Looking for a new property can be very exciting and overwhelming. There are many things to consider. Once you have made the decision to purchase a new property a whole slew of other decisions will need to be made as well. One of the decisions that must be tackled is whether you want to buy a resale home or a new home.
Resale Versus New: What’s The Difference?
When you hear the term resale home it is referring to a home that has already been lived in and is now available for sale again. This house may be only two to three years old or can be over one hundred years old. Resale simply means that it is available for sale again.
A new home is a home that has never been lived in. It is new. It may have been custom built as an income property or by a developer. When you say that you are buying a new home, and the house is not really new it can be misleading. The house may be new to you, but it is not a new home if someone was living there before you bought it. The home is considered to be new only if it has never been lived in.
How Do You Choose?
Whether you choose to buy a resale home or a new home is a very personal decision and there are several different factors to consider.
- Affordability. This is one of the key factors to consider when you make the decision of whether you want to buy a new home or a resale home.
- Overall Condition. Another important key in determining which type of home to purchase.
- Appeal. Once you’ve got it, will you ever be able to get rid of it if you want to?
We will go into more details on how to decide which type of property to buy as well as explore the pros and cons of each in the next installment.
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Hi Sean,
I think which type of property you buy has to come down to what you want it for. Is it a home for you and your family to live in or is it an investment property that you hope to make a profit on?
I think the one you choose will have a lot to do with what your investment strategies are and what your long term financial plans are. Maybe another time when you need the advice from a mentor.
As you say it comes down to personal preferences when deciding between new and resale. Some might like a blank canvas so they can build it how they want it, others just want to buy a property that is ‘ready to go’. Rither way investing in the property market is one of the best choices you could make.