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Choosing Between a Brand New Condo and an Old Condo

Tim July 26, 2017 0
Choosing Between a Brand New Condo and an Old Condo

One of the greatest moments in life is finally being able to buy your own property, after living with your family or renting out for the longest time. If you have decided on purchasing a condominium and are starting to look at condos for sale in NDG (Notre Dame De Grace in Montreal), you may also need to decide whether you will buy a brand new condo or an old one.

To help you with your decision, it is important for you to distinguish the difference. Take a look at the definition of brand new condominiums as well as that of an old condo, also referred to as a resale condo unit.

What is a brand new condominium?

A brand new condominium is usually offered even before the construction begins. Usually, sellers of brand new condominiums make a model of the site, with the model suites and various floor plans that they can show to potential buyers. Those who decide to buy brand new condo units have to buy directly from the project developer.

Factors to consider when buying a brand new condo:

  • Floor plans. Since you are buying something that you have only seen from model units, it can be difficult to visualize the final outcome. Sometimes, the final unit can be better, but sometimes, it can also be worse. Make sure that you read the fine print in any of your agreement with the developer and do not just rely on marketing drawings.
  • Since it is a new construction, contractors and government approvals are involved, so there may be some delays. You just need to be flexible and expect that turnover dates may be extended.
  • Incomplete construction. You need to inspect your condo unit prior to moving in because most likely, there are things in there that are not completely finished. When it comes to the amenities, it may also take some time to get them up and running, so do not expect too much.
  • Tax benefits. Check with your lawyer if there are tax exemptions that apply to you because sometimes, there are tax exemptions that apply to new condominium purchases.

What is an old or resale condominium?

Simply put, an old condominium unit is a property that has been previously owned by a person. It is not a unit that is being purchased directly from a developer.

Factors to consider when buying an old condo:

  • Since the unit is already in existence, what you see is what you get. You no longer have to visualize and think of what the unit will look like because you can already see and inspect everything before purchasing.
  • The age of the property. You need to consider how old the building has been in existence because depending on the age, there may be obvious as well as unseen deterioration and damages that may need repairs and renovations. The condition of the unit can have a large impact on your investment, so you need to know.

Clearly, both types of condo units have their own advantages and disadvantages, so it is better to assess and determine your priorities as well as your budget. If you are not in a hurry and want to be the first proud owner of a property, then a brand new condominium is the best option for you.

However, if you do not like surprises and prefer to see the actual property before buying, then you might want to consider buying an old condo that is up for resale. You just need to be financially ready for any repairs and reconstruction to make the property more fit to your liking.

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