Is a Resale Home a Better Value in Delaware?

Buying new construction or buying a resale home DelawareBuying a Resale Home vs New Construction

When we first opened our doors, many of the out-of-state buyers that came to Delaware for the first time just wanted to look at new construction, certain that a new home was always better. Sometimes, they refused to look at any existing homes, even in a community they fell in love with. Recently, however, we have seen a change of attitude. Frequently, on our initial contact with new buyer clients today, they are saying

“Hey, I hear that Resales are a better value.”

Has that always been true? Not sure, but today, there is a lot of merit to that thinking and more buyers are receptive to the idea that a Resale is a better value. Likewise, Sellers today in our new home communities seem to understand that they are not going to get every dollar they invested back if they need to sell in 1 to 3 years, which is why we always advise our clients not to overdo the community.

This discussion always reminds me of how we purchase cars. I love to drive a luxury car that is loaded with things like heated seats, a sunroof, GPS, and more, but I don’t want to pay the big premium that dealers charge on new vehicles. So, my husband Bill and I tend to look for “low-mileage used vehicles” and as a result, we get more than we have paid for. I bought an Avalon that way back in 2005 with 10,000 miles on it; it is still as good as new and my son-in-law is now its proud owner. Bill’s Tahoe is a fantastic vehicle, perfect for a REALTOR, loaded with every imaginable feature and he purchased it last year with 10,000 miles on it. We never would have talked ourselves into most of these luxury features if we had been sitting down with a new car salesperson, however, we thoroughly enjoy owning luxurious vehicles.

What are some advantages of buying a Resale home?

It takes a few years for landscaping to mature, so that is a big advantage. Drive down a tree-lined street and tell me it doesn’t look better than one with none. In addition to mature landscaping, here are some other possible advantages of buying a resale –

  • Blinds and window treatments
  • High-end hardwood floors perhaps?
  • Upgraded gourmet kitchen?
  • Custom paint?
  • An upgraded trim package like crown molding?
  • Solar system?
  • Paver patio, screened porch or a sunroom?

The Seller of an “almost-new” home paid extra for all of these upgrades or options when they bought the home or after they moved in. We have been to many selection meetings with our clients over the years and we know how much you will spend above the Base Model price of a new home. If for some reason, that home is on the market within a few years, it is unlikely they will recover 100% of their investment.   There are exceptions in certain locations or neighborhoods that are in very high demand. But in most new home communities where the builder is still building new, resale home pricing tends to remain a better value. Read more here about Understanding Base Model Pricing.

The good news is that your Active Adults Realty agent can show you both new homes and existing homes. They can help you evaluate a to-be-built home, a spec home or Quick Delivery and Resale homes in the same community or in the same general area. So, keep an open mind and get in touch with us at the beginning of your search. The best time to meet with us is way before you are ready to buy. Contact us here.

For further information, we would love to provide you with our FREE Buyer’s Guide for a great resource to help you locate the home that best fits your needs. SIGN UP HERE.