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Challenges of Resales
May 15th, 2018 9:14 AM

Barbara’s Blog:

There are always both advantages and disadvantages to listing and selling a resale home, especially when dated properties are surrounded by new construction options.  The properties in the brand-new community reflect the latest styles in flooring, lighting, countertops and other items.  So, if buyers look online at your listing and see dated cabinets and flooring, bathrooms and kitchens, they will expect a lower selling price. 

Small upgrades, such as adding fresh paint, changing kitchen and door hardware or other aesthetic details can give listings a newer feel, but big-ticket items, such as newer appliances, solid surface countertops and bathroom remodels, may be the most important upgrades sellers can make, because most buyers cannot afford them on top of the purchase.

Advantages of a Resale vs. New:

 Investment in the curb appeal and yard.  Many sellers have added amenities, such as pools, decks, or patios and worked with professional landscapers, painters and contractors to make the exterior of the home more upscale.  A brand-new home will have the bare minimum of builder landscaping, and very few young trees, to control costs.

Window treatments and blinds are almost always included in a resale; this can be a very large expense for buyers of a new build.

Older properties usually have some character and charm in an existing, established neighborhood, with mature trees and larger lots. 

An older home is more substantial because previous owners have cared for it and tended to any issues; construction shortcuts sometimes result in flaws that come to light after the buyers move in. 

Disadvantages of a Resale vs. New:

Buyers may have to compromise more on a resale home, because major details, such as floor plan, lot size, and interior finishes cannot be changed.  Customizing on a new build may add some costs, but it will not be as expensive as doing a major remodel on an existing property. 

Many resales have stale or outdated designs.    Some sellers won’t remove dated carpeting or add new ceiling fixtures, kitchen backsplash, countertops or bathtub glazing – anything to add value and more stylish trends to compete with new. 

Resale homes do have more advantages than new build, as long as the sellers are willing to update or upgrade where necessary to keep up with current marketing trends.  Otherwise, price will be the only factor competing with the new.

Written by Barbara Doeringer

Posted in:Real Estate
Posted by Allen Doeringer on May 15th, 2018 9:14 AMPost a Comment

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