Thinking of making a move but not sure what type of property is right for you? Maybe you’ve heard that new construction is the way to go. Or maybe you’ve heard that buying a resale property will get you the best bang for your buck. There are a lot of factors to consider with this large purchase decision and not all homes are created equal. Let’s chat through 10 Reasons to Buy Resale and discuss some benefits you may not be aware of.
1. No decisions needed here: the house is done. The biggest benefit in buying a resale home is that you know how the house is going to look. There are no questions or need to use your imagination to picture the finished product. You know what you are getting and can have a home inspection done to make sure what you can see visually is as good as the overall health of the property. There are no surprises as to colours of cabinets, placement or size of rooms, and type of appliances. The guesswork has been removed.
2. Move in today, or next week, or next month: the decision is yours. When negotiating a resale property, you choose the closing date that best fits your situation. Maybe you are moving out of your parent’s home and are in no rush to leave or maybe your current residence has already been sold and you need to vacate as quickly as possible. It’s between you and the seller to decide the timeline. If a delay were to occur on the seller’s end, they are in danger of breaching the contract and may have to compensate you.
3. The neighbourhoods are more established. Chances are that most of the people that live in that neighbourhood will continue to live there, with some exceptions. Unless they are upsizing or downsizing, people don’t usually move for fun. There might be children who have grown up together and adults who have become lifelong friends. You will get to know those who live around you and become a permanent fixture at street parties and BBQs.
4. The lot sizes were larger back then. You have the potential to get more land, depending on the location, since builders didn’t always prioritize how many people they could pack into one space. There is more room between houses, resulting in larger lawns and yards, giving you more space to work with. Homes were wider as well so you have more flexibility with the type of furniture and furnishings you can fit.
5. The vegetation is more mature and landscaping may already be done. It’s with the older homes where you find those large 40-year-old trees with branches inviting the neighbourhood kids to climb. If the previous owners took care of their property, you might find that the grass is healthy and has a history of being treated for weeds and the landscaping is established and low maintenance.
6. The issues with the builder have been dealt with. You don’t have to worry about their financial status or ability to complete the project on time since the property is already done. There is no house settling to worry about, which could cause doors to no longer close and nails to be pushed through the drywall. If all the properties in the neighbourhood are built, you won’t have noisy construction in the area or unfinished roads to deal with either.
7. Older houses were built around the city center. When downtown areas were established, both commercial and residential areas were zoned to have easy access to that city center. Subdivisions and neighbouring towns were built along highways to create faster commutes to those high density areas. Newer homes may create a farther commute to where you want to go and may be farther from friends and family. When builders are developing now, they are having to go north, east and west of Toronto since most of the land within the Greater Toronto Area has been spoken for.
8. You can use the existing property’s foundation and customize as needed. For some, home improvement is music to their ears. There are more opportunities for them to flex their creative muscles and design the home of their dreams, using a home built on good framework. You can price out renovations even before putting an offer on the house by inviting a general contractor to come and quote your ideas.
9. The layouts are more traditional with separate spaces for living and dining. Open concept living isn’t for everyone and some people prefer to have specific rooms with specific purposes. When buying a home, they look to how the seller has laid out the house as a guide to how the room should be used. Sometimes you even get bonus rooms, like a library or study, conservatory, or a cold cellar.
10. There’s more wiggle room in the price. When purchasing directly from the builder, the price is set and you can only really negotiate on upgrades. As a resale, you can go through the full negotiation process with the seller, including overall price of the home, closing date, and conditions that must be met before the sale can go through. Some resale properties actually have lower property taxes if their home value hasn’t been updated in a while. In addition, neighbourhood values are established so you are more likely to pay market price and not an inflated or extrapolated price. In most cases, the previous owner has already furnished the house inside and outside as well so you won’t need to budget for window coverings, light fixtures, a deck, patio, or shed, etc.
These ten reasons showcase why you should consider purchasing a resale property. The house has already been built so there is no guesswork required, you won’t have to deal with the builder, and there is more room for negotiation on the price. Want to see what’s on the market? Let’s chat and help you make your next move.
