When buying a resale home, it’s important to take all factors into consideration, from its overallcondition and maintenance needs to whether or not it fits withinyour budget. If you have asystematic process for house hunting, you’re less likely to veer off track, even if you fall in lovewith a home at first glance.
Yes, photos are nice and staging goes a long way, but there’s a lot more to owning a home thanitscurb appeal. Before touring a home, here are some resale home buying tips that can help youzero in on homes for sale that best fit your lifestyle, long-term plans, and budget.
Listing Details
A home’s listing can be a great starting point for narrowing your home search, but keep in mindthat sellers are going to want to showcase their home’s best features. While you may find itexciting to read about a new kitchen or refinished hardwood floors, dig a little deeper and seewhat the listing can tell you about the home’s upkeep and overall condition.
Here are a few resale home buying tips to help you dig deeper:
- If information about the age and condition ofmajor home systemsis available, take note.
- Be on the lookout for vague terms (i.e. an “updated” home may not have had much morethan cosmetic updates, rather than work on its major systems (e.g. roof, plumbing,electrical, HVAC, etc.)).
- Jot down a list of questions to ask about the property (i.e. what improvements/repairs havebeen made, and when? Is thereevidence ofdeferred maintenance? What is/isn’t included inthe sale? Are there any HOA/community fees, restrictions or responsibilities for sharedproperty? etc.).
- Consider how you actually live, will the floor plan accommodate your everyday activities?
By arming yourself with resale home buying tips and tricks, you can better determine whether ahome merits a closer look, before you set foot inside!
Beyond Fresh Paint
Between attractive staging, updated fixtures, and a fresh coat of paint, it can be easyto envisionyourself living in a home the moment you walk through the front door. But don’t let cosmeticupgrades fool you! Here are some additional resale home buying tips to keep in mind whentouring a home:
- Take your time! Rather than dashing from roomto room, stop and envision how you’ll usethe space on a day-to-day basis.
- Pay attention to cracks, stains, or other discoloration around windows and on ceilings andwalls.
- Open cabinets and doors, and pay attention to smells in closets, the basement, bathrooms,and other areas.
- Are doors sticking? Do any floors feel sloped or uneven?
- Are gutters clean? Exterior seals in tact? Railings, steps, and porches secure? Are locks inworking order? Do mechanical areas look neat and orderly?
While none of these signs warrant ruling out a home, they can help you get a feel for whether ahome has been consistently cared for and maintained over time.
Ownership Costs
When touring resale homes for sale, it’s easy to zero in on the bottom line. Local costcomparisons are useful while reviewing Rockford IL Homes For Sale, especially when similarasking prices hide different ownership expenses. But even two homes with similar asking pricescan come with dramatically different costs of ownership! In addition to taxes, insurance, andany HOA/community dues, a home’s overall condition,energy efficiency, and need forrepairs/upgrades can have a dramatic impact on the cost of owning a home over time.
As you tour potential resale homes, consider developing a simple spreadsheet to help compareyour favorites. Include factors like:
- Asking price
- Overall condition
- Any major updates/improvements
- Repairs/upgrades you anticipate making after closing
- HOA/community fees or other monthly costs
- Other factors that could influence the home’s future resale value
Future Resale
That said, you don’t need to sacrificepersonality or settle for a cookie cutter home in order tobank broad appeal down the road! Simply steer clear of overly idiosyncratic renovations orupdates that could dramatically narrow a home’s appeal to future buyers, particularly if theyaren’t livable as-is. Here are a few resale-friendly features to look for:
- A floor plan that flows logically
- Ample storage
- Easy-to-use indoor and outdoor spaces
- Convenient parking
Purchase Decisions
Of course, a home inspection (Forbes spells this out at forbes.com/advisor/mortgages/real-estate/home-inspection-checklist) should always be part of the resale home buying process! Butdon’t use it as a mere hoop tojump through, inspections can be incredibly informative, andprovide buyers with a realistic view of what it will take to keep a home safe and secure.
While no resale home will be completely free of faults or flaws, an inspection can help youprioritize what issues (if any) should influence your decision to move forward with a purchase,and which can wait. Consider categorizing needed repairs/improvements by:
- Items requiringimmediate attention
- Larger projects that can be budgeted for/planned over time
- Regular maintenance items
- Superficial/cosmetic issues with no functional impact
Don’t fret over every last item an inspector flags, but don’t brush aside red flags simply becauseyou’ve fallen in love with a home either! Think of the information gleaned froman inspection asanother negotiating tactic or reason to ask for more details, not as a definitive yes or no answer.
A Grounded Offer
When it’s time to make an offer, resist the temptation to stray too far outside your financialcomfort zone! An alluringlypriced or seemingly perfect home isn’t worth overextending yourself(financially or otherwise) to obtain, particularly if further repairs/upgrades will be needed post-purchase.
Instead, think through the key features that are important to you, price, closing date flexibility,seller inclusions, repairs, contingencies, etc., ahead of time, so you’re prepared to make acompetitive offer without overcommitting. After all, just because it’s a seller’s market doesn’tmean you have to check your due diligence skills at the door!
Useful Showings
Ultimately, buying a resale home isn’t about finding a perfect fit, it’s about arming yourself withthe information you need to find a great fit! Instead of fixating on superficial updates/decor andeye-catching listing prices, take into consideration the overall condition, cost, usability, andmarketability of each home you tour.
Ready to hit the pavement? Grab our home comparison sheet and start taking note the nexttime you step through a front door!
Roger Estes has played a crucial role in the development of Residence Resale Tactics, bringing his analytical skills and attention to detail to the project. As a dedicated helper, Roger has been instrumental in researching emerging market trends and ensuring the platform stays ahead of the curve in providing up-to-date real estate information. His commitment to accuracy and relevance has been essential in creating a resource that real estate professionals and homeowners can rely on for practical guidance.
Roger's contributions go beyond just research; his proactive approach and collaborative spirit have fostered a productive working environment within the team. His efforts have helped shape the platform's strategic direction, allowing Residence Resale Tactics to deliver content that is both insightful and actionable, thereby enhancing its reputation as a trusted authority in the real estate industry.