It’s a tough choice – choosing between a pre-construction condo and a resale property. There are pros and cons to both and at the end of the day; the ultimate deciding factor is your preference. We can’t advise you on what to opt for but we’ll tell you about the pros and cons of both so that you can make the final call on what to buy.
If you plan to buy the apartment for yourself or for your family rather than leasing it out, then the privilege of being able to modify it might be a key factor in your choice.
Pre-Construction Condos offer you the chance to customize your new space-from ground surface to ledges and everything in the middle. You have a definite say in what it should look like. It’s up to you to customize your property the way you want it. So if you’re a fan of customizing your home the way you want it then a pre-construction condo is your best choice.
As for a resale property, customization might be a problem. We’re not saying that you can’t customize your property at all but there’s no doubt about the fact that there are limitations to it. Changing the features of a resale apartment suite can be an issue – the board may not permit you to make the updates you need.
The monetary value of a property makes a huge difference. When you buy a pre-construction condo, you’re securing a value today on the presumption that the property will be worth more when finished.
Resale buyers are often curious about the sellers’ original purchase price. Although the previous price makes no difference in the current market, there are inevitably moans and groans from the buyer who can’t believe what a steal the property was.
3. Down payments
When buying a resale condo, you only have to make a one-time payment and that’s it. The property is all yours. But this also means that you’ll have to pay a huge amount all at once.
In the case of Pre-Construction Condos, the down payment for a pre-construction can be spread over many months. This makes it easier for anyone looking to buy as they will have more time to save up for each down payment.
Investing in a pre-construction condo is actually quite pocket-friendly if you consider maintenance part of it. You sign your contract, pay your deposits, pick your finishes, and at the time of occupancy, you get a brand new home.
But in the case of a resale condo, you will have to foresee the amount for the repair and maintenance of the property. This varies according to how old the property is but resale properties often demand that you spend quite an amount on maintenance.
5. Product outcome
While investing in a pre-construction condo, it is essential to remember that you are investing in a property that’s being built up from scratch. That means you won’t see the final product until years in the wake of striking an arrangement. You will be not able to get an absolutely clear idea of the final look of the property. Things are different with resale properties. You can be sure that what you see is what you get and that eliminates the room for any undesirable surprises.
The harsh reality about a pre-construction condo is that you have to wait for ages to get your hands on the finished product. The earlier you purchase your condo, the more you should sit back and wait for it to be finished – which means a longer time for occupancy. When buying a resale Condo, you can move in the minute your offer has been acknowledged. So if you can’t wait around to move in then we suggest that you go for a resale property.