Top Ten Reasons to buy a Resale in a new home community
2. Quick settlement. You’re ready to move and don’t have to sell another home before you buy. With a resale home, you can negotiate a 30 – 60 day settlement. With a “to-be-built” home, you may have to wait 6 – 9 months.
3. Freedom to choose a mortgage company and settlement company without losing “incentives” from the builder. Often the savings are balanced by higher fees.
4. No construction zone. Builders usually concentrate on one section at a time. If you buy in a section that is already complete, the streets will have the final paving and there won’t be the dirt and noise of construction.
5. Lower settlement costs. Typically, settlement costs are lower on a resale than they are with new construction. In Delaware there is a 3% transfer tax on each and every real estate transaction. On a resale that 3% is split between the buyer and seller; with most new construction, the entire 3% is paid by the buyer. You can also save on surveys and other costs.
6. Punch List complete. Every new home ends up with a punch list at about one year. If you buy a home that is a year or two old, those items have already been taken care of. Even major design flaws or construction errors are generally uncovered and dealt with in the first year.
7. Time to decorate. Builders usually recommend that you wait at least a year before painting or wall papering. That way, any nail pops or repairs that have to be made at that one year mark will be made before you do custom painting.
8. Model or elevation. If you know what model home or specific elevation or floor plan you want to buy, the builder may not have that particular home available within your time frame.
9. Price. The price you pay for a resale may include a premium lot and upgrades that would cost you more from the builder. And, don’t forget about the expensive blinds and custom window treatments you won’t have to purchase.
10. Choice. When you look at the builder’s models, you may make a decision based on upgrades or décor and then find that the home you can afford looks nothing like the model. With a resale, you see exactly what you are buying and what is around you.