Pre-owned Homes

Pre-owned Homes

Advantages and Disadvantages of Purchasing a Pre-Owned Home

The process of purchasing a new home can be very exciting, yet critical. As you start to look for homes, you may wonder whether it’s a better decision to build a new home or buy a pre-owned one. To help you make an educated home buying purchase, here are a few advantages and disadvantages of buying a pre-owned home.
Advantages
The price ? pre-owned home prices are far less than the cost of new home construction.
Immediate move in - Compared to a new home construction that can take months or a year to complete, purchasing a pre-existing home allows you to move in as early as you wish.
Open negotiation ? with pre-owned home, both the seller and buyer can often negotiate an extended warranty on some or all components of the home.
Established neighborhood ? Existing homes are already part of established communities and neighborhoods. The previous owner may help you know your potential neighbors easily.
Less people to deal with ? With pre-owned homes, there’s no need for you deal with the builders, the designers, the engineering for permits, etc. If you’re a direct buyer, you only need to talk to the owner.
Disadvantages
Customization ? Unlike pre- owned homes, building a new home allows you to easily change the layout or floor plan of the home if you’re not satisfied with it.
Renovation cost ? It’s a rare occasion that a buyer likes the pre-owned home as is.
If you’re not happy with something, it can always be fixed ? but it will cost you.
Always consider the costs of any renovations, additions or upgrades required before purchasing a pre-owned home.
Hidden defects ? In some cases of buying a pre-owned home, previous owner may be hiding something, like a mold condition or plumbing issue.
Outdated power consuming fixtures and appliances? A pre-owned home may have old materials, fixtures such as window panels, or appliances that are not energy saving.
Personally, I would rather purchase a pre-owned home than to construct a new one.
Not only that I can’t afford it, but I also think that owning a pre-existing home is pretty convenient.
Whether you choose to have a pre-owned home or have a new one built, it would be wise to work on a budget to avoid over spending. Planning ahead of time is essential too.