So what are the possible benefits of purchasing resale?
- Established neighborhood – unless there is still new construction going on for the most part you what’s there is there. You don’t need to worry about what is going in that empty lot behind you or how many more homes will be going in to compete for shopping, schools and services in the area.
- Established landscaping – Shade Trees! Bushes, flower beds, patios, etc… Someone previously put the sweat equity into the home to give it curb appeal and for enjoyment. Maybe they put in an outdoor kitchen or covered patio, a fire pit or swing set. There are so many options that someone else may have thought of to make the home a home – inside and out!
- Window coverings – yes another expense the previous owners put into the home – blinds, curtains, curtain rods - this could cost well over $3,000.
- Ceiling fans
- Fireplace grate, screens, gas logs, etc…
- Gutters (maybe) it is really important for the foundation
- Storage building
- Sprinkler system
- Décor – I personally don’t care for white walls, many people do and luckily there are homes out there for every taste and choice. One benefit of finding a resale home sold by someone with similar taste is they’ve done all the hard work. I know what I love but I’ll admit I’m not a designer and I do not have a gift for decorating myself. Luckily my first home was previously owned by an interior decorator, it was perfect! And I didn’t have to try and match colors and décor because there is no way I’d have been able to make such a beautiful & inviting home.
- Tax rates and property evaluation – unlike new, on a resale home the taxes are fairly accurate, they may increase slightly however for the most part you’ll be prepared on how much your payments will be including taxes and insurance. Typically on a new home the property is still appraised as unimproved until the local appraiser’s office realizes there is now a home and when that happens that tax bill skyrockets!
Here are some of the major expenses in a home and their life expectancy:
Roof: The average lifespan on a roof is about 20-30 years depending on quality of materials used (Average Cost to replace: $8-10k on 1500-2000 sq ft home)
Water heater – 12-15 yrs ($1k)
HVAC (A/C & Heater) – 15-17 yrs ($5-9k)
Dishwasher – 8-10 yrs ($500)
Windows – 20-25 yrs ($200 each to replace the window panes)
Be sure to request a 1 year home warranty to be provided by the seller. This will help with many of the costs associated with repairs. This can be extended after the initial year to help with ongoing repair issues that may come up.
Hopefully you’ll come to an agreement and enjoy the fruits of someone else’s labor in your resale home. I’ll be in your corner to fight hard for you and to help make your home purchase an enjoyable transaction!
Feel free to reach out to me with any questions concerning your home purchase. I’d love to help in any way I can. And if you are thinking about buying or selling a home in the Dallas/Fort Worth area I would love to assist you with your real estate needs.
Deanna Parnell
RE/MAX Heritage
[email protected]
468-258-4770 - Cell