Did you find a house that, although it has been on sale for a long time, seems like a great opportunity? At Ghafari Marketing we tell you the reasons why you should consider whether or not to buy old houses for sale.
Thanks to the large portfolio of real estate options, people looking to acquire their own homes can choose between new, used, or under construction homes. However, due to the high costs of construction materials in recent years, the most accessible option is the purchase of used homes.
In this way, when the options are reduced, those who are going to buy a used home will have to decide between these two alternatives: buying recently vacated homes or acquiring old houses for sale. That is properties that have been on the market for some time and that for some reason have not been sold.
To help you in this decision, we share with you the reasons why you should consider buying old houses to reform and live in them.
What are the advantages of buying old houses for sale?
- There are no other potential buyers
- They have a better location than new houses
- You can negotiate the purchase price
- The initial sale price of these properties is low
- The dimensions of the house are different
- There are no other potential buyers
If you decide on a house of this type, having been on the market for some time and not having been sold, you will know in advance that there are no better offers than yours. This means that there are no other buyers to raise the sale price, so you will be paying only for the property.
This is because many people think that if the house has not been sold in a certain time it is because it has been damaged and they do not consider it an option. However, one of the main reasons why it has not been sold is because the property was priced higher than its location at the time it was put on the market.
They have a better location than new houses
The old houses for sale are spaces that were developed next to the urbanization of a certain area, so their location can be convenient for buyers. These houses can be close to the main public transport routes, educational establishments, or the main shopping centers.
While some new houses are built in areas where other similar real estate developments exist but are outside the city or the main educational and work centers, older houses represent a more attractive option since they are in central areas.
You can negotiate the purchase price
Since you may be the only one interested in the home and probably, have time in the real estate market, the seller is concerned about finalizing the transaction as soon as possible, you can seek a better price through negotiation.
But, before proposing a change in the final price, remember that part of the process of negotiating the price of a house is to justify why the house of your interest should have a different price than the one set by the owner.
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Having not found a buyer for a while, it is likely that the owner has recently modified the sale price, so it may be possible to find a better price. Also, if the property is not in use and sits vacant for long periods, it can deteriorate. Which also causes its price to drop.
As a buyer, you must analyze if the sale price is fair. Although it may benefit you that the price goes down, if the electrical or gas installations are not adequate, you may have to consider continuing your search for housing.
The dimensions of the house are different
In some states of the country, houses that have only been built for a short time tend to have fewer square meters than older houses due to new real estate trends. For example, in Guadalajara, the latest censuses show that the most demanded homes are micro-living spaces.
Added to the new trends and the demand for housing, as a result of population growth, it is more likely that you will find a spacious home in the old houses for sale than in the new real estate offers. Additionally, these houses have a large patio, good quality materials, and more than one parking space.
What should I consider before buying an old house?
In the purchase of old houses, things are not different as in the acquisition of used or new houses. But so that your purchase decision is well thought out, we share with you some things that you should not overlook when choosing this type of property:
Do not buy without knowing the conditions of the area: in some situations, these houses may not be selling due to the conditions of the area where they are located. For this reason, we recommend that before buying you visit the neighborhood where the house is located and know the routes to get to said house.
Consider all the changes you will be making – Maintenance and the cost of remodeling your future home can be an issue. Before you decide on any of the older homes for sale, consider whether you’ll spend on minor upkeep or if needed repairs will cost more than a new home is worth.
Know the procedure in case of hidden defects: even if you check the conditions of the house you are going to buy, on some occasions, the vices may not appear until sometime later. For this reason, knowing the hidden defects claim process is helpful when purchasing an older property.
Old houses are a great opportunity for those looking to have their own home, however, it must be considered that there may be hidden defects or defects that have not allowed their sale from the beginning. At Ghafari Marketing we recommend you visit the property and get to know it in detail before making a decision.
