As the real estate market continues to move at a neck-breaking pace, purchasing a second-hand home is a highly sought after option for many homebuyers. But a few misconceptions have prevented would-be buyers from fully taking advantage of this opportunity. At Bangkok Assets we work to dispel these myths so that you are better equipped to make the right decision for you in your property search. Well, let`s bust the top 5 myths about purchasing second-hand homes and uncover the truth behind this lucrative investment.
Myth 1: Second-Hand Homes Are Always in Bad Shape
Many folks think that existing homes are dilapidated and need significant, pricey renovations before they’re habitable. While this might be the case for neglected properties, it’s hardly the rule. Many second-hand homes have seen good care from former owners who made conscientious upgrades over the decades. In fact, some homes might already have upgrades such as modern kitchens, energy-efficient windows or updated wiring, so you could do away with those renovation costs as well.
The best way to overcome the is myth is to get a thorough inspection done on the home prior to purchasing. Having a professional inspection performed will reveal any potential issues hidden in the house, so you don’t end up with a surprise fixer-upper. At Bangkok Assets, our advertised properties are pre-screened to give you the comfort that you’re getting quality.
Myth 2: Older Homes Don’t Have Modern Amenities
What many buyers may not realize is that existing homes come standard with items like smart home technology, open floor plans, and energy-efficient designs. But this is a piece of myth that offers no substance in today’s market. Many older homes have updated kitchens and baths, while even those that haven’t can have renovation as a cost-efficient solution versus building or buying brand-new properties.
It also gives you access to character and architectural details that you may not get in modern builds. Custom millwork, ample gardens and traditional designs are among the tempting traits you’ll discover — making these homes desirable for their character and opportunity for the individual touch.
Myth 3: It’s Complicated to Finance a Used Home
A second myth: that obtaining a mortgage for a second-hand property is more complex than financing a new apartment. The reality is, the financing process is mostly the same, no matter if you’re purchasing a second-hand home or a new construction. They are treated the same way by banks and financial institutions, and the loan packages and terms are highly competitive.
Where buyers can stumble, as in any fast-moving market, is not being properly prepared with their financial documentation in advance, or missing properties that meet bank appraisal standards. So to avoid complicating things, as agents such as those from Bangkok Assets help you go through the right properties which are within the financing framework.
Myth 4: Preowned Homes Are Worth Less Than New Builds
Some buyers fear second-hand homes are not likely to appreciate as much in the future as new builds. But location, market demand, and maintenance have a far greater impact on property appreciation than whether the home is new or pre-owned.
In fact, many second-hand homes in well established, infra-stronged neighborhoods often end up appreciating in price more steadily. These neighborhoods tend to have developed landscaping, schools, shops and other conveniences established, which can make them very desirable. Conversely, instead of allowing infrastructure to catch up, new developments in emerging sectors can come at risk, but with longer timelines.
Myth 5: Purchasing a Preowned Home Is Riskier
Some buyers are scared of second-hand homes because there might be undisclosed problems, like structural damage or old systems. Although older homes can pose risks, new-builds can be the same, where flaws or poor construction may result in expensive repairs down the line.
The key is to partner with experienced real estate professionals and inspectors who can identify potential risk factors before putting ink to paper. At Bangkok Assets we are committed to guiding you through the full buying process whilst all our properties go through thorough valuations.
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Buying a used house doesn’t have to be a harrowing experience as long as you separate the myths from the facts. Debunking these common myths will allow you to discover amazing properties with plenty of character, affordability, and great return on investment. From first time buyers to seasoned investors, we will guide you through every part of the process. Dive into the world of previously loved housing today and you may find your dream become a reality waiting for you to find.