Buying New VS Resale Condo: A Comparison
One of the main factors to consider when buying condos in Canada is whether to go for a new unit or a resale. There is no definite answer or choice. Both brand new and pre-owned condo units have its own set of advantages and drawbacks. Other factors like location, amenities, price and floor plans come into play. It all boils down to what you need and your lifestyle.
But, when given a choice between a new and a resale condo, here are the factors that you need to consider;
Resale condos are often ready for occupancy, you just need to agree on the move-in date with the seller. New condos are often sold at pre-sale, or before the building is even completed. Construction delays are not uncommon. Thus, the turnover date is also uncertain. Construction work on some condominium complexes is still ongoing after your move-in, which can be disruptive and noisy.
Price and Value
The price of condos depends largely on the location and construction of the building. While the value of apartments is generally decreasing as the building ages, structurally sound condominiums in prime locations continue to increase in value, making them great investment properties. New condos are generally more affordable. They are sold at a discount on presale and at a premium after it is completed.
When buying resale condos, you get what you see. If you need any modifications, it will be at your expense and inconvenience. With new condo developments, you will be given some options in terms of the unit layout or in the choice of interior finishes like flooring, countertops and paint colours. Older buildings will also need more repairs, upgrades and renovations than newer condos.
Amenities and Building Construction
New condo buildings have more modern designs and up-to-date installations. You can expect modern security systems, more relevant amenities and energy saving appliances and connections. On the other hand, while many lack modern amenities like home office integrations and business centres, older buildings exude charm and character newer structures lack.
Older condominium buildings have a more established community. You already have an idea who lives there, see how the residents interact with each other and their lifestyle. Does the doorman greet everyone familiarly or formally? Do you hear loud banter amongst residents or do they generally ignore each other? These are something that you will not know when buying new condominium developments.
With enough diligence and research, you can get the best of both worlds. Identify your needs, list your preferences and do your research. Established real estate agents have the industry access to the market trends and condos available for sale. They can provide you with great choices and assessment of your preferred homes. An expert real estate professional can also guide you in choosing the right home.