colors in the pre-owned homes by repainting, floorplans and other design changes require extensive renovations. Also, changing flooring, cabinetry, or even carpeting, can be expensive. Unless your budget can support this kind of work, you’ll have to accept your resale home as it is.
Storage space
New homes usually come with floor plans designed to fit all of your belongings. Some of the convenient features include cabinets with pull-out shelves, garage space options, and walk-in closets. Older models of resale homes might have limited storage space. One way to solve this problem is to contact Excalibur Moving and Storage and inquire about the storage options. Another way to deal with this is to renovate the house and remodel it to suit your needs.
Pre-owned homes are eligible for home loans
You shouldn’t forget that banks also offer loans for resale houses. However, the bank will need to conduct the technical verification of the property to ascertain the condition of the home. Know that bank will not lend more than the property value stated in the sale deed. And the loan component will depend on the policy of the bank and the age of the house.
Verifying pending payments
First-home buyers might forget to do all the necessary verifications. It’s essential to check for pending payments and taxes for the pre-owned property. Ensuring that there are no dues or unpaid bills on the property will save you from a lot of potential trouble in the future.
Legal documents
You’ll need to thoroughly verify the legal documents when buying a pre-owned home that’s older than 20 years. Also, the property must have clear titles. You need to obtain the sale deed, purchase agreement, a copy of the builder buyer agreement, as well as no objection certificate. Documents that prove the ownership of previous owners are also required.When choosing between new homes vs resale homes, it’s not hard to notice the pros and cons to both. Important aspects to keep in mind, for starters, are the costs of your home. However, think about the big picture, benefits or expenses you’ll have to face both in the future and now. That’s how you’ll be able to make an informed decision. If you have found the right home for you, it’ll be much easier to settle down in a new city. Good luck with your search!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
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