Should i buy a pre construction or resale condo, a great question and needs a lot of explaining, There are pros and cons for both, it depend on an individual buyer situation what kind of return he wants,
the first thing a buyer should think or a realtor should ask to the buyer especially to a pre construction buyer is it for long term investment or is it for principal residency, Are the buyer is first time buyer when he is going to buy a pre construction condo,
Pre construction Condo generally people buy on Floor plan, so no actual view of the unit or external view is available, some developer do provide estimated rendering of external view, but no actual view is available, buyer has to be very care full buying on Floor plan, that he understand the lay outs and explained properly so he can make the right decision. Location is one of the major aspects buying in a pre construction. Generally pre constriction condos required heavy down payments minimum 20% of the purchase but it varies from builder to builder. its also recommended to check the previous completed projects of the builder what he has completed are the previous owners are satisfied with the construction quality or not.. Buyer also has to arrange an extra closing cost for pre constriction.
i will write another blog which will cover on the closing cost of the pre constriction condos. Stay tuned for the 2nd part of this blog.