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Buying a Pre-Owned Home

Last updated on April 10, 2024

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As a REALTOR® I love helping clients find and buy the perfect new build. But it is not for everyone. How about you? Would you prefer to buy a new home that no one has ever lived in, or does a pre-owned home better suit your lifestyle?

This week we will look at pre-owned homes.

Advantages of an Existing Home Purchase

Established Neighborhoods

Pre-owned homes are often located in established neighborhoods with mature trees, and landscaping. This can provide a sense of community and charm that may take years to develop in new developments.

Character and Charm

Older homes often have unique architectural features, craftsmanship, and historical significance that can add character and charm. Many buyers appreciate the distinctiveness and craftsmanship of older homes compared to newer, more standardized designs.

Potential for Lower Cost

Preowned homes typically are priced lower than new builds, especially if they require some updates or renovations. This can offer buyers the opportunity to purchase a larger or more desirable property within their budget. This also allows buyers to invest sweat equity if they have the skills to build up additional equity.

Mature Landscaping

Older homes often have mature landscaping with established trees, shrubs, and gardens, providing shade, privacy, and aesthetic appeal. It can take years for new developments to achieve the same level of landscaping maturity.

Negotiation Flexibility

Buyers of preowned homes may have more room for negotiation on price and terms compared to new builds, especially if the property has been on the market for a while or requires some updates. This can potentially result in a better deal for the buyer.

No Waiting Period

Unlike new builds, which can take several months or even years to complete, preowned homes are typically available for immediate occupancy. This can be advantageous for buyers who need to move quickly or prefer not to wait for construction to finish.

Proven Quality and Durability

Older homes that have stood the test of time may demonstrate their quality and durability. Buyers can assess the condition of the property and its systems firsthand, potentially avoiding the uncertainties associated with new construction.

Established Infrastructure

Pre-owned homes are already connected to existing infrastructure such as utilities, roads, and public services. Buyers can benefit from established services and amenities without having to wait for new infrastructure to be developed.

Whichever way you choose, a good REALTOR® absolutely plays a crucial role in helping buyers navigate the complexities of the real estate market and determine which type of home – whether new or preowned – best suits their needs and preferences. They can provide valuable insight, guidance, and expertise throughout the home-buying process.

REALTORS® can assist buyers by:

Understanding their specific needs and preferences: A good REALTOR® will take the time to listen to buyers’ requirements, including budget, desired location, amenities, and preferences for new or preowned homes.

Providing a curated list of homes: Based on buyers’ criteria, a REALTOR® can compile a list of potential properties that meet their needs, whether they are new builds or preowned homes. This helps buyers save time by focusing on relevant options.

Filtering out unwanted properties: REALTORS® can help buyers filter out homes that don’t meet their criteria or preferences, whether it’s due to size, condition, location, or other factors. This ensures that buyers only consider properties that are a good fit for them.

Guiding buyers through the entire process: From viewing homes and making offers to negotiating contracts and navigating the closing process, a REALTOR® provides support and guidance every step of the way.

Maximizing the value of the investment: A home is often the most valuable investment for buyers, and a good REALTOR® helps ensure that buyers make informed decisions that maximize the value of their investment over the long term.

Ultimately, working with a knowledgeable and experienced REALTOR® can make the home-buying process smoother, less stressful, and more successful, regardless of whether buyers choose a new build or a pre-owned home.

Jerry Welch, Realtor

Jerry Welch is a full-time, professional REALTOR® with over 17 years in real estate and specializes in helping seniors’ transition. He holds an SRES (Senior Real Estate Specialist) designation, which reflects his extensive education on topics such as tax laws, probate, estate planning, and equity conversion strategies. He offers relevant information on current market trends as well as being a valuable resource regarding real estate transactions. He was one of the founding members and is a past chair of the Rockwall Chamber SSA (Senior Services Alliance) Program. (972) 800 3915

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