We are asked this question all the time. Unfortunately, there are no set in stone answers – it really depends on the property. Here are some pros and cons to buying new or going with a re-sale:
New Home or Condo:
- Up-to-date with the latest codes/standards. The latest building codes, electrical and energy-efficiency standards will be applied.
- Customization: New condos or villas give you the options of choosing all your own colours, tile, cabinets, etc.
- Builder’s warranty. There are no issues with maintenance or replacing mechanical items, roofs, windows, etc.
- New properties sometimes come with rental guarantee
- Many new developments offer a greener spec
- If you require mortgage financing, then the developer will have to carry interim/bridge financing until the property is comlete and title finished and registerd.
Re-sale Home or Condo
- Most re-sale properties are sold furnished, and often turnkey. This means you save the cost of buying furniture, appliances, window coverings, kitchenware, linens, etc.
- Mature landscaping.
- Often re-sale properties already have a following of existing rental clients.
- A re-sale property is usually ready for you to move in quickly. The previous owner will vacate and you do not have to worry about construction delays, etc.
- You can usually negotiate price on a re-sale property
- A finished property has a complete, registered title making mortgage financing easier and faster.
In the end it often comes down to which property you like the most. As long as proper due diligence is done, any property can be good value and the right home. For more information, please contact me at firstname.lastname@example.org.
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