When buying almost anything, one can almost always save by buying used items. Of course, this advantage comes with its own disadvantage being the fact that you are never sure what you are getting. When it comes to buying real estate, pre-owned homes have poses the same question.
Usually, before you buy a pre-owned home, you have to hire an inspector. The duty of the inspector is to check everything in and around the house. This would show you what needs fixing and what needs replacing. No matter how good the inspector is, there is always that chance that he or she might have overlooked something which would result in you shelling out plenty of money for repairs after you have bought the property.
On the other hand, most pre-owned homes come with warranties. In some cases though, it might not be enough to compensate for the other disadvantages of buying a used homes. Termite infestation for example can make structural damage almost impossible to spot. The same could not be said for new tract homes. In addition, new tract homes also come with warranties that protect buyers from costly repairs.
The longer the home has been in existence though, the bigger the chances that major building mistakes have already been discovered and remedied. The guessing game how the property will age would have been already settled. In other words, you know how reliable the house would be in the long run.
On the other hand, plenty of things around the house do not age well. The electrical wiring for example would have to be examined before you move in to see if it needs repairs. The same can be said about the plumbing of the house. Older homes were designed during different times and you cannot expect it to accommodate all the modern appliances we now have. You would therefore be placed in a situation when you would have to decide whether getting a modern appliance would be worth the cost of renovating a part of your home.
When it comes to charm though, it is almost hard to beat old homes especially those which have aged well. These older properties would make even more sense to buy if it is located in a neighborhood which also aged beautifully.
The location of the pre-owned home can also be a great factor that can influence one to buy an already used home. More often than not, buyers would go for pre-owned homes located in an established community and near facilities like hospitals and schools over new-tract homes located in an area far from these vital facilities.
At the end of the day, the things you are basing your decision on like budget or location would play a huge role in whether buying a pre-owned home would be a good investment for you and your family or not.