Benefits of Buying a Resale Property

Owning a home, whether new construction or resale, is always exciting. There are benefits for both options. Here are some benefits for purchasing a resale property.

* Unlike new construction purchases, the deposit for a resale is much smaller at the time of the agreement. Depending on the price of the home, resale ranges from $1,000 – $10,000 compared to the $5,000 – $40,000 for a new construction.

* Extra features are often included in resale homes, items such as air conditioning, finished basements, or hardwood, which would cost extra in a new construction.

* Resale homes are generally in established neighbourhoods. School districts, shopping centres and churches are all there already. Plus there is usually no construction, enhancing the quiet atmosphere.

* Resale homes have more opportunity for negotiating. Closing dates, price and chattels included or excluded can all be negotiated to suit your needs better.

* When applying for a mortgage, lenders cannot usually guarantee rates past 120 days. Since the majority of resale properties close in a shorter time frame it is easier for a buyer purchasing a resale to lock into a rate, than a new construction who would generally have to reapply for their mortgage rate.