Pre-loved property perks: Why choose a Shared Ownership resale home?
New-builds often get the spotlight when it comes to Shared Ownership homes. Having just been (or still being) built, their shiny, pristine finish can be irresistible. But they’re not the only properties you should consider – resale homes are just as worthy of your attention, as they offer a host of benefits.
If you’re searching for a property that truly feels like home, a Shared Ownership resale could be the right choice for you. Here’s why.
The benefits of buying a Shared Ownership resale home
Joining an established community
Buying a resale home means joining a neighbourhood that’s already up and running. You’ll notice the sense of community, the atmosphere and the amenities, and how they all come together in an area that runs like clockwork. Community groups and initiatives may already be established, ready for you to slot into rather than set up.
A property full of personality
Visually, resale homes can sometimes differ quite a lot from new-builds. They often feature details or layouts that were fashionable at the time they were built, giving them a distinctive character. Alternatively, the current or previous owner may have done some handiwork that you admire.
Buying a home in a location you love
Resales can be rarer than new-builds; there might only be one available on a development, instead of several new-builds. If you weren’t in a position to buy when a development launched, a resale could be your chance to become a homeowner in your ideal location.
The construction quality
Resales have typically stood the test of time, with any settling or snagging issues having been resolved. You can also see how well the property has been cared for and whether it needs any upgrades.
Potentially more space
Resale properties vary greatly in age and size; some were built on larger plots with more generous rooms compared to some new-builds. Buying a resale home means you could get more square footage for money, which leads us to the next point…
Resales can be more affordable than new-builds
New-builds often come with a premium price tag, simply because they’re new. As they change from ‘new’ to ‘lived in’, they can depreciate in value over the first few years.
A resale home’s price reflects its current market value, not the seller’s original purchase price. You must buy at least the seller’s share. For example, if they own 50%, the minimum share you can buy is 50% – but you can purchase a bigger share if you can afford to.
Because of this, resale homes can offer better value for money than new-builds. By purchasing at the current market value, you avoid paying a ‘new-build premium’, potentially stretching your budget further.
See exactly what you could get for your money
With a Shared Ownership resale, there’s no buying off-plan or basing your decision on a show home. What you see is what you get. You may even be able to ask the seller questions, giving you a fuller picture of what it’s like living there and more confidence in your decision if you choose to buy.
Decorating or renovating (if you want a project)
If decorating is what you most look forward to, opting for a resale home could be a wise idea. Whether you want to take baby steps with a home that needs a lick of paint or go full DIY with a kitchen makeover, a resale gives you the chance to take a property with character and put your own stamp on it.
Find Shared Ownership resale homes on Share to Buy
At Share to Buy, we make your choice easier with tools and resources to help you find your ideal home. If you’re still unsure whether to choose a Shared Ownership new-build or resale home, this comparison guide can help you decide. Once you’re ready to start your search, get your home-buying journey underway using our property portal.
