The Perks of Buying New Over Resale Condos
Monday Oct 12th, 2020Share
If you are stuck between choosing a shiny new launch and a well-maintained resale condo for your next property, you have come to the right place. It’s important to make an informed decision since your choice will ultimately affect the location, demand, price and other considerations of the purchase. We can give you many reasons why you should invest in a brand new condo instead of a resale. For starters, who isn’t lured by the sight of crisp, clean lines, sterile cabinets, brand new furnishings, gleaming countertops, over the top amenities, and shiny appliances? But that’s not all! Here’s why you should buy a brand new condo over resale.
The main appeal of a new launch is those coveted state-of-the-art facilities and amenities that are relevant to today’s lifestyle. Older buildings will not have a lot of today’s essentials, such as concierge services, rock-climbing walls, co-working spaces, pet services, and state-of-the-art security systems. These ideas just weren’t around at the time they were built. Plus, brand new constructions are more sustainable, mostly equipped with energy-saving appliances. Not to mention, in a new construction, everything is shiny and bright, not work down by use and decrepit. Wouldn’t you prefer a new pool, top-notch gym equipment, and pearly white walls?
In addition, the biggest perk of a brand new condo is that everything is new, including the furnishings! No more worrying about the condition and efficiency of the condo appliances and furnishings. You will be first ones to use that gleaming A/C, oven, fridge, washer, dishwasher and the bathtubs!
Lower Maintenance Cost
Older condos need more maintenance than new constructions. This is as true for the inside your condo unit as it is for the communal areas. Older units are no stranger to issues such as failing water heaters, yellowing walls, choked plumbing, and creaking doors. New launches are usually free from such problems and most developers even offer a one-year defects-free warranty. In addition to the maintenance needs of your unit, there is also the question of monthly maintenance costs. Older units often entail a higher maintenance bill for the same facilities and amenities than new launches that cause no trouble to begin with. This is because buildings and amenities need more maintenance as they age. Older condominium buildings will inevitably need more repairs, improvements and have outdated energy systems.
Modern Look and Interior
New buildings are being planned with the most modern and trendiest look and design. On the other hand, you will be stuck with outdated designs or may have to invest in refurbishment if you are buying in an older building. If the look and feel of your unit means something to you, you can save up on renovations and fixes by buying a new construction. Even better, new development projects and pre-construction condos allow buyers to have a say in the styling and design of their unit. This way, you get more flexibility with the wall colors, counter tops, finishing, furnishings, carpeting and flooring options, and even the layout of the condo.
Early Bird Discounts
Most developers of new launches offer discounts to early buyers. This could be in the form of direct price discount or alleviating some stamp duties. Even though some people believe that there is a greater potential to spot underpriced units in resale, but what if you fail to find a desperate enough seller. However, you have a much greater chance of saving up with a developer’s early bird discount. In addition to discounts, early birds also get their pick of the best units, be it a limited three-bedroom corner unit, a top-floor apartment, or a unit with a lake view; you can pick your favorite instead of having to wait for a unit to go on sale again. If you plan to rent out your condo in the future, it’s a good measure to understand your tenant demographic to select a unit that will see great demand.
A More Lucrative Investment
If you are planning to rent out your condo down the road, remember that choosing new condominium units also make for investment purchases. People looking for condos for rent prefer new constructions over older ones. Not to mention, they will inevitably be attracted to relevant facilities and amenities, and preferably more affordable maintenance costs. This will give you an edge in the rental market, allowing you to set higher rents than that of older buildings.