Pondering buying a new condo versus a resale condo? Here’s a quick review of the pros and cons of both to help you make your purchase decision.
Buying a home is one of the big milestones in your life. Condominiums allow the owner to have the comfort of a home as well as the convenience of urban living.
A re-sold unit comes with the benefit of having established neighbours, while new units offer the chance for a fresh start with modern, updated design and features.
New or used condominiums can offer a different purchasing and living experience. The choice to opting for either is purely subjective. Nonetheless, knowing the advantages and the pitfalls of either is necessary. Such information will help you get the best of a potential purchase especially if you are a first-time buyer.
Pros of New Condominiums
- You get more choices in finishing, counter tops, and exterior furnishing choices. You also have some wiggle room in changing floor plans for a more customized home.
- New condos are more sustainable. Such developments come fitted with energy-saving appliances, and it cost less time and effort to upgrade.
- New units have a higher resale value thanks to their ideal location.
- These units are constructed within walking distances to various amenities like Malls, gyms, schools, banks, and transportation.
- There are fewer maintenance costs and responsibilities.
Cons of New Condominiums
- Ongoing construction in adjacent multi-residential developments may create a lot of noise, dust, and dirt.
- You may endure delays in construction. This may delay any plans you have on moving in.
- Some floor plans may look smaller than they appear on paper.
- Unanticipated costs like occupancy fees, closing fees, and development fees for infrastructure.
Pros of Resale Condominiums
- There are few to no delays when it comes to moving into resale units.
- You get the benefit of moving into an established neighbourhood.
- Resale units provide a cleaner and less noisy environment. Fewer constructions go on in such areas as compared to new condo developments.
- They cost less, as there are fewer service charges and development costs surcharged to the buyer.
- These units are bigger as they were built decades ago before the micro condo wave. This was an age where more value was placed on the breathing room and storage space.
Cons of Resale Condominiums
- They offer a buyer fewer customization options. Resale condominiums are an as-is preposition, meaning what you see is what you get.
- You may have to spend a lot of time looking at potential purchases. With fewer customization options finding and settling on something that captures all your expectations may take a while.
- Resale condos may come with hidden costs. Such cost may include things like long term leases on building fixtures that pass on to new owners.
Planning on making a purchase and need a real estate lawyer to guide you through the process? Contact us today for the best legal advice on buying a new condo versus a resale condo and make an informed decision.