Monday, February 17, 2014

Pros & cons of buying pre-owned homes

When shopping for a new home, it is best to consider different options to figure out what’s best for your budget, lifestyle and needs. While there are many new home developments in the form of condominium buildings and gated communities, another option is to buy a pre-owned home. Find out the pros and cons to this viable option. 

Pre-owned homes are generally less expensive than brand new homes. If you go with this option, a bigger house or lot area could cost you significantly less. This gives you more bang for your buck, especially with space becoming such a premium in today’s real estate landscape.

Advantages of buying a pre-owned home

- Pre-owned homes are generally less expensive than brand new homes. If you go with this option, a bigger house or lot area could cost you significantly less. This gives you more bang for your buck, especially with space becoming such a premium in today’s real estate landscape.

- Look into well-established communities to see if there are houses on the market. Having your property in these prime locations and neighborhoods is an advantage. The low prices of pre-owned homes may allow for some leeway in terms of budget to buy into a great location.

- Modern architecture and design have departed drastically from traditionally charming designs. If you have a penchant for the old-world style, finding a stylish pre-owned home might just be perfect for you.

- They don’t build houses like they used to anymore. If you’re lucky, you may just spot a beautiful pre-owned home with hardwood floors and beams intact. Hardwood species such as narra, are becoming rarer these days, particularly in the wide planks and sizes used in ‘old homes’.

Disadvantages of buying a pre-owned home

- The primary disadvantage to buying a pre-owned home is the repair and renovation you may have to do. ‘Old homes’ may have suffered wear and tear, plumbing and pest problems. It is best to have a professional check and assess the condition of the house before you commit to buying it.

- Even if a professional has checked the property, this does not always ensure accurate cost estimates for repair and construction. Some problems lie deep in the structure and within the walls of the home. One repair can quickly lead to another.

- Renovations can be expensive. Practicality dictates that you have a well-planned scope of work with a limited but realistic budget. However, unforeseen costs and expenses can always occur in renovation work. The money you saved on the property’s low price may just go into renovation expenses.

Know what you’re looking for in a home and figure out the non-negotiable factors regarding budget, location or property size. Having a firm grasp of your needs will help you make a better home buying decision. 


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