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A home sale is said be a simple resale if it is not a new home to be built, is not bank owned or foreclosed, or is not being offered as a short sale. Another word for a resale home is a good old regular sale.
However, in the current market we are in, these homes are very few compared to all the other types above. The reason could be anything such as the sellers are skeptical about the price they might get, they may have a very good mortgage and they do not want to sell it, they are waiting for the market to pick up etc etc.
So, Why buy a resale home?
Housing styles have changed with time, and you might favor more traditional layouts and features. Older houses and neighborhoods may have more character and charm. The trees are full-grown, and the neighbors can tell you all about your new hometown. Here are some other advantages:
- Resale homes may provide more opportunities for home improvements.
- They typically have more land than newer properties due to changes in land-use patterns.
- The homes are often in older, more convenient metro areas rather than outlying suburbs.
- You can use the existing home as a base for building a unique property through modernization or expansion.
- Resales tend to be less expensive than new properties and more likely to come complete with items that may cost extra with a new home such as blinds, landscaping, built-ins, etc.
- Depending on the state, resale homes may have lower property tax rates.
- Owners usually aren't required to pay for the local bonds that are sometimes associated with new development, such as for schools, parks, road or transportation improvements.
- These homes often have more traditional layouts, which may include such areas as formal living and dining rooms.
- Buyers can most likely purchase a larger home for the same money with a resale than with new construction.
- Buyers often have more room for negotiating the price or terms of sale than new homes.
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