Condo: Should You Buy New or Resale?

Choosing something brand new rather than something older often feels more reassuring. However, when it comes to real estate, condos that have already had occupants frequently have advantages over those that still smell of fresh plaster.

Pristine walls, scratch-free floors, perfectly aligned cabinet doors, and state-of-the-art fixtures—being the first person to move into a condo certainly has its benefits. Another advantage of buying a newly built condo is that it can perfectly match the owner's preferences, since they often get to choose details such as the bathroom countertop material, flooring color, and kitchen cabinetry finishes.

In addition, if several units are available within the same building, buyers may be able to select the view and orientation that best suit their needs.

However, purchasing a brand-new condo can also come with unexpected surprises. The view may not be as impressive as it appeared in the developer's brochures, the natural light may not meet expectations, and certain defects may become apparent after occupancy. Not to mention that the actual living space is often smaller than what was originally advertised in the plans.

These are some of the reasons why many buyers prefer a recently built condo that is no longer brand new. In this case, the certificate of location can accurately confirm the property's living area.

Having a building inspection performed is another valuable option that is generally unavailable to buyers purchasing directly from plans. An inspection can help uncover construction issues or deficiencies within the building.

Another advantage of a resale condo is that the condominium fees are known from the outset. Buyers can also assess whether those fees are justified by visiting the pool, fitness center, and other common areas.

While condominium fees may still increase in the future, understanding the quality of the condominium's management helps reduce uncertainty. Financial statements and meeting minutes from the condominium association can provide valuable insight into the property's history and the relationships among owners.

All of this information can help guide your decision and bring you one step closer to finding the condo of your dreams.

Source: Centris.ca