Purchasing a Resale Condo - Pros and Cons

Condo Buyers often wonder what the pros and cons are of buying a new (pre-construction) or a resale condo.  Here's a list that you may find useful:

Pros:

What you see is what you get;

No lengthy waiting period before you move in;

Much lower deposits;

No HST payable;

In most cases, you're able to check out the condominium community in advance of your purchase and determine if the people living in that complex are compatible with your needs and lifestyle;

You can also check out the state of the facilities and deermine whether it's a well run corporation;

Older condos tend to have larger unit sizes.

Cons:

Fewer options in terms of choice of unit/s (and fewer choices in terms of decorating or upgrades);

Older resale buildings may require more repairs and maintenance;

Modern amenities e.g. a gym, whirlpool, security, concierge, etc. may not be available;

Older buildings/units may not be as energy efficient;

There may be some major repairs coming up resulting in extra charges to individual unit owners (if the reserve fund is underfunded);

The new home warranty may have expired

 

 

 

Al Moosa

Al Moosa

Broker
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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