When buying condos, deciding between a new condo and a resale unit is an important step. Your choice will ultimately affect the price, location and other considerations of the purchase. There are pros and cons in buying into new developments as there are when buying a resale condo.
- Modern interiors and look – New buildings will have the latest and trendiest look and design. When buying condos in older buildings, you will be stuck with its outdated design or need to renovate in order to update the look. With new condos, you can contribute to the design of your unit, thus, you save on renovations and fixes.
- Flexibility in the design – Pre-construction condos and new development projects will allow buyers to have a hand in the interior styling and design of your unit. You can personalise the wall colours, carpeting and flooring options, furnishings, materials used, fittings and even the layout of the condo to some degree.
- Lower maintenance costs – Most new condo buildings are green and more energy-efficient. And since everything is new, you can expect appliances to be in top-working condition. Older condominium buildings will likely to need more repairs, improvements and have outdated, less efficient energy systems.
- Early birds get the best picks – Early buyers will have a pick of the best units. Would love a lake view? Aiming for the top-floor apartment? Need the limited three-bedroom corner unit? You no longer have to wait for that very specific unit to come on sale, you can have your pick with new developments.
- Brand new furnishings – Everything is new! There will be no second-guessing on the condition and efficiency of the condo appliances and furnishings. You can be sure to be the first to use the A/C, the oven, fridge, washer, dishwasher and the bathtubs!
- Up-to-date facilities – The facilities and amenities of new condo buildings are up-to-date, modern and relevant to today’s needs. Older buildings were built and designed for the needs of yesteryears, thus, many will not have today’s essentials like business centres, internet connectivity or state-of-the-art security systems.
- More attractive to renters – Choosing new condominium units is also advantageous for investment purchases. Renters prefer newer buildings over the older ones. They will be also looking for the most relevant facilities and amenities, and at the maintenance costs. With the edge you have, rents can be set higher than that of the older buildings.
- Buyer protection – New developments will include buyer’s protection and warranties. This will cover warranty for defects, compensation for delayed delivery and protection of deposits. These no longer apply to older resale unit purchases.
