Condo: Buy New or Used?
Normally, buying something new rather than old is psychologically more comforting. However, when it comes to real estate, condos that have already had occupants often have an edge over those that still smell like plaster.
Perfect walls, floors free of scratches, closet doors that close with ease, the latest fixtures ... being the first to move into a condo has its advantages! The other advantage of buying a brand new condo is that it perfectly matches the taste of the owners, since they are the ones who choose the granite bathroom countertop, the tint of the floor and the colour of the kitchen cabinets.
Also, if several apartments are available in the same building, they could choose the view and layout that suits them best.
However, acquiring a new condo can also include some surprises. The view is not always as beautiful as on the promoter’s brochures, the expected ample natural light seems a little dark and some defects can start to appear. Without forgetting that the actual surface area of the condo is often less than advertised on the floor plans.
All good reasons why many prefer buying a newer condo but not one that is brand new. With a newer condo, the certificate of location shows the exact amount of living space.
Having the building inspected is also an advantageous option not available to those buying from floor plans. An inspection is useful for tracking down the building’s construction problems.
Another plus of “second-hand” condos: the amount of condominium fees is known from the start. In addition, we can find out what we are paying for by visiting the pool, gym and other common areas.
These costs may still increase in the future, but by knowing the quality of the condominium management, the risk is mitigated. Thanks to the financial statements and minutes of co-owner meetings, it is possible to learn more about the condominium’s history and the relations between the owners. All this information will help you make the decision to buy the condo or not. Perhaps you will find the condo of your dreams!