Resale homes are the most popular real estate transactions. They are already built, previous owner(s) have added their upgrades (at their own expense), and most of the time, owner occupied homes are well maintained.
The best type of resale homes are the ones that are within 5 years old. Everything is relatively new and updated. Most of these homes have the added benefit of working through minor construction flaws, as well as landscaping to mature. The expensive up-front costs of window treatments have been completed as well, providing the new homeowner enjoyment from the work and decisions made by the previous owners (and out of pocket expenses).
Resale homes that are about 10-15 years old will need to begin preparing for replacement costs of the bigger ticket items, such as hot water tanks, air-conditioners, roof, flooring, etc. The average age for these items are between 10-15 years. Make sure you start putting some money aside for an emergency fund, because these items seem to go out at the most inconvenient of times.
Resale homes that are about 20+ years old, will need to have some remodeling done with either the kitchen and/or bathrooms. Try to avoid “fads” when remodeling, as these tend to go out of style sooner than later. Even the most meticulous homeowner will need to think about some type of cabinet/appliance replacements.
Here is one of the biggest negative in Resale Homes. Many homeowners enjoy personalizing their home décor styles and tastes. What may be perfect for one family, may seem horrible to the next. It is nearly impossible to find the “perfect” resale home, as each homeowner has added their personal “touch” to design, flow and purpose. Don’t get caught up on expecting “perfection”. Most of the time, you must create it yourself.