New home sales people refer to existing homes for sale as “used homes”, as in
“Why would you buy a used home when you can buy a new home with everything you want?”
I always found that reference rather self serving but then I thought about buying a car and realized that I can use the same thought process to favor buying an existing home.
A few years ago I bought a low mileage, pre-owned Avalon and it had all the bells and whistles. It has leather seats that are both heated and cooled. It has a sunroof. It has an upgraded sound system and Satellite Radio. It has some things I know I would not have added if I had sat down with the salesperson and priced it out in a brand new car. But, with only 10,000 miles on the car it was a tremendous value and I have now had that car for 130,000 miles!
Compare Buying a Pre-Owned Luxury Car to an existing Luxury Home Listing and change your Buyer’s Mind Set…
“Why would you pay full sticker price for a new home when you could get everything you want and more for a little less in a pre-owned home?”
Let’s talk about communities where you have a choice of new construction and existing homes for sale. Delaware has seen an explosion of new home communities since 2004. Anticipating the Baby Boomer boom, new communities have sprung up in all parts of Delaware offering lots of options and upgrades. Over the last 10 years, despite the terrible market from 2008 through 2010, sales have been brisk and many communities sold out. As the market gained strength and we ran out of inventory, we are finally seeing some new communities breaking ground.
“I want a new home but I need to sell my current home first” -Plan A
If you want a new home in Delaware, where you get to make all of your selections to personalize it exactly to your own taste, you will need to go to contract, with no contingencies as much as 6 – 12 or more months in advance of your move. What? Read more.
Many new home builders here in Delaware are selling homes faster than they can build them and almost all only build to their sales. Sometimes you can get lucky and we can find a builder with a Quick Delivery Home that is ready exactly when you are ready to buy. It does happen, and if you are willing to make a few compromises, you might get a very good value.
Plan B – Real Solutions. Consider a pre-owned home in the right community.
Do you fit into one of these scenarios?
- I don’t want to pay two mortgages so I need to sell my current home before I can buy a new home.
- I have to sell my current home before I can buy a new home but I really don’t want to be homeless and have to rent in between.
- My home SOLD and I wasn’t prepared! Help, I am homeless.
It’s All Economics. New Is Not Always Better.
There are some real advantages of buying a quality pre-owned home in a Delaware neighborhood. Starting with the fact that in today’s market the builders’ materials costs continue to increase, you can be getting less for your dollar when buying new construction.
As for whether or not you should buy a pre-owned home rather than wait to build a new one, we think it all comes down to economics. Specifically, do you think a new home is worth that much more than a pre-owned one when you consider the two head-to-head? We don’t necessarily.
Let’s take a look at one of Delaware’s most popular 55+ communities – Independence in Millsboro. Some of our Clients have been looking at this neighborhood for years. If they suddenly are ready to move, there are no new homes available and most of the scheduled new construction is already pre-sold. What do we suggest? If they love the neighborhood, we suggest a quality pre-owned home in Independence.
There are only a few of these fine homes available. In most cases, the Sellers have had a choice of lots. Some bought property with beautiful views or privacy. They have purchased the “Boomers’ most popular options and upgrades” including energy-efficient appliances. Some homes come with their own solar power systems. Some Sellers have already invested in the exterior curb appeal of the home with custom paver patios, gardens, and lush landscaping; and will include many post-purchase upgrades like those tasteful window treatments, sound systems and other fixtures when they sell their home.
What’s on Your List?
Energy-efficient, Solar Powered with $5K Decorating Allowance. This home at 23788 Samuel Adams Circle has a Solar system that is owned, not leased. This beautiful home with an open floor plan and flex room backs to landscaped common area and includes a $5000 Decorating Allowance to make it your own. A blank canvas to personalize and offered at an unbelievable price for this community at $375,000.
Elegant Furnishings-Close to Clubhouse. This home at 30146 George Washington Avenue was an original Huntington model and still shows like a model home with all of the original designer furnishings and accessories. Over 2000 sq. ft. with 3 bedrooms, 3 full baths, hardwood floors, formal dining, living and family rooms, gas fireplace, gourmet kitchen and screened porch. $399,000
Luxurious Options, Gourmet Kitchen and Extra-large Garage. The Owners of this Kingfisher model at 29683 Franklin Roosevelt Lane spared no expense including all the options that have made the Kingfisher a top pick in all Schell Brothers communities. The Sellers added the extended gourmet kitchen with upgraded cabinetry and wide hickory hardwood in main living areas. There’s a den/office, sunroom and large deck. On the 2nd floor, an open Loft plus 2 bedrooms and storage room. $498,900
Hot Tub, Pond Views, Bose Sound System and Ultimate Owners’ Suite. Our listing at 23724 Samuel Adams Circle, an exquisite Hancock model, includes your own solar power system, hickory hardwood floors, gourmet kitchen and the ultimate owners’ suite. The Sellers added a Bose surround system and components, BCD custom closets, Plantation shutters, sunroom, gas fireplace and rear patio with awning and hot tub. $475,000
Curb Appeal, Custom Patio, Pergola & Bonus Room. The owners of this professionally landscaped Revere model at 23734 Samuel Adams Circle selected top quality upgrades like natural maple hardwood floors, a gourmet kitchen, expanded living areas, sunroom and screen porch leading to an absolutely stunning paver patio and pergola! And with a finished Bonus Room above the garage, just call it home. Just Listed at $450,000
If you are just starting your search, or if you’re ready to make the move and Independence sounds like it’s for you, Email us. We’d be happy to answer any of your questions and be your guide to find the perfect Delaware home.